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The Global Financial Crisis

The Global Financial Crisis had a serious impact on the oil-dominated economy of Equatorial Guinea, immediately leading to a negative growth rate in 2009 of -8%. Equatorial Guinea’s economy again went into recession in 2013, with growth estimated at -1.4% GDP with further negative forecasts for 2014 and 2015. This was the result of a change in oil prices, as well as an overall reduction in gas and oil production as the Zafiro oilfield gradually runs dry and newer finds fail to make up for the shortfall.

The drop in oil prices since July 2014 has caused a recession. Oil and gas production fell by 10%, compared to 2014, to around 165 000 barrels a day in 2015. The non-oil economy, although in relative growth with respect to the rest of the economy, is nonetheless in decline. The recession, corresponding to a drop of 10.2% of GDP in 2015, is likely to continue until 2020 because of unfavorable forecasts for crude oil prices. While difficult to quantify, domestic government arrears and lower public investment tend to reduce fiscal space and constrict growth in the non oil economy.

Since the mid-1990s, Equatorial Guinea has become one of sub-Saharan Africa's largest oil producers. It is the richest country per capita in Africa, and its gross domestic product (GDP) per capita ranks 69th in the world; however, the wealth is distributed very unevenly and few people have benefited from the oil riches. The country ranks 144th on the UN's 2014 Human Development Index. The UN says that less than half of the population has access to clean drinking water and that 20% of children die before reaching the age of five.

The country's authoritarian government has one of the worst human rights records in the world, consistently ranking among the "worst of the worst" in Freedom House's annual survey of political and civil rights. Reporters without Borders ranks President Teodoro Obiang Nguema Mbasogo among its "predators" of press freedom. Human trafficking is a significant problem, with the US Trafficking in Persons Report, 2012, stating that "Equatorial Guinea is a source and destination for women and children subjected to forced labor and sex trafficking." The report rates Equatorial Guinea as a "Tier 3" country, the lowest (worst) ranking: "Countries whose governments do not fully comply with the minimum standards and are not making significant efforts to do so. .

Famous People

CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It is issued by the BEAC (Banque des États de l'Afrique Centrale, "Bank of the Central African States"), located in Yaoundé, Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.

The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bipkwele.