Economy of Equatorial Guinea - Economic Community of Central African States, Mining Industry of Equatorial Guinea (Paperback)

Chapters: Economic Community of Central African States, Mining Industry of Equatorial Guinea, Bank of Central African States, Agriculture in Gabon, Equatorial Guinean Ekwele, Agriculture in Equatorial Guinea, Equatorial Guinean Peseta. Source: Wikipedia. Pages: 41. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: Equatorial Guinea is a small country at the west coast of Central Africa. Despite a per capita GDP (PPP) of more than US$30,000 (CIA Factbook $50,200) which is as of 2008 the twentieth highest in the world, Equatorial Guinea ranks 121st out of 177 countries on the United Nations Human Development Index. Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. In 1959 it had the highest per capita income of Africa. The discovery of large oil reserves in 1996 and its subsequent exploitation have contributed to a dramatic increase in government revenue. As of 2004, Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa. Its oil production has risen to 360,000 barrels/day, up from 220,000 only two years earlier. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth. However, the government has stated its intention to reinvest some oil revenue into agriculture. A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been unsuccessfully trying to agree on a "shadow" fiscal management program with the World Bank and...More: http: //booksllc.net/?id=9371