
The Republic of
Equatorial Guinea consists of a mainland enclave between Cameroon and Gabon and two
islands on the Atlantic Ocean. This fragmented country covers an area of 28,051 square
kilometers and has a population of over 430,000 people, out of which 67% live in the rural
areas. Most of the 90,000 islanders live in Malabo, the capital city of Equatorial
Guinea. A former Spanish colony, it gained its independence on October 1968, and it
remains to-date the only country in Africa with Spanish as an official language.
Farming, forestry and
fishing are the major components of GDP. The discovery and exploitation of large oil
reserves have contributed to dramatic economic growth in recent years. However, Equatorial
Guinea has a tradition of successive dictatorial regimes, and a number of aid programs
sponsored by the World Bank and the IMF have been cut off since 1993 because of the
government's gross corruption and mismanagement. The country responded favorably to the
devaluation of the CFA franc in January 1994.
In 1999, Equatorial
Guinea has about 5,600 telephone lines connecting over 440,000 people, giving a
density of about 1.29 per hundred people.
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