When the exploitation of oil and gas began in Equatorial Guinea from the early 1990’s, the country quickly became Africa’s fastest economically growing nation, recording unprecedented growth rates of over 27% between 1993 and 2012 and enjoying the highest GDP per capita not only in central Africa but in the whole continent.
However, with the nosedive in oil prices from 2014, the country’s economic outlook suffered major setbacks as the country was yet to diversify its economy. As such, the structural transformation/ diversification of the economy is the surest way to steer the country in a sustainable development direction, especially at this moment when it can take advantage of the African Continental Free Trade Area (AfCFTA) to make its productive sectors more competitive and profitable.
It is in this context that the Sub-Regional Office for Central Africa of ECA is working with Equatorial-Guinean authorities to organize a high-level dialogue on the country's economic diversification strategy. This meeting, which will involve different stakeholders, will identify practical actions that can contribute to the effective implementation of the "Douala Consensus" by Equatorial Guinea.