Latest news with #EquatorialGuinea
Zawya
a day ago
- Business
- Zawya
Equatorial Guinea Economic Update: Managing Equatorial Guinea's Wealth for Sustainable Growth and Development
The World Bank issued today the 2025 Equatorial Guinea Economic Update which analyzes the country's recent economic developments and outlook and highlights the importance of a comprehensive accounting of wealth and the role of human, physical, and natural capital in shaping sustainable growth and development, with a focus on the value of forest ecosystem services. Equatorial Guinea's economy grew by an estimated 0.9% in 2024 (compared to 5.1% in 2023), with higher contributions from the industrial and service sectors. Inflation increased from 2.4% to 3.4% between 2023 and 2024. Soaring food prices and sluggish growth along with limited employment opportunities contributed to rising poverty, with an estimated 57% of the population living below the poverty line ($6.85 in 2017 Purchasing Power Parity) in 2024. Fiscal and external balances deteriorated in 2024, mainly due to declining hydrocarbon export earnings, while debt-to-GDP ratio declined thanks to the authorities' efforts to clear arrears. This year's report shows that Equatorial Guinea's produced capital increased 100-fold between 1995 and 2020, bolstered by public investments following major oil and gas discoveries. However, capital accumulation has slowed since the end of the oil boom. While education and health outcomes have improved in Equatorial Guinea in recent years, additional efforts are needed to bring the country's human capital outcomes in line with countries of a similar income level. Despite a 30% decrease in nonrenewable natural capital from 2005 to 2020, the hydrocarbon sector continues to dominate the economy, accounting for over 80% of revenues and nearly 46% of GDP in 2024. 'Equatorial Guinea has achieved notable advancements over the past few decades. Leveraging its wealth in natural resources, especially oil, the country has experienced substantial economic growth, considerable infrastructure development, and improvements in certain social indicators,' said Juan Diego Alonso, the new World Bank Group Resident Representative for Equatorial Guinea. 'However, given the decline in the hydrocarbon sector, it is imperative to implement comprehensive reforms to diversify the economy, utilizing the nation's rich assets including the forestry sector.' The forest cover in Equatorial Guinea decreased from an estimated 97% in 2000 to 94.5% in 2020. While forest provisioning services—such as wood, fuelwood, and wild resources—have increased and remain vital for rural livelihoods and economic activity, critical regulating services like carbon sequestration and sediment control are under growing threat due to forest loss and degradation. It is critical to maximize forest ecosystem services by adopting a holistic strategy that integrates land-use planning, sustainable agriculture, access to clean energy, and sustainable tourism. The report emphasizes the need for increased international support for Congo Basin countries, including Equatorial Guinea, to ensure adequate compensation for their forest preservation efforts and support the transformation of carbon retention services into tangible benefits. ' Equatorial Guinea can boost growth and job creation by leveraging forest ecosystem services in wood processing, ecotourism, and agriculture sectors. However, this will require continued investments and reforms to create an enabling environment,' said Djeneba Doumbia, Country Economist for Equatorial Guinea and lead author of the report. Download the Equatorial Guinea Economic Update 2025 in English. Distributed by APO Group on behalf of The World Bank Group.
Russia Today
a day ago
- General
- Russia Today
Russian training warship arrives in African state
Russian naval training ship the Smolny has docked in Equatorial Guinea for its second official visit, the African Initiative news agency reported on Sunday. The vessel, part of Russia's Baltic Fleet, was received in the capital Malabo by senior officers of the Equatorial Guinean Navy, Russian Ambassador Karen Chalyan, and embassy staff. Unlike previous deployments, this year's voyage for the Smolny begins in Equatorial Guinea and will include stops in South Africa, Tanzania, Sao Tome and Principe, the Republic of the Congo, and Vietnam, before concluding in Vladivostok, Russia, in late September. The ship is carrying around 400 personnel, including 200 naval cadets enrolled in at-sea training. During the Malabo stopover, the cadets are expected to take part in military and cultural events, including a parade, friendly football match, and meetings with local Russians. The Baltic Fleet's training ship "Smolny" (Project 887) arrived at the port of Malabo, Equatorial Guinea ./July 20/Next:🇸🇹➡️🇨🇩➡️🇿🇦➡️🇹🇿➡️🇻🇳➡️Vladivostok➡️.. As part of the official program, the commander of the Smolny gave a tour of the vessel to Malabo's senior naval officials. The visit included an inspection of the ship's living quarters – where 15 Tanzanian cadets currently studying in Russian naval academies are also housed – as well as the command bridge and medical bay with the onboard operating room and dental clinic. This visit follows the Smolny's 2024 port tour across several African countries, including Cameroon, Benin, the Republic of the Congo, South Africa, Namibia, and Angola. In recent years, Russia has dispatched various naval assets to African ports as part of a broader push to deepen military cooperation and maritime outreach. In October, the Russian frigate Admiral Gorshkov docked at the port of Bizerte in Tunisia to mark the 100th anniversary of a stay in Tunisia by the Russian squadron. Last June, two Russian warships, the Slava-class guided missile cruiser Varyag and the Udaloy-class frigate Marshal Shaposhnikov, arrived at the Libyan naval base in order to strengthen cooperation and coordination between the two countries' fleets.
Yahoo
4 days ago
- Politics
- Yahoo
Cihan Media Communications Releases Strategic Insight Report on Reparations Advocacy Ahead of UNGA 2025
'Africa's Reparations Call Now a Unified Demand' – President Mahama MALABO, Equatorial Guinea, July 18, 2025 /PRNewswire/ -- A new report released by Cihan Media Communications underscores growing continental consensus around reparative justice for Africans and people of African descent. This comes as African nations prepare for a major high-level side event during the upcoming United Nations General Assembly (UNGA) in September 2025, co-sponsored by Ghana and Togo. As outlined in the report, the call for reparations has transitioned from fragmented advocacy to a unified, coordinated demand, rooted in historical accountability, moral clarity, and Africa's pursuit of sovereignty and dignity. Delivering a progress report at the 7th Mid-Year Coordination Meeting of the African Union in Malabo, H.E. John Dramani Mahama, President of Ghana and African Union Champion for Reparations, declared: "Africa's call for reparative justice is no longer a whisper—it is a unified demand grounded in historical truth, moral clarity, and our unwavering commitment to dignity. As we implement the 2025 Theme of the Year on Justice for Africans and People of African Descent through Reparations, we reaffirm our shared resolve to correct historical wrongs through restitution, healing, and holistic systemic transformation." President Mahama welcomed the African Union Executive Council's recent decision to extend the reparations focus across a decade (2026–2036), describing it as a crucial step toward mobilizing resources and institutionalizing the agenda across member states. He emphasized that reparations must shift from rhetoric to actionable state policy, calling on every African government to integrate reparations into national development plans, diplomatic priorities, and legal frameworks. "This undoubtedly affords us, as a Union, the opportunity to sustain the momentum for the realization of this noble cause," he noted. Restitution, Not Charity: A Strategic Framework The Cihan report draws on Mahama's call to action, framing reparations as essential to Africa's political and economic self-determination. According to the report, achieving reparative justice will require: Financial compensation for forced labor, resource theft, and systemic injustices; Technology transfer to bridge industrial and innovation gaps; Reparations funds, managed transparently, to support education, cultural restoration, and economic empowerment. Mahama further stressed the spiritual and cultural dimensions of the cause: "Restitution to the African, therefore, is restoration of our full human dignity," he said. "We cannot speak of development without identity or speak of unity without acknowledging the erasure that has fractured our heritage." He also highlighted the importance of partnerships with global allies, particularly the Caribbean Community (CARICOM), in presenting a unified voice at international platforms. "We call upon all nations, within and beyond Africa, to partner with us in shaping a more just and equitable world for the sons and daughters of the motherland." Despite resistance from former colonial powers, the report stresses that the call for reparations is not a plea but a rightful demand—a moral and economic imperative to correct centuries of stolen wealth and identity. Looking Ahead to the United Nations General Assembly In a significant diplomatic move, Mahama announced that Ghana and Togo will co-sponsor a high-level event at UNGA 2025 to accelerate global recognition and support for Africa's reparations agenda. "As we do more to correct historical wrongs, we are reasserting our full humanity. We are reaffirming our sovereignty. We are reigniting the flame of dignity that has always burned within the African soul." About Cihan Media Communications Cihan Media Communications is a Pan-African strategic communications and insights firm focused on amplifying African narratives, supporting justice and governance campaigns, and delivering data-driven reports that inform policy and public discourse. Photo: Contact: View original content to download multimedia: SOURCE Cihan Media Communications
Washington Post
15-07-2025
- Politics
- Washington Post
Equatorial Guinea urges UN to block the sale of a Paris mansion seized by France
THE HAGUE, Netherlands — Lawyers for Equatorial Guinea accused France of 'neo-colonial' behavior on Tuesday, urging United Nations judges to block the sale of a mansion on one of Paris' poshest avenues in the latest instalment in a long-running legal tug-of-war over the multimillion-dollar property. The African country filed a case at the International Court of Justice in 2022, alleging France is violating international law by refusing to return assets seized during a corruption investigation into Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea's long-serving president.
Zawya
15-07-2025
- Politics
- Zawya
Liberia Signs the African Union Convention on Ending Violence Against Women and Girls
The Ministry of Foreign Affairs representing the Government of Liberia signed the African Union Convention on Ending Violence Against Women and Girls (AUCEVAWG) The signing ceremony took place on the sidelines of the 47th Ordinary Session of the Executive Council of the African Union in Malabo, Equatorial Guinea. Speaking on behalf of the Government of Liberia, Assistant Minister for Afro-Asian Affairs, Honorable Charlyne A. Taylor, who signed the Convention, reaffirmed Liberia's commitment to advancing the women, peace and security agenda in Africa. She noted that Liberia will continue to work with the African Union and all partners in implementing the Convention to protect and empower women and girl's rights. Minister Taylor praised the African Union and affiliated organizations for their work in protecting women and girls, and promised that Liberia will accelerate the process of ratifying the convention given that Convention aligns well with the agenda of President Joseph Nyuma Boakai, Sr. who has made women empowerment and protection of women and girls a key program of his government. The Vice Chairperson of the African Commission on Human and Peoples' Rights, Honorable Janet Ramatoulie Sallah-Njie, commended Liberia for the bold step and praised Liberia for its impressive record in promoting and protecting women's rights, well as enhancing women's participation in government and the economy. She noted that Liberia is the fifth African country to sign the convention but encouraged Liberia to lead in the ratification process. Also attending the ceremony were Dr. Ibrahim Nyei, Deputy Minister for International Cooperation and Economic Integration; Ambassador Liberata Mulamula, the African Union Special Envoy on Women, Peace and Security; and Her Excellency Doris Mpoumou, UNWOMEN Special Representative to the African Union Commission and the United Nations Economic Commission for Africa. Distributed by APO Group on behalf of Ministry of Foreign Affairs of Liberia.
