The totalitarian political regime remains centered around President Teodoro Obiang Nguema. As the country faces a tense leadership transition, Obiang’s son, Vice President Teodorín, has launched an anti-corruption campaign targeting elites to consolidate his power and gain legitimacy ahead of succession.
The economy remains in deep crisis following the departure of major U.S. oil companies, marking the end of the oil boom era. Heavy dependence on oil and gas exports has made the economy highly volatile. In 2024, fiscal reforms lowered corporate tax rates and changed concession rules, but their impact remains uncertain.
Governance is shaped by shifting alliances and rising external influence. Russian mercenaries have reinforced the military’s central role in the transition, while relations with Russia and Belarus have deepened. A 2024 cabinet reshuffle installed technocrats to address the economic crisis, and Obiang publicly admitted massive mismanagement, fueling perceptions of regime decline.
