President Teodoro Obiang Nguema Mbasogo was reaffirmed in unfree elections, extending his rule to almost half a century. Opposition party members faced arrests and police violence in an oppressive environment. Attention now turns to the vice president and Obiang’s first-born son who is heir apparent to the presidency.
The country’s economy relies entirely on the export of offshore oil and gas. The rise in liquefied natural gas production and favorable international prices recently provided a boost. However, this did not offset falling oil prices and the depletion of oil fields, as the GDP of Equatorial Guinea significantly contracted for nearly a decade. A significant economic shift occurred when Obiang secured a commitment in December 2022 from Chevron to continue its engagement as a major new player in the enery sector.
The country has made no progress in terms of market liberalization, diversification or political participation.
