Equatorial Guinea keen on economic diversification dialogue with ECA

Abstract

Policy makers and other major development players in Equatorial Guinea are exuding keen interest in the first major high-level development policy dialogue to be held in the country following the macroeconomic imbalances engendered by the oil glut experienced from 2014. The high-level policy dialogue to take place in Malabo on 12 July 2018 is a joint initiative of the Sub regional Office for Central Africa of the UN Economic Commission for Africa and the Ministry of Finance, Economy and Planning of Equatorial Guinea. Its focus will be on how to diversify the country’s economy to better cushion external shocks caused by overdependence on the export of raw materials (notably crude oil) and as a basis towards sustainable growth and development. Major discussants will include representatives of the Ministries of Finance, Economy and Planning, Agriculture, Animal Husbandry, Forestry and the Environment, Fisheries and Water Resources, Foreign Affairs and Cooperation, Trade and Small and Medium-sized Enterprises, research centres and the private sector in Equatorial Guinea and the sub region’s technical and financial partners. The huge revenues generated from hydrocarbons exploitation contributed to significant improvement of basic economic and social infrastructure. In spite of the significant human development progress, results do not yet reflect the country’s economic and financial potential. The policy dialogue is expected to unearth the most effective pathways to make full use of the country’s potential for sustainable development.