Equatorial Guinea touts economy and reforms at World Economic Forum

eg ministerThe Government of Equatorial Guinea, represented by the Ministry of Economy, Finance and Planning, has concluded a mission at the 28th World Economic Forum (WEF) on Africa, held in Cape Town, South Africa

Minister Cesar Mba Abogo led a team of officials that joined more than 1,500 regional and global leaders to discuss how innovation, cooperation, growth and stability can help drive a sustainable future for Africa. He also touted favourable economic indicators in Equatorial Guinea and ongoing efforts to strengthen regional trade and stabilize Central Africa’s currency, the CFA.

“The macro-economic indicators for Equatorial Guinea and the wider CEMAC region look very positive due to a stable oil price and major fiscal adjustments that have improved our ability to mobilise resources,” added the minister. “We are creating value for our citizens who are of huge financial benefit for us. Equatorial Guinea is collecting more taxes and royalties that are showing a full recovery since the oil price collapse of 2014.”

At WEF Africa, the Minister outlined the country’s roadmap to accomplish the Fourth Industrial Revolution. He also touted the success of the three investment conferences being hosted in Equatorial Guinea this year, as well as the improving ease of doing business in the country and historic efforts to increase the availability of accurate and up-to-date statistics on the country and its economy.

“We cannot overstate the enormous value that belonging to OPEC has for Equatorial Guinea,” the minister said. “For countries like ours which depend on oil revenues to fuel economic growth, it is vital that we have a voice in organisations that enable us to have a global impact and help us control our own destiny.”

“With the signing of the AfCFTA and the need to develop a stronger middle class and move people out of poverty, Equatorial Guinea is going to be more competitive and more resourceful than ever,” the minister concluded. “When we collaborate with our investors, we will create more jobs for our citizens and accomplish our goal of building a country where everyone benefits from the growth we create together.”

The Co-Chairs of the 2019 World Economic on Africa are Ellen Agler, CEO, The END Fund, USA; Jeremy Farrar, director, Wellcome Trust, the UK; Arancha Gonzalez Laya, executive director, International Trade Centre (ITC), Geneva; André Hoffmann, vice-chairman, Roche, Switzerland; Alex Liu, managing partner and chairman, A. T. Kearney, USA; and Sipho M. Pityana, chairman, AngloGold Ashanti, South Africa.

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