Home / International / Rich in Oil but Stagnant Economy, Equatorial Guinea Government Resigns Massively

Rich in Oil but Stagnant Economy, Equatorial Guinea Government Resigns Massively

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Bulukumba News – The sky was still bright blue in Malabo when the news spread from the circles of power to citizens’ cellphone screens. There were no big demonstrations. There were no emotional speeches from the palace balcony. Only one announcement immediately attracted public attention: all members of the Equatorial Guinean government resigned.

In a small country on the west coast of Africa that has lived off oil for decades, the news sounded unusual. Moreover, the reasons given are quite clear. The government is considered to have failed to meet the targets it has set.

That statement, like quoted BBCdelivered by Vice President Teodoro Nguema Obiang Mangue, a figure who is also the son of President Teodoro Obiang Nguema Mbasogo. According to him, Prime Minister Manuel Osa Nsue Nsua submitted the resignation of the entire cabinet after the government’s achievements were only around 10 percent of the specified target.

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Judged to have failed to achieve target

Manuel Osa Nsue Nsua has only served as prime minister since 2024. The government he leads was formed directly by President Obiang, a figure who has been in power since 1979 and is known as the longest-serving leader who is still actively governing in the world.

However, two years later, an evaluation carried out by the palace resulted in a drastic decision.

In an official statement quoted by state media, President Obiang assessed that the existing government had failed to produce results as expected. Apart from the low program achievements, the government is also accused of being unable to overcome corrupt practices and misuse of state resources for personal interests.

“The principle of responsibility in public management must be accompanied by results,” wrote Vice President Teodoro Nguema Obiang Mangue in his statement.

He added that the level of program implementation achieved by the government was “clearly inadequate” compared to previously promised commitments.

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Still dependent on oil

Behind the cabinet’s resignation, there is a bigger problem.

For years, Equatorial Guinea has depended almost entirely on the oil and gas sector. This natural wealth makes this country of around 1.8 million people have one of the largest oil revenues in the African region.

But prosperity is not spread evenly.

Many citizens still live in poverty even though the country continues to earn income from energy exports. In recent years, pressure has also come from declining oil production and reduced global demand, making the national economy lose one of its main sources of strength.

Therefore, President Obiang specifically highlighted the government’s failure to encourage economic diversification, especially in the agricultural sector. The government is considered to have not been able to reduce dependence on imported goods that can actually be produced domestically.

This criticism touches on an issue that has long haunted Equatorial Guinea. When oil prices are high, countries enjoy an abundance of income. But as production declines, the foundations of a less diversified economy begin to show their vulnerabilities.

Now public attention is turning to the next question: who will fill the new cabinet.

At the presidential palace, the process of forming a new government is expected to begin soon. Meanwhile, for millions of Equatorial Guineans, a change in cabinet may not just be a change in the names of officials. What they are waiting for is whether the change will actually be able to bring something that has been difficult for them to feel: results.***

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