Cost of living in Equatorial Guinea

In the early 1470s, Portuguese explorers landed on Bioko Island, and Portugal soon after established control of the island and other areas of modern Equatorial Guinea. In 1778, Portugal ceded its colonial hold over present-day Equatorial Guinea to Spain in the Treaty of El Pardo. The borders of modern-day Equatorial Guinea would evolve between 1778 and 1968 as the area remained under European colonial rule.In 1968, Equatorial Guinea was granted independence from Spain and elected Francisco MACIAS NGUEMA as its first president. MACIAS consolidated power soon after his election and ruled brutally for over a decade. Under his regime, Equatorial Guinea experienced mass suppression, purges, and killings. Some estimates indicate that a third of the population either went into exile or was killed under MACIAS’ rule. In 1979, present-day President OBIANG Nguema Mbasogo, then a senior military officer, deposed MACIAS in a violent coup. OBIANG has ruled since and has been elected in non-competitive contests several times, most recently in 2022. The president exerts near-total control over the political system. Equatorial Guinea experienced rapid economic growth in the early years of the 21st century due to the discovery of large offshore oil reserves in 1996. Production peaked in 2004 and has declined since. The country's economic windfall from oil production resulted in massive increases in government revenue, a significant portion of which was earmarked for infrastructure development. Systemic corruption, however, has hindered socio-economic development, and the population has seen only limited improvements to living standards. Equatorial Guinea continues to seek to diversify its economy, increase foreign investment, and assume a greater role in regional and international affairs.&nbsp