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Thread: Equatorial Guinea - Africa's economic miracle?

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    Equatorial Guinea - Africa's economic miracle?

    This is a quote from CIA's World Factbook https://www.cia.gov/cia/publications...k/geos/ek.html. I surprised quite a lot when I read this.

    The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth (the government has stated its intention to reinvest some oil revenue into agriculture). A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Businesses, for the most part, are owned by government officials and their family members. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2005, led by oil. Equatorial Guinea now has the second highest per capita income in the world, after Luxembourg.

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    Re: Equatorial Guinea - Africa's economic miracle?

    I see from your CIA Factbook link that they only have about a half-billion barrels of oil reserves. That's not very much. The reason they're rich is because that oil money is spread out over just 540,000 people. Unless they make some major new oil discoveries there, we'll see if they can sustain their wealth over the long term, or not. I wish them luck.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Well their future doesn't seem to be very good if we take a look at their intelligence. According to Lynn and Vanhanen they are stupid even by African standards: http://en.wikipedia.org/wiki/IQ_and_...lth_of_Nations

    The IQs of predominantly negroid countries:

    Zambia 77
    Congo-Brazzaville 73
    Uganda 73
    Jamaica 72
    Kenya 72
    South Africa 72
    Sudan 72
    Tanzania 72
    Ghana 71
    Nigeria 67
    Guinea 66
    Zimbabwe 66
    Congo-Kinshasa 65
    Sierra Leone 64
    Ethiopia 63
    Equatorial Guinea 59


    Their wealthiness is in dramatic conflict with their intelligence: Equatorial Guinea is the second richest country in the world while the people there are on average dullest in the world with an IQ of 59 - that is mildly mentally handicapped by European standards.
    Last edited by Ovid; Sunday, November 12th, 2006 at 02:43 AM.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Quote Originally Posted by Ovid View Post
    Well their future doesn't seem to be very good if we take a look at their intelligence.
    Equatorial Guinea 59
    Their wealthiness is in dramatic conflict with their intelligence: Equatorial Guinea is the second richest country in the world while the people there are on average dullest in the world with an IQ of 59 - that is mildly mentally handicapped by European standards.
    Hmmm. Very rich, very stupid Africans...
    Anyone fancy joining with me in starting up a few Pyramid Schemes or other scams there?

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    Re: Equatorial Guinea - Africa's economic miracle?

    I don't believe that per capita income. As we see with every other 3rd world dunghole, dictators and a handful of elites leech up all the wealth and leave the rest of the people starving.
    Last edited by Spirit of Fire; Sunday, November 12th, 2006 at 10:04 PM.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Quote Originally Posted by Weiler View Post
    I see from your CIA Factbook link that they only have about a half-billion barrels of oil reserves. That's not very much. The reason they're rich is because that oil money is spread out over just 540,000 people. Unless they make some major new oil discoveries there, we'll see if they can sustain their wealth over the long term, or not.
    Be it as it may - they have already sold much of that oil.

    Among China's top ten trading partners, EG ranks ninth, but among Chinese imports from African countries it ranks fifth(!), after South Africa, Angola, Sudan, and RO Congo, but before Libya(!) and Nigeria(!).

    The Chinese exports in 2005 to EG amounted to US$ 19(!) million, but imports from there to US$ 1.438 billion(!).

    And what can they have imported from there?

    China will help them to explore more oil fields.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Quote Originally Posted by Spirit of Fire View Post
    I don't believe that per capita income. As we see with every other 3rd world dunghole, dictators and a handful of elites leech up all the wealth an leave the rest of the people starving.
    I agree. The corrupted elite gets all the money.

    Quote Originally Posted by Spjabork View Post
    Be it as it may - they have already sold much of that oil.

    Among China's top ten trading partners, EG ranks ninth, but among Chinese imports from African countries it ranks fifth(!), after South Africa, Angola, Sudan, and RO Congo, but before Libya(!) and Nigeria(!).

    The Chinese exports in 2005 to EG amounted to US$ 19(!) million, but imports from there to US$ 1.438 billion(!).

    And what can they have imported from there?

    China will help them to explore more oil fields.
    My prediction is that the value of the U.S dollar will drop even more than it has already dropped and as a result inflation and interest rates will increase. Therefore USA will face a deep depression. The economic situation in Europe will be somewhat better than in America and perhaps Europe can challenge China. But hardcore capitalism doesn't necessarily need democracy. Here we see the power of totalitarian system: China's government can for example say anytime that foreign investments in China are China's property now. China will become the next big world-power and Africa will be their playground.

    And what happens if 1300 million Chinese have the high western standard of living? The global warming will accelerate and the usage of natural resources will increase greatly . Yes I know I am quite pessimistic.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Hmm.. maybe. Afterall, they have been off the dole since 1993!
    Thats a lot of time to take a look at their own behavior and
    stop being monkies!

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    Re: Equatorial Guinea - Africa's economic miracle?

    Quote Originally Posted by Spjabork View Post
    Be it as it may - they have already sold much of that oil.

    Among China's top ten trading partners, EG ranks ninth, but among Chinese imports from African countries it ranks fifth(!), after South Africa, Angola, Sudan, and RO Congo, but before Libya(!) and Nigeria(!).

    The Chinese exports in 2005 to EG amounted to US$ 19(!) million, but imports from there to US$ 1.438 billion(!).

    And what can they have imported from there?

    China will help them to explore more oil fields.
    Minerals mostly.

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    Re: Equatorial Guinea - Africa's economic miracle?

    Quote Originally Posted by ikki View Post
    Hmm.. maybe. Afterall, they have been off the dole since 1993!
    Thats a lot of time to take a look at their own behavior and
    stop being monkies!
    Equatorial Guinea indeed has good changes to progress, but they need intelligent people to support them.

    Here is some more information about China's presence in Africa.
    http://www.cfr.org/publication/9557/

    Which African countries are major oil producers?
    Equatorial Guinea. This tiny West African country's total proven oil reserves are estimated at 1.28 billion barrels. Oil production averaged 371,700 barrels per day in 2004, with oil accounting for nearly 90 percent of the country's total exports in 2003. In October 2004, Equatorial Guinea told oil companies operating in the country to cap production at 350,000 barrels per day, for fear that ever-increasing oil revenues could destabilize the economy.

    Which African countries has China sold weapons to?
    Equatorial Guinea. China has provided military training and Chinese specialists in heavy military equipment to the leaders of the tiny West African nation, whose oil reserves per capita approach and may exceed those of Saudi Arabia.

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