Is Equatorial Guinea poor?

Over 70\% of the population lives in poverty in Equatorial Guinea, and over 40\% lives in extreme poverty. More than 50\% of the population is under 18 years of age and child poverty is higher than adult poverty because of the larger number of children in poor house- holds.

Why is Equatorial Guinea poor?

Despite being one of Africa’s fastest-growing economies and a major producer of oil, Equatorial Guinea’s poverty rate is high due to institutional weaknesses and corruption that restrict the country’s ability to provide basic services to its people.

Is Guinea Africa a poor country?

Guinea. Despite a wealth of valuable minerals like diamonds, gold, and aluminum ore, Guinea ranks as one of the poorest countries in the world. Only about a third of residents have access to electricity, and the country’s 32\% literacy rate is among the lowest in the world.

Why is Equatorial Guinea so wealthy?

Since the start of oil production in the mid-nineties, Equatorial Guinea has become Africa’s wealthiest nation on a per-capita basis, and the third-largest oil producing country in sub-Saharan Africa.

Is Equatorial Guinea the richest country in Africa?

Currently, Equatorial Guinea is the richest country in Africa, with a per capita income of $34,865….African Countries by GDP.

Is Equatorial Guinea same as Guinea?

As colonisers carved up the continent, many European nations controlled their own Guinea. At independence, French Guinea became Guinea, Spanish Guinea became Equatorial Guinea, and Portuguese Guinea became Guinea-Bissau. The region was a major source of gold, hence the name “guinea” for the British gold coin.

Why is Equatorial Guinea the richest country in Africa?

Equatorial Guinea has become the richest country, per capita, in sub-Saharan Africa since the discovery of oil and natural gas reserves in the 1990s, yet the majority of its people remain extremely poor.