In the wake of new challenges and a prolonged oil-dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. Digital transformation could play a critical role to drive diversification, financial inclusion, poverty reduction, and job creation. In 2021, the National Development Plan 2035 introduced technology and innovation as a cross-cutting theme, putting the digital economy at the center of the diversification strategy. The government is also implementing the Digital Agenda for Equatorial Guinea (ADIGE), a strategic plan with four objectives: (i) universalization of access to telecommunications services; (ii) digitize administrative procedures; (iii) supporting and enhancing the ICT sector; and (iv) empower citizens to use digital tools.
As a result, the Digital Economy Country Diagnostic for Equatorial Guinea was developed by the World Bank and the Government of Equatorial Guinea to identify key challenges and opportunities facing Equatorial Guinea along the five foundations of the digital economy: digital infrastructure, digital public platforms, digital financial services, digital businesses, and digital skills. The report puts forward actionable recommendations categorized by priority level and sequencing.
Key Findings
Under the Digital Infrastructure pillar, operators aiming to reduce telecom service tariffs mark positive strides towards ensuring that broadband becomes more affordable and accessible in the country. However, regulatory challenges and limited competition in the broadband sector, as well as cybersecurity weaknesses continue to be significant hurdles.
The launch of a digital civil registry pilot in 2018 sets an important milestone for Digital Public Platforms in in Equatorial Guinea. The country has also introduced laws and decrees to help digitize the public sector, yet efforts remain to strengthen its regulatory framework and implement digital identity.
Digital Financial Services (DFS) in Equatorial Guinea are in early stages, with limited bank offering DFS. The focus on financial stability has delayed digital transformation. The country still needs to establish a licensed e-money operator to provide mobile money services and connectivity issues also hinder DFS development. Financial inclusion could also be reinforced by the implementation of a national financial education strategy.
The digital business ecosystem is still emerging, with few domestic digital services and nascent group of incubators, accelerators, and civil associations. Barriers for digital entrepreneurs include limited internet access, challenging access to finance, a shortage of digital skills, and a weak regulatory framework. Initiatives like the Single Business Window aim to improve the business climate, but significant challenges remain.
Access to education in Equatorial Guinea has improved, but there are still limitations to produce a digitally skilled population at scale. Strengthening the digital skills framework requires specific ICT policies in education, better coordination, and improved infrastructure. Enhancing STEM education, teacher training, and including ICT in the curriculum are crucial. Higher education and TVET institutions also need to expand their capacity to address the digital skills mismatch and support economic diversification.