Equatorial Guinea’s Digital Economy: A World Bank Diagnostic Report

Overview

The World Bank’s Digital Economy Diagnostic for Equatorial Guinea aims to help drive Africa’s digital transformation by 2030. This report assesses the development of the digital economy across five foundational elements: digital infrastructure, digital public platforms, digital financial services, digital businesses, and digital skills.

Key Findings

Digital Infrastructure

• While there are quasi-monopolies in international bandwidth access and national backbone network markets, recent negotiations between the government and mobile operators have led to a 50% reduction in telecom service rates.

Digital Public Platforms

• The government has established Holding Equatorial Guinea (HOLDING G.E.) to manage a $1.6 million investment fund for joint ventures with private companies in key sectors.
• However, there is limited availability of digital public platforms and services.

Digital Financial Services

• Mobile money has driven financial inclusion, contributing an 8-percentage point increase in account ownership between 2014 and 2021.

Digital Businesses

• A small but rapidly growing digital business sector exists, with innovative entrepreneurs launching new products and services.

Digital Skills

• There is a need to train the population on digitalization and cybersecurity issues.

Recommendations

The report provides actionable recommendations categorized by priority level and sequencing:

High Priority

• Develop a comprehensive digital infrastructure strategy to address regulatory barriers and lack of competition in the broadband sector.
• Implement policies to promote digital public platforms and services.

Medium Priority

• Support the development of digital financial services, including mobile money and other payment systems.
• Foster the growth of the digital business sector through incentives and training programs.

Low Priority

• Establish a national digital skills development program.

Conclusion

The World Bank’s Digital Economy Diagnostic for Equatorial Guinea highlights the country’s challenges in developing its digital economy. While there are opportunities for growth, such as mobile money and a small but rapidly growing digital business sector, there are also significant barriers to overcome, including regulatory barriers and a lack of competition in the broadband sector. The report provides actionable recommendations to inform the national dialogue and next steps around Equatorial Guinea’s digital transformation and diversification.