Digital Economy Diagnostic Report for Equatorial Guinea
Introduction
The World Bank’s Digital Economy for Africa (DE4A) initiative aims to digitally enable every African individual, business, and government by 2030. This report highlights key points from the diagnostic report that provide insights into Equatorial Guinea’s efforts to diversify its economy, leverage technology, and promote digital transformation.
Key Points from the Report
Digital Economy Vision
- The DE4A initiative aims to digitally enable every African individual, business, and government by 2030.
- This vision provides a clear roadmap for Equatorial Guinea’s digital transformation efforts.
Digital Revolution in Africa
- Mobile technologies and services generated 8% of GDP or USD 140 billion in Sub-Saharan Africa in 2021.
- Mobile money contributed to an 8-percentage point increase in account ownership between 2014 and 2021.
- These statistics demonstrate the potential for mobile technologies to drive economic growth and financial inclusion.
Leapfrogging Opportunity
- The digital economy offers a leapfrogging opportunity for Equatorial Guinea to transition from a mainly extractive industries economy to a digital economy, skipping intermediate steps.
- This approach can help the country achieve rapid economic growth and development.
National Development Plan 2035
The government has announced a new wide-ranging National Development Plan that focuses on:
- Economic diversification
- Workforce training
- Social services
- Quality governance
- Eradicating poverty
- Infrastructure development
- Promoting the private sector
This plan provides a comprehensive framework for Equatorial Guinea’s economic development and digital transformation efforts.
Digital Agenda for Equatorial Guinea (ADIGE)
The Ministry of Transport, Post and New Information and Communications Technologies is implementing a strategic plan to promote the development of the Digital Economy in a coordinated and gradual manner. This initiative aims to:
- Promote digital infrastructure development
- Improve digital skills and knowledge
- Encourage digital innovation and entrepreneurship
- Enhance digital governance and regulatory frameworks
Challenges and Recommendations
The report highlights challenges such as regulatory barriers and a lack of competition in the broadband sector. However, recent negotiations between the government and mobile operators have led to a 50% reduction in telecom service rates, making broadband more affordable and accessible.
To address these challenges, the report provides actionable recommendations categorized by priority level and sequencing. These recommendations will inform the national dialogue and next steps around the country’s digital transformation and diversification efforts.
Conclusion
The Digital Economy Diagnostic Report for Equatorial Guinea provides a comprehensive analysis of the country’s digital economy landscape. It highlights key opportunities and challenges, and provides actionable recommendations to promote a thriving digital economy in Equatorial Guinea.