EQUATORIAL GUINEA SEEKS TO DIVERSIFY ECONOMY THROUGH DIGITAL TRANSFORMATION

Equatorial Guinea’s government is taking a bold step towards reducing its reliance on oil by focusing on economic diversification through digital transformation. The country’s National Development Plan 2035 has identified digital transformation as a key driver of this process, and the Digital Agenda for Equatorial Guinea (ADIGE) aims to improve access to telecommunications services, digitize administrative procedures, and support the development of the information and communication technology (ICT) sector.

THE CHALLENGES FACING EQUATORIAL GUINEA’S DIGITAL TRANSFORMATION

Despite the government’s efforts, Equatorial Guinea still faces several challenges in its journey towards digital transformation. These include:

• Limited access to broadband services: Many citizens lack access to reliable and affordable internet, despite efforts to reduce tariffs.
• Regulatory hurdles: The country’s regulatory framework is still in its early stages, and there are concerns about the government’s ability to effectively manage the digital economy.
• Cybersecurity weaknesses: Equatorial Guinea’s digital infrastructure is vulnerable to cyber threats, which could have serious consequences for the country’s economic and social development.

However, the report also highlights several opportunities for growth. These include:

• Digital financial services: The country has a nascent digital financial services market, with limited bank offerings. However, there is potential for growth in this area, particularly if the government can establish a licensed e-money operator to provide mobile money services.
• E-commerce: Equatorial Guinea’s digital business ecosystem is still emerging, but there are opportunities for growth in this area, particularly if the government can improve access to finance and develop a more favorable regulatory environment.

RECOMMENDATIONS FOR EQUATORIAL GUINEA’S DIGITAL TRANSFORMATION

To overcome these challenges and seize the opportunities, the report provides several recommendations for Equatorial Guinea’s digital transformation efforts. These include:

• Developing a national strategy for digital public platforms: This will help to improve access to essential services and promote digital inclusion.
• Assessing the need to expand and strengthen agent networks: This will foster digital financial services adoption and reduce the reliance on cash transactions.
• Articulating a roadmap to develop an inclusive digital entrepreneurship ecosystem: This will provide opportunities for growth and development in the ICT sector.
• Conducting a digital skills gaps assessment: This will help to identify areas where training and education are needed to support the development of a skilled digital workforce.

Overall, Equatorial Guinea faces several challenges in its journey towards digital transformation. However, with the right policies and investments, the country has significant opportunities for growth and development in this area.