In Alternative Energy Africa’s last issue, the regional focus touched based on Equatorial Guinea, but there wasn’t much to report. The nation – endowed with substantial oil reserves – has fallen short on its renewable energy sector, among other sectors. With Transparency International ranking it as one of the world’s most corrupt states, monetary allocation is unaccounted for.
However, at a high level meeting on the Millennium Development Goals during the 65th UN General Assembly, Equatorial Guinea discussed its plan to overcome the obstacles it is facing in order to achieve goals set forth in the Millennium Declaration. During his remarks to the Assembly, the country’s Minister of Foreign Affairs, International Cooperation and Francophonie, Pastor Micha Ondo Bile outlined various initiatives the country is undertaking to comply with its own Horizon 2020 development plan, saying: "To mitigate the effects of poverty and meet the Millennium Declaration, the Government of Equatorial Guinea has embarked on a strategic planning process long-term development, which has led to the holding of two national economic conferences."
The "Horizon 2020" development plan, set in motion by President Obiang Nguema Mbasogo in 2007, outlined five major goals: invest in strengthening economic growth; strengthen the development of structured investments; promote and strengthen the development of social policy actions; ensure a transparent social climate; and develop the prospects for better monitoring and evaluation of poverty and living conditions of households.
The West African country has been trying to shore up investment, but to no avail. Equatorial Guinea tried to establish a JV with a foreign utility, but financiers were nowhere to be found as any investor would have a huge undertaking trying to upgrade facilities to provide adequate power. The country is estimated to have 11,000 MW of hydropower potential, but little attention has been given to the sector.
Get your subscription NOW to receive the latest issue that will include a regional scope of Western Africa, geopolitical strategies at the expense of Africa, solar PV and cookers, and much more.