WORLD TRADE
ORGANIZATIONWT/L/448
3 April 2002
(02-1681)
Original:  Spanish
EQUATORIAL GUINEA - REQUEST FOR OBSERVER STATUS
Communication from Equatorial Guinea
The following communication, dated 8 March 2002, has been received by the Director-
General from the Minister of Industry, Trade and Promotion of Small and Medium-Sized Enterprises
of Equatorial Guinea with the request that it be pl aced before the General Council at its next meeting.
_______________
On behalf of the Ministry of Industry, Trade and Promotion of Small and Medium
Enterprises, which represents the Republic of Equatorial Guinea in the trade sector, I have the honour
to request that Equatorial Guinea be granted observer status in the General Council of the WorldTrade Organization (WTO) and its subsidiary bodies.
In this connection, I should like to state that it is the intention of my country’s Government to
seek accession to the WTO Agreements in the near future.  In the meantime, the granting of observer
status would help the Government, the private sect or and non-governmental organizations in the trade
sector to familiarize themselves with the WTO and its rules and procedures.
In accordance with the Rules of Procedure of the General Council, a Memorandum on
Equatorial Guinea’s foreign trade regime is attached.WT/L/448
Page 2
TRADE POLICY REGIME OF EQUATORIAL GUINEA
CONTENTS
I. INTRODUCTION
II. ECONOMY AND FOREIGN TRADE
1. Economic environment:  General description
2. Major macroeconomic features
3. Principal economic activities
4. Foreign trade
III. FOREIGN TRADE REGIME
1. Import and export regulations
2. Reform of the Customs Administration
3. Fiscal regime
IV. FOREIGN AND DOMESTIC TRADE DEVELOPMENT POLICIES
1. Industrial policy
2. Agricultural policy
3. Fiscal policy
4. The banking system, currency and monetary policy
5. Relations with the International Monetary Fund (IMF)
6. Foreign investment policy
7. Privatization
8. Intellectual property regime
9. Free zones
V. INSTITUTIONAL BASIS FOR TRADE AND ECONOMIC RELATIONS WITH
THIRD COUNTRIES
1. Bilateral trade and economic agreements
2. Multilateral economic cooperation and participation in multilateral economic
organizationsWT/L/448
Page 3
I. INTRODUCTION
International trade is not a recent activity, it has been going on for centuries, starting with the
exchange of products of prime necessity such as food, metals, etc.  Trade, however, is now expanding
day by day.
Trade does not only mean finished products, but also semi-finished products or raw materials.
The increase in Equatorial Guinea’s exports can be  viewed in the context of imports of commodities,
whether in their raw or semi-finished state.
At the international level, Equatorial Guinea’s political philosophy is a free market economy
within the context of trade liberalization, which is also one of the principles underpinning the creation
of the WTO.
In general, in the 1990s, the global economic and trade situation played a highly important
role and this continues to be the case.  Equatorial Guinea, as a sovereign and independent country,
should not remain on the fringes of this trend.
In 1994, the countries in the franc zone of  the African Financial Community (CFAF)
experienced a devaluation in their national currencies in comparison with the French franc (FF).  The
restraint shown and the efforts made by the Government to improve the economic situation resulted in
sustained economic growth;  in October 1996, Equatorial Guinea started to produce petroleum on a
large scale and was thus able to promote other production sectors in order to diversify production aspart of its policy aimed at a sustainable economy.
The challenge facing the Government is to find new ways of mitigating the negative setbacks
of the past and avoiding the over-heating of the economy combined with a rapid rise in political
spending.  The underlying structural problems that have hindered economic development in the past,however, remain unresolved, despite the improvemen ts noted.   The growth of GDP in real terms
reached an average annual figure of 11 per cent  between 1994 and 1995 and annual growth of 30 per
cent is estimated.
Faced with these prospects, the Government of Equatorial Guinea cannot remain on the
fringes of the globalization and development of the world’s economy and, taking into account the
international trade reforms, the Government intends to take steps to become a member of the WTOand to harmonize its legislation with international tr ade laws so as to permit the integral development
of Equatorial Guinea’s trade and the acquisition of new technologies.
II. ECONOMY AND FOREIGN TRADE
1. Economic environment:  general description
Geographical data
The Republic of Equatorial Guinea is situated on the Western coast of the African continent,
in the Gulf of Guinea.  It covers an area of 28,051.46km2 and has 461,051 inhabitants (1994
population and housing census).  It comprises two regions:  Insular and Continental:  the InsularRegion covers an area of 2,017km
2 and has a population of 90,526 inhabitants, whereas the
Continental Region covers an area of 26,019.46km2, with a population of 315,625 inhabitants, and
borders the Republic of Cameroon to the north, the Republic of Gabon to the south and east, and the
Atlantic Ocean to the west.WT/L/448
Page 4
Climate
Equatorial Guinea has a humid tropical climate, with annual rainfall exceeding 2,005 mm.
The temperature is 25o C and average relative humidity is 90 per cent.  The pattern of rainfall differs
in the two regions, and in Bioko Island there are dry and rainy seasons lasting six months each;  in theContinental Region, there are four seasons with two rainy seasons and two dry seasons, which are
called the rains, the dry, the arid and the wet seasons.
The climate means that the vegetation is typical of the equatorial rainforest with a variety of
precious woods, around 1.2 million hectares.  The Continental Region and the Island are covered by
tropical rainforest, except that in the latter the tropical forest is a reserve so as to prevent
desertification.  The land is very fertile, particularly in the Island.
As far as natural resources are concerned, Equatorial Guinea has vast resources in its subsoil
and maritime resources, for example, petroleum, gold, magnesium, uranium, iron, metal, and fisheries
resources.  Petroleum and industrial fishing, however, are under-exploited and the other resources
have not yet been exploited at all.
2. Major macroeconomic features
Equatorial Guinea’s macroeconomic policy is conducted within the limitations imposed by
the Bank of the Central African States (BEAC).  Cr edit and monetary policies are determined at the
regional level, in consultation with the National Monetary Committee in each member State.  Interestrates are fixed at the regional level and in recent years there have been a number of institutional
changes that have modified monetary policy on direct and indirect controls.  The key role of the
interest rate policies is to maintain the parity between the CFA franc and the French franc.
Equatorial Guinea is also a member of the Economic and Monetary Community of Central
Africa (CEMAC), previously the Central Africa n Customs and Economic Union (UDEAC), which
fixes import tariffs at the regional level.  Cooperation with the BEAC imposes restrictions on
Equatorial Guinea’s unilateral action in certain areas, although these are offset by the benefits of
belonging to the organizations.  The foregoing, are inter alia  the main components of a stable
macroeconomic framework for the development of the private sector, growth in exports, and
economic development.
According to the national accounts, the GDP by market price rose by around 22 per cent
between 1985 and 1991, making an annual average of approximately 3.4 per cent in current terms.
The trend has been somewhat irregular, however, with negative variations in 1995 and 1999 (see
table).WT/L/448
Page 5
Table 1 – Gross Domestic Product (GDP) by Branch of Economic Activity at Market Price
(CFAF millions)
ECONOMIC
ACTIVITY1994 1995 1996 1997 1998 1999 2000
estim.2001
prov.
PRIMARY SECTOR 45,757 56,132 103,388 254,697 223,167 361,649 738,651 1,012,559
Agriculture 16,174 24,148 28,542 33,995 39,651 40,711 39,982 40,765
Export crops 2,199 3,490 4,865 3,273 3,283 3,834 2,589 2,848
Subsistence crops 12,418 18,148 21,016 27,902 33,379 33,846 34,320 34,801
Livestock 1,557 2,510 2,661 2,820 2,989 3,031 3,073 3,116
Forestry 13,265 16,728 18,704 32,528 17,719 30,695 30,247 28,130
Fisheries 254 603 639 745 828 840 851 863
Petroleum 16,064 14,653 55,503 187,429 164,969 289,403 667,571 942,801
Non-petroleum primary
sector29,693 41,479 47,885 67,268 58,198 72,246 71,081 69,758
SECONDARY SECTOR 5,315 7,280 8,143 9,851 12,127 15,171 21,621 27,468
Manufacturing industries 699 876 918 962 1,007 1,055 1,266 1,393
Energy, gas and water 1,848 2,680 2,892 3,121 3,368 4,829 5,312 5,312
Construction 2,768 3,724 4,333 5,768 7,752 9,287 15,043 20,763
TERTIARY SECTOR 12,253 17,029 19,687 23,764 31,542 34,513 47,474 58,876
Commercial firms 5,081 7,404 8,081 8,819 9,625 12,528 17,691 24,371
Transport and
communications1,073 1,606 1,756 1,920 2,100 3,140 4,370 4,370
Financial firms 1,092 1,669 1,812 1,967 2,135 2,349 2,889 3,813
Public administration 3,371 4,080 5,592 8,235 12,723 11.041 16,033 18,597
Other services 1,636 2,270 2,446 2,823 4,959 5,455 6,491 7,725
GDP by factor cost 63,325 80,441 131,218 288,312 266,836 411,332 807,747 1,098,903
Import duties 1,820 1,409 1,312 2,205 2,427 2,100 2,800 5,300
GDP by market price 65,145 81,850 132,530 290,517 269,263 413,432 810,547 1,104,203
Petroleum sector 16,064 14,653 55,503 187,429 164,969 289,403 667,571 942,801
Non-petroleum sector 49,081 67,197 77,027 103,088 104,294 124,029 142,976 161,402
Source:  Directorate-General of Statistics, Ministry of Planning and Economic Development.
3. Principal economic activities
One of the Government’s major objectives is to promote domestic and foreign trade.
Improving internal air and maritime transport and roads and promoting small and medium enterprises
(SMEs) are essential if this objective is to be achieved because a large part of domestic trade is carried
out by small-scale traders.  The Government will  promote the development of regional markets where
farmers, craftsmen and small-scale industries can sell their products and purchase supplies in a safe
and healthy environment.  In adopting legal provisions designed to regulate and create a climateWT/L/448
Page 6
favourable to trade, the Government will take account of the needs of SMEs, especially as concerns
regulations on registration, access to credit, bankruptcy, protection of personal assets, trademarks,
standard weights and measures, and product quality.
Equatorial Guinea’s economic activity mainly centres on the production and export of
petroleum, cacao, coffee and timber;  there are, however, other exportable products, for example,
plantains, bananas, pineapples, sugar cane, maize, cassava, gourds, citrus fruit, etc.  Due to lack of
investment in the latter sectors, there is no surplus for export.
Equatorial Guinea has vast agricultural potential because of its climate and the fertile arable
land.  The forestry potential is also important, but the increase in the number of forestry concessions
in recent years means that increasing production in the short and medium terms should not become anobjective until new forestry policies aimed at the sustainability of the forest ecosystem are put in
place.  In 1991, Equatorial Guinea commenced exploiting petroleum.
4. Foreign trade
(a) Exports
According to foreign trade data, exports have increased in recent years as a result of exports
of petroleum products and timber.
In 1994, petroleum production amounted to 100,000 barrels/day, while in 1999 the figure had
increased to 200,000 barrels/day, and it is estimated that production will rise to 300,000 barrels/day in
2002.
Timber exports have also increased in recent years following the devaluation of the CFA
franc and it is now the second most important export, taking over from cacao and coffee, with avolume of around CFAF 4 to 6 billion per year.
There has also recently been a drop in the value of exports of cacao and coffee due to the age
of the cacao and coffee bushes, which need to be replaced.  This drop has been very significant
because these are among the country’s most important export products.
Table 2 – Exports of Major Domestic Products from 1993 to 1998 (in CFAF millions)
Product 1993 1994 1995 1996 1997 1998
Cacao 725.6 2,181 2,256 3,590.9 3,496 3,639
Timber 4,691.01 13,265 17,944 26,015.6 44,835.4 22,942
Coffee 18.4 17.6 155 57.4 42.5 1.7
Petroleum 13,329.3 17,306 19,448 59,117.9 228,801.5 125,861.3
Re-exports 1,835.6 2,272.7 19,722.6 27,186.7 10,413.7 4,861.3
Other 503 1,406.6 2,553.4 2,585.3 2,772.9 1,035
Total 21,102.8 36,849 62,079 118,553.9 290,361.9 158,115
Source:  Directorate-General of Statistics
The table shows that currently the most important exports are petroleum products, followed
by timber.  Exports of cacao have fallen, however, and exports of coffee are low due to the fall in itsprice on international markets.WT/L/448
Page 7
(b) Imports
Equatorial Guinea depends on imports and this can be seen from the low number of industries
processing local products, even though there are fluctuations from year to year.  The rapid growth in
imports is inter alia  due to the import of equipment for various industries in the forestry, crude
petroleum and construction sectors.  As regards services, Equatorial Guinea is a net importer and this
sector is still in the embryonic phase.
Table 3 – Imports of Main Groups of Products from 1992 to 1998 (in CFAF millions)
Product 1992 1993 1994 1995 1996 1997 1998
Petroleum products 3,135.9 1,052.3 830.6 2,716.4 1,711.6 3,583.3 1,400.1
Food products 2,037.5 1,511.5 617.1 897.9 1,412.6 1,911.5 816.5
Sparkling and
alcoholic beveragesand vinegar1,621.7 1,058.8 498.2 709.3 1,270.8 2,297.8 699.7
Clothing and
footwear942 460.6 271.2 315.3 551 806 358.9
Machinery and
equipment11,951.6 4,094.5 7,366.3 5,316.8 65,760.6 18,552.7 6,627.2
Construction
materials1,929.7 680 1,339.7 1,771.2 6,081.8 6,143.6 4,065
Other 3,019.4 1,864.1 2,411.7 3,710.9 9,023.3 13,166.3 4,630.2
Total 24,637.7 10,751.8 13,334.7 15, 437.9 85,811.5 46,461.2 18,597.6
It is quite clear that Equatorial Guinea depends on imports, although there is a marked
difference between exports compared to imports, it is above all an importer of industrial products.
III. FOREIGN TRADE REGIME
1. Import and export regulations
Imports were previously subject to import licences as long as Equatorial Guinea had its own
non-convertible currency.  Once it joined the CFA franc zone, licences were abolished, except for
products that are prohibited under domestic and/or international regulations.
As regards exports, although Equatorial Guinea has opted in favour of a free market
economy, as required by its Basic Law, trade policy is mainly based on an increase in the volume of
exports.  Nevertheless, all exports are subject to export licences.  The rules regulating trade are
currently being updated with a view to bringing them into line with international trade rules.
2. Reform of the Customs Administration
Equatorial Guinea is a member of the Economic and Monetary Community of Central Africa
(CEMAC), previously the Central African Customs and Economic Union (UDEAC) and its fiscal and
customs reforms are the same as those in all the States belonging to the Community.  The fiscal andcustoms reform has led to far-reaching modifications of tariffs and trade taxes in the subregion.  As a
result of the reform, a common customs scheme vis-à-vis third countries has been established, with a
common external tariff (CET) and generalized tariff preferences (GTP) for intra-Community trade.  A
turnover tax (TCN) and other duties are also foreseen in the fiscal scheme.WT/L/448
Page 8
Concerning customs reforms, it should be noted that Act 7/93 – UDEAC – 556 – SEI of
21 June 1992 revises the CET and determines the form of the GTP.  It contains the following
modifications:
1. Abolition of complementary taxes;2. establishment of the GTP;3. amalgamation of tariff duties and entry duties into a single column entitled "customs
duties";
4. classification of goods imported into the CEMAC/UDEAC and regrouping of the
current rates of customs duties (tariffs) into four categories;
5. separation of turnover tax for imports from the common external tariff and its
replacement by a new TPC;
6. application of provisions restricting imports free of duty and taxes (Act 2/92);
7. abolition of single taxes;8. elimination of the special exemptions granted by the Ministers for Finance.
3. Fiscal regime
Equatorial Guinea’s fiscal regime is governed by an internal taxation scheme harmonized
with the CEMAC/UDEAC.  Th e following are the taxes payable under this scheme:
- Rural tax;- urban tax;- company tax;
- income tax on natural persons;
- domestic turnover tax;- stamp tax;- inheritance tax;- witnessed legal acts and wills;- tax on residents;  and
- fiscal and parafiscal taxes.
As far as foreign trade is concerned, the customs imposes a tax on the entry and exit of goods
to cover the customs duties payable.  Taxes not paid to the customs come under the taxation scheme.WT/L/448
Page 9
IV. FOREIGN AND DOMESTIC TRADE DEVELOPMENT POLICIES
1. Industrial policy
As is the case in many other countries, the industrial sector, like the rest of the private sector,
has failed to develop due to the absence of a framework of adequate incentives.  As the climate
improves, new opportunities will emerge in the economy for activities such as:
- Better opportunities for activities such as additional timber processing, processing of
fruit, vegetables and other food products both for the local and export markets;
- better opportunities for light industry and assembly activities for which Equatorial
Guinea has a competitive advantage;
- creation of special centres for technicians and financial experts from small and
medium enterprises;
- channelling of aid to microenterprises through NGOs;
- establishment of a Fund Controls Committee;
- creation of industrial and trade free zones;- capitalization mechanisms for citizens by the Government;- local processing of agricultural products.  Increased importance and support to be
given to the replanting programme for old cacao plantations initiated by the European
Commission, with greater impact on the rural population;
- subsidizing of the agricultural sector producing products for export;
- utilization of petroleum revenue for investment rather than for current expenditure.In order to achieve this, it will be important to ensure that economic policies do not lead to a
loss of competitiveness in the non-petroleum sectors of the national economy.
In addition, the Government realizes that the tourism industry could become an important
platform for diversifying the country’s economic base and thereby lessen the economy’s dependence
on petroleum.  It is therefore drawing up a National Tourism Development Plan (PNDT), with the
assistance of the World Tourism Organization.  It is  considered that the development of tourism will
raise living standards by improving the necessary physical and social infrastructure in support ofindustry, the creation of new jobs and investment oppo rtunities.  The Government will take advantage
of other countries’ experience when adopting policies so as to ensure that the development of tourism
takes place in a manner consistent with protection of the environment and that the benefits of tourism
are not concentrated in one single area.
The development of tourism will extend to the country as a whole, including the islands of
Annobón, Corísco and Los Elobeyes and sites along the coast of Bata, the Muni estuary and others
that are typical of Bioko Island, as well as other areas of considerable historical and cultural
importance.  The Government is aware that the development of a world-level tourism industry will
depend to a large extent on its own initiatives, investment and outside expertise, and these in turn will
depend on the speed with which the Government establishes an appropriate legal framework for itsimplementation.WT/L/448
Page 10
2. Agricultural policy
- Development of domestic agricultural production capacity through better use of
resources, greater participation by the private sector and diversification of the
production base;
- introduction of new crops and production techni ques so as to transform the sector and
develop its production potential;
-p romotion of participation by the private sector in production, harvesting and
distribution;
- improvement of agricultural research and development and greater efforts to
disseminate the results among farmers;
- promotion of close collaboration among agricultural sectors and agroindustry,
harmonized by the competent Ministries;
- completion of liberalization measures within the context of the CEMAC/UDEAC
agreements;
- improvement of phytosanitary production;
- protection of small-scale farmers and strengthening their efforts to combat the
monopolies of large agricultural sector enterprises that cause them financial
problems.
3. Fiscal policy
In general terms, Equatorial Guinea’s fiscal policy is based on the following:
- Utilization of fiscal policy as an instrument of economic administration;- definition of the authority and responsibilities of the Ministry of the Economy and
Finance in relation to other Ministries and Departments with regard to financial and
accounting matters;
- establishment of clear-cut lines of communication between the Ministry of the
Economy and Finance and other Ministries and Departments;
- payment of arrears that may be rescheduled and re-establishment of orderly relations
with the international financial community;
- restrict external debt to concessional and other sources.
4. The banking system, currency and monetary policy
Equatorial Guinea is a member of the CE MAC/UDEAC, under which all members are part of
the Community’s banking arm.  The issuing bank is the Bank of the Central African States (BEAC),
which acts as the central issuing bank.  Each member country also has other commercial banks
independently of the central bank.WT/L/448
Page 11
Access to credit on reasonable and secure terms is important for economic growth and
poverty reduction in Equatorial Guinea, which is not well served by its banking system in meeting
these objectives.  There are only two commercial ba nks, which follow a traditional lending policy that
in fact restricts credit.  Farmers and small-scale businesses have been excluded from access to theformal credit market and have had to turn to the info rmal market, where the cost of credit is high and
often unable to meet demand.  There needs to be an effective banking structure to mobilize savings,
enhance access to investment funds by small and medium-scale farmers, and lower the risk level in
the economy.
The exchange regulations in the issuing zone, set out in the convention, take into account the
development of international trade, the regulations and rules throughout the world, and the need fordomestic economies to maintain or restore the external balance.
Equatorial Guinea’s national currency is the African Financial Community franc (CFAF),
which has parity with the French franc (FF).  Exchange transactions in French francs between the
BEAC and the commercial banks are at a rate of CFAF 100 to FF 1.  The rate at which othercurrencies are bought and sold is fixed on the basis of the fixed rate of the French franc and its rate on
the Paris market.
5. Relations with the International Monetary Fund (IMF)
The Government initiated adjustment programmes with the support of the IMF and the World
Bank in 1985.  Three agreements have been negotiated with the IMF, namely, the 1985 stand-by
agreement, a structural adjustment facility (SAF) in 1988, and enhanced structural adjustment
facilities (ESAF) in 1993 and 1994.
One of the Government’s intentions has been to refer to the IMF the updating and revision of
the balance-of-payments forecasts for Equatorial Guin ea and the external financing requirements so as
to assess the debt reduction needs in the Paris Club in view of the flow of petroleum revenue.
6. Foreign investment policy
Equatorial Guinea has a law on foreign capital investment based on the following principles:
1. Elimination of the anti-export bias in current policies;2. abolition of export taxes on cacao and coffee.  The import tax on timber will remain
but at a reduced rate instead of levies on each log;
3. establishment of an effective refund scheme  to offset internal taxes and tariffs on
imports of inputs and capital goods;
4. elimination of customs tax exemptions so as to increase the taxable base;5. simplification of the common external tariff of the CEMAC/UDEAC by negotiating
an average weighted tariff of 8 per cent;
6. improvement of the customs administration and contracting of a private firm for
import inspections to determine and collect the import taxes.  Abolition of import
permits whether formal or informal;WT/L/448
Page 12
7. abolition of administrative controls and procedures for exports, with the exception of
timber exports, to which a special regime of regulations will apply.
7. Privatization
The Government has made the private sector responsible for acting as the catalyst for growth
and creating the climate needed to fulfil this role.  The Government will introduce appropriatepolicies, together with the legal and regulatory fra meworks required for transactions in the private
sector.  As a first step, the Government will introduce a new investment code that simplifies
administrative procedures, lowers the cost of doing business and facilitates the flow of information to
private firms.  The new code will contain provisions that allow disputes to be settled through
international arbitration.  The Government will also lay down clear and transparent rules for the
granting of concessions to the private sector.
A dynamic private sector needs efficient services in many areas such as power,
communications, postal services, adequate supplies of drinking water, ports, highways, airports, etc.
The Government alone is not able to provide the social and physical infrastructure needed to
modernize the economy.  Consequently, direct participation by the private sector in investment in the
infrastructure is needed, including its rehabilitation and maintenance.  In the case of public utilities,the Government will establish a modern regulato ry framework for fixing charges, which should
achieve a balance between the interests of investors and of consumers.
8. Intellectual property regime
Equatorial Guinea at present has a scientific and technological research centre (CICTE),
which deals with the management and promotion of national researchers.  Bearing in mind the
difficulties of carrying out scientific research and making inventions, the country has not yet reached
a level that allows it to exchange the ideas and inventions that are the fruit of intellectual property.
9. Free zones
There are as yet no free zones in Equatorial Guinea, but their establishment is foreseen, for
example, a free trade zone in Malabo and an industrial free zone in Bata.  These are under
consideration.
V. INSTITUTIONAL BASIS FOR TRADE AND ECONOMIC RELATIONS WITH
THIRD COUNTRIES
1. Bilateral trade and economic agreements
As a sovereign State, Equatorial Guinea unques tionably enjoys the freedom to maintain trade
relations both at the bilateral and multilateral levels with other countries in the world.  It is a member
of the ACP, which means that it has multilateral and bilateral trade relations with the other countries
of the group.  In addition, as has already been mentioned, Equatorial Guinea is a member of the
CEMAC/UDEAC and has trade relations with the countries of the zone as well as with others outsidethe zone such as Benin, Nigeria, Sao Tome and Principe, etc.
In Europe, America and Asia, Equatorial Guinea mainly has trade relations inter alia with
France, Spain, United States, China and Japan respectively.WT/L/448
Page 13
2. Multilateral economic cooperation and participation in multilateral economic
organizations
It is important to emphasize that, as far Equatorial Guinea’s integration in subregional
organizations is concerned, it has committed itself to joining and participating in subregional
economic institutions, to which all member countries belong.  The concern shown today by themember States of the CEMAC regarding the reform of its structures in order to enhance the economic
environment is of particular importance.
Equatorial Guinea, as a member of the CEMAC, acceded to the treaty on the Organization for
the Harmonization of Business Law in Africa (OHADA), and is a member of the Central African
Economic Community (CEEAC), and the Central Afri can Banking Commission (COBAC), as well as
other institutions.
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