Obiang overthrew him in 1979 but charges of corruption, mismanagement and authoritarian abuse have been continuously leveled at his regime. Since then, however, great deposits of offshore oil have been discovered and production that began in 1995 could open the way to a brighter future. The president says they are making careful plans about what to do with the newfound wealth. About three or four years ago we became an oil-producing country. In order to avoid making the same mistakes as other countries, the first thing the government did was to hold an economic conference where we planned what sectors would receive economic investment.
Equatorial Guinea continues to receive harsh criticism for human rights violations.
Obiang said the report was the work of one man but did not say who that one man might be. There was no real information in it about Equatorial Guinea today. Those were old stories from people who are not in the country. And that, along with oil, is why the United States needs an embassy in his country, Mbana says. Oil is bringing American companies to our country.