MALABO, JUNE 25, 2024 - In the wake of new challenges and its prolonged oil-dependency, Equatorial Guinea¡¯s government is aiming for economic diversification as a key course of action for growth and stability. The adoption of digital technologies has the potential to increase the productivity of Small and Medium-sized Enterprises (SMEs) and stimulate innovation, increasing productivity, and create high-skilled jobs in Equatorial Guinea. Digital transformation could therefore play a critical role in diversifying Equatorial Guinea¡¯s economy in the upcoming years.
The , developed by the аIJʿª½± and the Government of Equatorial Guinea and supported by the Digital Development Partnership (DDP), notes that, while many Sub-Saharan African countries are undertaking digital transformations, Equatorial Guinea must step up its efforts to capture a larger share of the dividends of the digital economy. The report focuses on challenges and opportunities facing Equatorial Guinea along the five foundations of the digital economy: digital infrastructure, digital public platforms, digital financial services, digital businesses, and digital skills.
¡°Looking at the size of Equatorial Guinea¡¯s economy, digital marketplace platforms can help firms to expand and access other markets, which could be especially important to stimulate the development of the private sector in the country,¡± said Aissatou Diallo, Resident Representative for Equatorial Guinea.
The report further provides a series of specific, actionable, and prioritized recommendations for Equatorial Guinea to develop a vibrant, safe, and inclusive digital economy. These are intended to structure dialogue going forward between the Government of Equatorial Guinea, the private sector, and the country¡¯s technical and financial partners to catalyze action and enable the country¡¯s rapid digital transformation.
The highlighted quick-win recommendations from across the five digital economy pillars include:
- Digital Infrastructure: Apply cost-oriented obligations in the international capacity and national network fiber wholesale markets, as well as conducting a cybersecurity maturity assessment.
- Digital Public Platforms: Develop a national Strategy for digital public platforms and strengthen a whole-of-government approach.
- Digital Financial Services: Assess the need to expand and strengthen agent networks to foster DFS adoption, especially in remote areas.
- Digital Businesses: Articulate a roadmap to develop an inclusive digital entrepreneurship ecosystem, as well as promoting public-private dialogue.
- Digital Skills: Develop a national education ICT policy and conduct a digital skills gaps assessment.
¡°Going forward, it is essential for the Government of Equatorial Guinea to undertake concerted reform efforts across the five pillars, while addressing the following cross-cutting issues: Improving data quality, coverage, and usage; improving institutional coordination and access to reliable electricity; strengthening the implementation of the legal and regulatory framework; and bridging the island-continental digital divide and gender gap,¡± said Camila Mejia Giraldo, аIJʿª½± Senior Digital Development Specialist and lead author of the report.
