Known for being rich in mineral resources and petroleum, Equitorial Guinea is considered as one of the fastest growing economies in Africa. With its strategic initiatives to boost growth, the economy is forecast to grow by 2.6% in 2021, due to the realisation of a large gas project and the betterment of the world economy following the Covid-19 pandemic
With the significant opportunities in Africa, a large number of organisations are expanding to the continent to grow their business. They are on the lookout for a HR outsourcing partner to manage their employment outsourcing challenges from a legal, cultural, market insights perspective. This is where Africa HR Solutions can help to establish your Equitorial Guinea HR outsourcing service from Professional Employer Organisation (PEO), Employer of Record, payroll outsourcing, and other support services.
Country Profile - Equatorial Guinea
Population: 1.3 mn
Gross Domestic Product (GDP): $363.07 bn
GDP Growth: -2.9%
Foreign Direct Investment (% of GDP): 3%
Unemployment Rate: 9.2 %
Currency: Central African CFA franc
Languages: Spanish, French, Portuguese
Equatorial Guinea's Economy
Equatorial Guinea is bordered by 3 African countries namely Cameroon, Gabon, and the Gulf of Guinea. It is rich in arable land and mineral resources – gold, oil, uranium, diamond, and columbite-tantalite, as well as petroleum. According to the World Bank, the country is undertaking several reforms that include “raising non-hydrocarbon tax revenues and reducing the non-hydrocarbon primary deficit, improving PFM in coordination with the other CEMAC countries, supporting social sectors, protecting the banking sector through the non-accumulation of new arrears, and improving governance.”
Interesting Facts About Equatorial Guinea
The national animal is the Elk.
The country receives around 73,000 visitors yearly.
Football is among the most popular sport in the country.
Djibouti has 195 miles of coastline, consisting of gold and white sandy beaches.
The country has a semi-arid climate which is very hot and dry.
Located in eastern Djibouti, the Gulf of Tadjoura is one of the richest areas in the world for coral and fish species.
Skudahkharis is considered the national dish of Djibouti, made of rice, lamb, and cardamom.
Public Holidays in Equatorial Guinea
New Years Day
Feast of the Immaculate Conception
Employment in Equatorial Guinea
Employment agreements can be in a verbal or written format. However, it is recommended to have a written agreement that delineates the employee’s major information, including his/her compensation, benefits, termination conditions as well as salary which should be in the country’s currency, Central African CFA francs.
Central African Republic
Democratic Republic of Congo
Republic of Congo
Sao Tome and Principe