AGP Executive Report
Last update: 4 hours agoGovernment Shake-Up: Equatorial Guinea’s entire cabinet has resigned after a performance review found it delivered only about 10% of its targets, with the ruling PDGE citing corruption, delays in development projects, and weak economic diversification; Prime Minister Manuel Osa Nsue Nsua submitted the en bloc resignation, and President Teodoro Obiang Nguema Mbasogo is expected to appoint a new team. Oil & Gas Deal: Panoro Energy has completed its acquisition of Kosmos Energy’s 40.375% interest in Block G offshore Equatorial Guinea, including the Ceiba Field and Okume Complex, with expected next liftings at the start of July and a final cash consideration of about $127m (plus possible contingent payments). Business Costs: Borrowing costs in CEMAC remain high, with Equatorial Guinea’s average bank lending rates rising from 15.64% to 17.44% year-on-year, squeezing credit for households, businesses, and public institutions. Regional Context: The week also saw Equatorial Guinea referenced in broader regional moves, including support for health funding in the Great Lakes amid Ebola concerns.
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