The government advanced economic and social policies, including new tax codes and employment programs, during a ministerial meeting.
The Council of Ministers in Equatorial Guinea has approved two draft laws concerning the 2025 State Budget settlement and the 2027 budget. The meeting, chaired by the Head of State, also focused on national economic matters, employment, and social policies. Key decisions included the establishment of a National College of Accounting Experts and a new tax identification number system for individuals and entities, presented by the Ministry of Finance and Budgets.
Further economic measures discussed involved the adoption of a National Employment and Training Program and the creation of a National Institute for Employment Promotion. The Ministry of Labour and Employment also proposed a decree for formal employment incentives and reforms to social security contracting rules. Additionally, the council reviewed the pricing structure for refined petroleum products.
In international affairs, Equatorial Guinea signed agreements with Zimbabwe for investment promotion, reciprocal visa exemptions for diplomatic passport holders, and economic cooperation. The council also addressed reforms for the Ministry of Foreign Affairs and the ratification of international environmental agreements, including those on marine biodiversity and biotechnology safety.
Why it mattersInvestors are affected by the approval of the 2027 budget, new tax identification system, and economic cooperation agreements.
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