ABSTRACT
In 1968 Equatorial Guinea was put forth as a model of colonial development. Soon after, the highly deceptive colonial economy collapsed. It is estimated that cocoa production fell from 38,300 metric tons at independence to approximately 6,670 metric tons in 1978-1979. Except for coffee, the export economy had collapsed by the early 1979. In May 1969, Spain and Equatorial Guinea signed economic agreements that promised to benefit both sides. Macias Nguema received the right to establish a bank of emission under extremely liberal terms; the conversion rate of the national currency was to be determined by the African state. Overall, infrastructure declined. New German generators were installed in Data's thermal electric station in 1972-1973. Unfortunately, because of a lack of qualified personnel, the installation ceased to operate in 1976. A year later the Chinese contributed to the construction of a hydroelectric power station at Bikomo Falls, 15 kilometers from Bata.
