São Tomé and Príncipe, strategically located in the Gulf of Guinea, saw its GDP reach $540 million in 2023, with a per capita income of $2,468, showcasing potential amid challenges.
Despite being one of Africa’s smallest nations, its vast Exclusive Economic Zone presents unique opportunities, benefiting the maritime and tourism sectors. Modest growth, with a real GDP increase of 1.1% in 2023, is projected to rise to 2.6% in 2024, driven by improvements in tourism and increased exports.
To transform the energy sector and reduce dependence on imported fossil fuels, the country requires investments. The government aims for 50% renewable energy capacity and climate action targets, necessitating substantial funding.
With significant financial requirements up to 2063, international cooperation is vital. Infrastructure investments are crucial for sustained growth, with annual funding needs at 14% of GDP.
Despite facing challenges in the power sector and rural development, São Tomé and Príncipe is committed to environmental strategies and sustainable practices. Strategic investments and policy reforms are essential for a resilient and prosperous future.