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Sao Tome and Principe |
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Discovered and claimed by Portugal in the late 15th century, the islands' sugar-based economy gave way to coffee and cocoa in the 19th century - all grown with plantation slave labor, a form of which lingered into the 20th century. Although independence was achieved in 1975, democratic reforms were not instituted until the late 1980s. Though the first free elections were held in 1991, the political environment has been one of continued instability with frequent changes in leadership and coup attempts in 1995 and 2003. The recent discovery of oil in the Gulf of Guinea is likely to have a significant impact on the country's economy.
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Understand
This small poor island economy has become increasingly dependent on cocoa since independence 26 years ago. However, cocoa production has substantially declined because of drought and mismanagement. The resulting shortage of cocoa for export has created a persistent balance-of-payments problem. São Tomé has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has been unable to service its foreign debt and has had to depend on concessional aid and debt rescheduling. São Tomé benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program. São Tomé's success in implementing structural reforms has been rewarded by international donors, who have pledged increased assistance in 2001. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. São Tomé is also optimistic that substantial petroleum discoveries are forthcoming in its territorial waters in the oil-rich waters of the Gulf of Guinea. Corruption scandals continue to weaken the economy.
Eat
Fish is a staple of the São Toméan diet, often served with breadfruit and mashed, cooked bananas. The variety of fish is wide, including flying fish at certain times of year. Inland, many São Toméans get their protein from buzios, large land snails. Sea snails are also quite common along the coast. In spite of the abject poverty, São Toméans can always count on some sustenance from the wide array of tropical fruits. The hotels in the capital offer European-style fare at European prices.
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