Background:
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.