This 23-page report documents how São Tomé’s government remains ill-equipped to manage the revenues from any hydrocarbon endowment, despite domestic and international efforts to improve financial transparency and accountability in anticipation of major oil discoveries. The international community and domestic policy-makers invested in efforts to improve the management of the country’s potential oil wealth to avoid the problems that have plagued its neighbors, such as Angola or Equatorial Guinea. But the current government has not demonstrated the political will or institutional capacity to follow through on reform.