The resignation of the government, formed in February 2001 and led by Prime Minister Candido Muatetema Rivas, was accepted by the president of the oil-rich west African state on Thursday, officials said.
It came after Obiang was elected to a new seven-year term in elections held on December 15, garnering more than 97 percent of the vote, according to the official result.
Opposition candidates had pulled out of the poll claiming voters were not allowed to cast their ballots in secret.
On being sworn in, Obiang declared that he wanted the "heads of the 13 political parties to form a government of national unity".
The main opposition Convergence for Social Democracy (CPDS) party has said it agreed in principle, but on condition notably that Obiang "immediately and unconditionally release" its jailed secretary general, Placido Mico Abogo, and "all political prisoners".
This has not happened.
Obiang first came to power in this former Spanish colony in a coup in 1979, when he overthrew his uncle and had him executed. He won his previous two presidential terms with 100 and 97 percent of the vote respectively.
Rivas summarised his government's two-year mandate as "an expression of the political genius of President Teodoro Obiang Nguema", who had helped hoist "the state administration to an institutional level that serves the Equato-Guinean people.
"The government I led was unstinting in efforts to translate into concrete terms political decisions concerning education, health, infrastructure, agriculture, as well as permanent dialogue with political groups, all of which has made for political and economic stability, consolidated democracy and good governance," Rivas said - Sapa-AFP
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