At least 615 people were injured in the explosions in the coastal city of Bata.
The government said 316 of the victims had been discharged from hospitals and 299 continued to be treated in hospitals.
More than 60 people buried in the ruins were rescued.
The President of Equatorial Guinea, Theodoro Obiang Nguema, initially said the explosions were caused by negligence in storing dynamite in army barracks.
The President noted that almost all the houses in Bata had been affected by the explosions.
But the vice president said today that an accident may have broken out as a farmer burned a bundle and the flame spread to the army barracks where the ammunition was stored.
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