Getting OSM maps in Equirectangular Projection via osm2pgsql

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I'm trying to import some OSM data into psql as equirectangular projection using osm2pgsql with the following command:

osm2pgsql -c -d osm -S /usr/local/share/osm2pgsql/default.style -l /OPENSTREETMAP/south-america-latest.osm.pbfHowever, it fails with this error:

Projection code failed to initialiseI have installed the latest version of the PROJ framework from here.

What am I doing wrong?

Thanks

EDIT 1:

Running 'select * from spatial_ref_sys where srid=4326;' on the database produces this:

srid | auth_name | auth_srid | srtext | proj4text ------+-----------+-----------+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+-------------------------------------- 4326 | EPSG | 4326 | GEOGCS["WGS 84",DATUM["WGS_1984",SPHEROID["WGS 84",6378137,298.257223563,AUTHORITY["EPSG","7030"]],AUTHORITY["EPSG","6326"]],PRIMEM["Greenwich",0,AUTHORITY["EPSG","8901"]],UNIT["degree",0.0174532925199433,AUTHORITY["EPSG","9122"]],AUTHORITY["EPSG","4326"]] | +proj=longlat +datum=WGS84 +no_defs (1 row)

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