Guinea is a West African country rich in bauxite, iron ore, gold, diamonds, and other minerals. In addition to the mining sector, the country benefits from a strategic geographic location, the highest hydroelectric capacity in West Africa, and a rich and untapped agricultural potential. Despite the difficult political situation, economic growth has been robust in recent years. Growth is expected to reach 5.7 percent in 2023, driven by strong mining and agricultural production and an increase in public investment.
Since the coup d'état in September 2021, Guinea has been led by a transitional government, which has drawn up an Interim Reference Plan for the period 2022-2025. The plan aims to support the country's transition to democratic elections by strengthening its institutional capacity to address systemic fragility, maintaining macroeconomic and financial viability, improving the legal and governance framework, mobilizing social action for employment, and improving infrastructure and sanitation.
Prior to the coup, the country successfully completed two ECF programs over the period 2012-2020.
Key Indicators |
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| Population in millions, 2022 | 14.7 | |
| GDP per Capita, U.S. dollars, 2022 | 1384 | |
| GDP Growth, percent, 2022 | 4.3 | |
| Inflation, CPI average, change in percent, 2022 | 10.5 | |
| General Government Debt, percent of GDP, 2022 | 33.1 | |
| Source: WEO, October 2023 | ||
Energy
The hydroelectric potential of Guinea is Western Africa’s highest. However, only about 6% of a total hydropower capacity estimated at 6,100 MW is used. The 240 MW Kaleta dam is now active, and the 450 MW Souapiti dam is expected to be delivered in 2020, ensuring energy independence and establishing Guinea as an energy exporter. While international distribution networks are being built, the electrification rate sits at roughly 30%, leaving significant opportunities to develop the electricity grid.
Specific Opportunities
- Construction of a 27 MW hydropower plant in the Macenta district
- Construction of a 100 MW hydropower plant in the Mandiana distric
- Construction of a 300 MW hydropower plant in the Dubreka district
- National program for improved electricity access: development of low and medium voltage lines and individual electric installation
Agriculture
The objective is to fulfill the needs of the Guinean population, become an exporter of agricultural products and develop agro-industries. Thanks to abundant rainfall and a 6,250km river system, Guinea has a comparative advantage in the production of various water-intensive crops and highvalue vegetables, fruits and nuts, while it is estimated that only 25% of the country’s 6.2 M ha of arable land is under production.
Specific Opportunities
- Development of cashew nut plantations
- Development of agricultural value-chains in coffee, cocoa, potatoes, corn, cassava, cotton
- Hydro-agricultural development of 20,000 ha of agricultural plain along the Milo river
- Construction, rehabilitation and supply of three vegetable production centers, six research centers and communal tree nurseries
- Development of intensive meat and milk production from the Ditinn and Famoila farms
Living Infrastructures
The objective is to ensure a decent living environment for the entire Guinean population, improving the multi-dimensional poverty indicators and working towards the attainment of the UN Sustainable Development Goals. The Conakry 2040 presents such a vision for the Guinean capital.
Specific Opportunities
- Construction of two regional teaching hospitals and four universities
- Concession for the collection, transfer and disposal of solid waste for Conakry and its region
- Drilling of 700 wells in the Mandiana and Kerouane districts
- Construction of 20,000 social housing units in the Conakry region
- Construction of commercial malls in Conakry
Infrastructure
The objective is to develop Guinea’s urban and national transportation network, as well as international transportation routes. These initiatives will allow the exploiting of Guinea’s natural position as a regional hub in Western Africa, with 6 borders totalling 3400km and a 320km coastline. As such, it can provide an access to the sea to landlocked countries such as Mali.
Specific Opportunities
- Rehabilitation of the Conakry-Kankan-Bamako railroad (900km)
- Rehabilitation, construction and asphalting of national roads, including those extending to borders of neighboring countries: RN7 to Mali (150km), RN8 to Senegal (185km), RN27-30 (529km)
- Construction of a new international airport and rehabilitation of regional airports
- Development of Guinea’s digital infrastructures in particular fixed infrastructure
Mining
The objective is to unveil the subsoil reserves of minerals and energy, and consolidate Guinea’s position as a leading mineral exporter. Guinea has twothirds of the world’s bauxite reserves, as well as an estimated 700 M tons of gold reserves, 500 M carats of diamond and 8,300 M tons of iron. Mining is now Guinea’s largest export.
There is considerable room for exploration as most of Guinea’s reserves remain to be discovered. Untapped reserves of bauxite, gold, diamond, iron, manganese, zinc, cobalt, nickel and uranium are significant. The new Mining code, the one-stop shop for mining and the digitalization of the mining cadastral system and licenses will support such the development of the sector.
Culture and Tourism
The objective is to establish Guinea as a tourism destination, so that it contributes to a significant share of GDP and employment in the medium term. Guinea has a great and untapped tourism potential, led by a longstanding and rich heritage and a unique and diverse ecosystem split into four distinct regions. The potential to develop natural and eco-tourism is therefore significant.
Specific Opportunities
- Sustainable development of tourism in the regional parks network
- Creation of eight craft villages in four districts
- Construction of the National Youth Palace and the National Culture Palace
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