GUINEA is climbing the international ratings:
The report Doing Business 2013 ranked Guinea 178th out of 185 countries, 3 points ahead of its previous year’s ranking.
Starting a Business: Guinea climbed 26 points from 184th place in 2012 to 158th place in 2013.
Dealing with construction permits: the country improved its position from 172th to 152nd place (+20).
Getting electricity: the country was ranked 88th (114th in 2012), an improvement of 26 points. This was the 2nd best performance in the ECOWAS.
Economic reforms since the November 2010 presidential election ended a two-year military transition are backed by an ECF provided by the IMF and the two most recent program reviews have been satisfactory. The reforms aim to clarify relations between the central bank (BCRG) and the treasury, reorganize public bodies, improve the business climate, update mining laws, make energy prices more flexible and revive the energy sector, including better management of electricity supply so as to attract more private investors. The wider goal is to allow the private sector to become a major force in economic growth.
The economy is expected to grow faster in 2014 (4.2%) and in 2015 (4.3%), with the secondary sector up 5.3% and almost double that (10.4%) in 2015 and the tertiary sector up 3.7% (3.9% in 2015). Industry and services should benefit from a projected 13.5% expansion of public construction, along with water, electricity and gas (+8%), manufacturing (+5%) and commerce (+4%). Continuing government support should also boost agriculture by 5.2%.
Budget policy is governed by an IMF program backed by an ECF and aims to improve economic governance, mainly through compliance with public finance management rules.
Monetary policy in 2013 aimed to cut inflation and maintain foreign exchange reserves. Year on-year inflation was 15.2% in 2012 (down from 20.8% in 2010) and at the end of 2013 was 12.2%, with projections of 9.9% in 2014 and 6.8% in 2015.
The creation of processing units,
Achieving conservation equipment and packaging,
The creation of production units of inputs and various types of packaging,
Growing fruit (pineapple, mango, bananas, coffee, cotton, beans, cherries, melon, watermelon, strawberries, cut flowers, etc...)
Vegetable crops: tomatoes, okra, etc…
Mahogany plantations, coffee, cocoa, cotton ...
The winning products such as small chili and shea butter that require low investment, while their transformation contains a high added value.
Intensify geological research
Promote local processing
Restructure and consolidate semi-mining companies in difficulty
Promote private investment
Continue the reform of the legal, fiscal and institutional environment of the sector.
Top 5 Products exported by Guinea Aluminum Ore (33%), Petroleum Gas (30%), Aluminum Oxide (9.9%), Crude Petroleum (5.1%), and Copper Ore (3.7%)
Top 5 Products imported by Guinea Refined Petroleum (16%), Rice (4.9%), Motorcycles (3.5%), Rubber Footwear (2.7%), and Raw Sugar (2.5%)
Top 10 Export destinations of Guinea Chile (30%), Spain (11%), Russia (9.5%), India (6.4%), Ireland (6.1%), Germany (5.8%), US (5.7%), Ukraine (4.9%), France (4.3%), and Canada (2.9%)
Top 10 Import origins of Guinea China (21%), Netherlands (14%), United States (7.6%), France (6.3%), India (4.6%), Senegal (4.6%), Belgium-Luxembourg (3.7%), Vietnam (3.2%), UK (2.7%), and Malaysia (2.5%)
Vast need of internet access (only 1.3% of coverage)
Building telecom infrastructure
Building telecom towers to expand network
Provide cable network or satellite to increase TV channels