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Businessafrica.net Newsletter ISSN 1563-4108
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Guinea's Investment Promotion Board - THE REPUBLIC OF GUINEA-CONAKRY -

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PRESENTATION

The Republic of Guinea (also called: Guinea-Conakry) is located in Western Africa, bordering the North Atlantic Ocean, between Guinea-Bissau and Sierra Leone

Total area: 245,860 sq. km

Bordering countries: Guinea-Bissau over 386 km, Cote d'Ivoire over 610 km, Liberia over 563 km, Mali over 858 km, Senegal over 330 km, Sierra Leone over 652 km

Coastline: 320 km

Population: 7,405,375 (July 1997) 9,030,220 (July 2003 est.); Population growth rate: 1.1% (1997); 2.37% (2003 est.)

Capital-City: Conakry

Independence from France: October 2, 1958
National holiday: Anniversary of the Second Republic: April 3 (1984)
Constitution (Loi Fundamentale): December 23, 1990
President Lansana CONTE (head of military government since 5 April 1984, elected President on December 19, 1993. Reelected on December 14, 1998.

Natural resources:
bauxite, iron ore, diamonds, gold, uranium, hydropower, fish

Agriculture productions: rice, coffee, pineapples, palm kernels, cassava, bananas, sweet potatoes; cattle, sheep, goats; timber

Industrial productions: bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries. Industrial production growth rate: 3.2% (1994)

In spite of being endowed with aplenty of natural resources: water, forests and mineral deposits (30% of world's bauxite ore), Guinea is listed according to UNDP as one of the poorest countries in the world.

The main reason for that dated back to the first years of the independence. The narrow and dogmatic political vision, the sheer lack of economic training of the founding father: Ahmed Sekou Toure, were simply real hindrances for the harmonious economic development of Guinea.

When in 1958, France decided to grant Self Government to its colonies in Africa, the choice was between Self Government status - with Money matters, International Relations and Defense under France's responsibility - or "immediate independence".

On October 2, 1958, under the leadership of Ahmed Sekou Toure - a self made man / trade unionist / populist politician - Guinea singled out and chose "immediate independence".

Overnight the country became independent.

French administrators, in Guinean provinces / "Cercles", instantly dropped duties; withholding vital administrative documents, maps, statistics. Etc. The local currency - the Franc CFA, common to the members entities of the Afrique Occidentale Française - French West Africa Territories: Benin (Dahomey), Niger, Ivory Coast, Sudan Français (Mali), Senegal / Mauritania, Niger, Upper-Volta (Burkina-Faso) - becoming de facto non valid. Click here to choose / view countries briefs

Enthusiastic African scholars and nationalists from other African countries flocked in to Guinea to assist the new authorities manage the independence era. The euphoria lasted two years. End of 1960 most of them have already left disillusioned by the autocratic, repressive and dogmatic political management style adopted by Sekou Toure. Around 1962-1963 the country entered slowly into economic depression, which aggravated year upon year. Till his death, on March 26, 1984, Sekou Toure deployed infinite skills to survive alleged and true political plots. He was a populist politician; a survivor. Not an economist. His legacy is still, one way or another, having a certain impact on the social, cultural, economic and political life of Guinea.

The new military regime that seized power on April 3, 1984 .- headed by the Army Chief's: Lansana Conte - inherited a broken economy. Since then - apart from the short period, from July 1996 to July 1998, during which Prime Minister Sydia Toure implemented, with some success, a restructuration program, Guinea's economy had been an ailing one.

Agricultural sector employs 80% of the work force and contributes to only 24% of the nation's GNP. However, no strategic scheme had never been devised to systematically exploit to the maximum the huge agriculture potential of the country endowed with an incredible hydropower system to creating a strong agribusiness industry.

In the contrary, Guinea's national budget relies heavily on revenues from the exploitation of the mineral sector, which accounts, year in year out, for 75% of exports.

One also notices that the legal framework is not attractive enough to Foreign Direct Investment. Indeed, the Mining Industry being an exception, foreign investment remains minimal.

In addition, there is a persisting internal political tension due to the fact that multiparty democracy is constantly challenged by the government of President Lansana Conte
.

The recent modification to the Constitution (Referendum held on November 11, 2001) to allow Lansana Conte to run is a constant divisive line between the opposition parties and Conte's followers.

Amid recriminations from opposition's parties, Lansana Conté had been reelected president (December 21, 2003 ballot). According to the Supreme Court's declatration on January 9, 2004, President Lansana Conte got 95.25% of the ballots against 4.75% for the leader of a tiny opposition party, Mr. Mamadou Bhoye Barrywho, who is the only opposition leader to run against Conté. Indeed, the heavyweights of the opposition boycotted the election.

It will be interesting to see how President Conté will handle the situation in the near future as he is seriously ill. One can prophesy that the country is entering a dangerous political turbulence zone with a completely shattered economy.


On April 24, 2004, two months after being appointed Prime Minister, Mr. François Lonsény Fall resigned. The extraordinary of the situation is that he did so from abroad attending an international conference at Paris - France on the River Niger's Basin Authority. Indeed, from Paris on April 29, 2004 he dispatched an antedate (April 24, 2004) resignation letter to president Conté. The reason for resignation: is stated as follows: The impossibility to work and implement necessary reforms to revamping the economy due to the permanent obstruction exercised by the presidential political "clan".

Fall's letter of resignation was subsequently published on the Canada-based Guinean news website Boubah.com and the international weekly news magazine Jeune Afrique l'Intelligent.

Due to the huge natural resources, there are business opportunities in all sectors of economic activities
.

Courtesy of BusinessAfrica - Investment and Business Planners - Click here for an economic strategic scheme suitable for Guinea which closely links agriculture, industries and services.

MORE ON GUINEA

1- Historical Dictionary of Guinea
by Thomas O'Toole
2- More News On Guinea
by AllAfrica

Click to contact Dr. Bienvenu-Magloire Quenum

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SOME FIGURES

GNP:
US$ 1.944 billion (2000); 2 billion (2001); 2.066 billion (2002); 2.266 billion (2003)
GNP-growth rate: 5% (2000); 3.3% (2001); 0.96% (2002); 0.7% (2003)
GNP-per capita: US$ 316(2000); US$ 251 (2003)

Click here for the difference between GNP and Parity Purchasing.

GNP-composition by sector
  1. agriculture: 27%

  2. industry: 35%
  3. services: 38%

Exports: US$ 820 million (f.o.b. 2000); 835 million f.o.b. (2002 est.)
Commodities: bauxite, aluminum, diamonds, gold, coffee, fish, agricultural products

Imports: US$ 634 million (f.o.b. 2000); 670 million f.o.b. (2002 est.)
Commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

FOR CURRENCY EQUIVALENCE CLICK HERE

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ENTRY POLICY / HEALTH POLICY


A passport and visa are required. Travelers should obtain the latest information and details from the nearest Guinean Embassy or Consulate. Travelers are prohibited from having more than 5,000 Guinean Francs (about $3.00 US) in their possession upon departure from Guinea.

USA
Embassy of the Republic of Guinea

2112 Leroy Street, N.W.,
Washington, D.C. 20008
Tel: +(202) 483-9420
Fax: +(202) 483-8688
E-mail: Click here

Tourism and Hotels Office
Secrétariat d'Etat au Tourisme et à l'Hôtellerie
BP 1304
Square des Martyrs
Conakry
Tel: +(224) 442606 / 414013
Fax: +(224) 411631
Telex: 22275 ACCOR GUI GE
Canada
Embassy of the Republic of Guinea

483 Wilbrod Street
Ottawa
Ontario K1N 6N1
Tel: +(1) 613 7898444
Fax: +(1) 613 7897560
France
Embassy of the Republic of Guinea

51 rue de la Faisanderie
75016 Paris
Tel: +(33) 1 47048148
Fax: +(33) 1 47045765

AIR-LINKING / TRANSSHIPPING

Domestic airlines offer services to most interior cities. Aeroflot, Ghana Airways and Air-Guinée have transcontinental flights to and from the international airport of Conakry.

INVESTOR CONTACTS
Chamber of Commerce and Industry
Post Box 545
Conakry
Guinea
Tel: +224 46 53 62
Fax: +224 41 22 80
ACCOMMODATION
Guinea is a country with minimal facilities for tourism. Travelers should make hotel reservations in advance and get confirmation and support from a local business partner if possible.
Novotel Conakry
BP 287
Tel: +(224) 41 50 21
Fax: +(224) 41 16 31
Tourism and Hotels Office
Secrétariat d'Etat au Tourisme
et à l'Hôtellerie
BP 1304
Square des Martyrs Conakry
Tel: +(224) 44 26 06 / 41 40 13
Fax: +(224) 41 16 31
Telex: 22275 ACCOR GUI GE

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