ECA Country Profile Advises Guinea to Diversify Its Economy

Photo: Dominic Chavez/World Bank
Daily life in Conakry, Guinea on December 3, 2014.
6 June 2016

Conakry — ECA / SRO-WA) - The Prime Minister of Guinea Mr. Mamady Youla and the Executive Secretary of the Economic Commission for Africa (ECA), Mr. Carlos Lopes, launched the recent ECA Country Profile for the Republic of Guinea.

The Country Profile 2015 Guinea, is a report produced by the ECA for the benefit of the countries in that it provides a detailed analysis of its economic and social situation.

In a statement made on the occasion of the launch, the Prime Minister of Guinea praised the exemplary cooperation between ECA and the country, exemplary led by Lopes on several missions in Conakry.

"This important report, the Country Profile of Guinea, will be used efficiently to provide a new deal in the finalization of our 2040 prospective study process and our five-year plan 2016-2020". Mr. Youla concluded by congratulating and thanking ECA for its support towards the socio-economic development of Guinea.

ECA's Lopes called for Guinea to "implement ambitious reforms leading to a diversification of its economy to move towards selective industrial and trade policies that take into account the potential of processing and marketing of food products in-country and developing all channels of regional values on it".

Lopes made this statement in light of commodity trading in this current fluctuating market. "The Guinea faces an unfavourable international economic environment marked by falling prices of raw materials, including bauxite; gold; diamonds, and the slow recovery of the global economy," he stated.

The Country Profile points out that structurally, the dynamics of the economy of Guinea is rest on the mining sector performance, which alone accounted for 23.7% of GDP in 2014 and generated almost 90% of its export earnings. In terms of structures of GDP on average over the period 2010-2014, the primary sector accounted for 22.2%, 32.5% secondary and tertiary production 37.3%

Despite the enormous potential in agricultural, mining and energy of the country, Guinea still faces major challenges in terms of access to basic social services, the Profile says. Guinea is one of countries with more people living below the national poverty line in the world, with a poverty rate of 55.7% in 2012 against 53.0 in 2007.

The study also highlighted that the current implementation of the post-Ebola socio-economic recovery strategy (2015- 2017) should inspire the restoration of the main indicators and macroeconomic stability in order to stimulate investment and revive the path of struggle against poverty.

Fruitful exchanges that took place during the presentation of the country profile of Guinea, allowed participants to better expand their knowledge.

During the press conference, held at the end of the ceremony, several issues particular to the difficult economic situation in Guinea, mining management and debt were raised. Responding to a question on the fiscal balance, Lopes said it was difficult for a country like Guinea to achieve fiscal balance as it was affected by Ebola for two years

The launch was attended by members of governments, representatives of the diplomatic corps, technical frameworks for ministries, representatives of agencies and institutions of the United Nations, civil society, journalists, researchers and experts.

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