Category Archives: Guinea News
Guinea: IMF sees raising infrastructure spending while maintaining macroeconomic stability will help boost long-term inclusive growth prospects
IMF Staff Completes a Staff Visit to Guinea
- Economic activity in Guinea is rebounding, with signs pointing toward continued growth over 6 percent.
- Fiscal consolidation including increased revenues and reduced government spending have brought the basic budget deficit down to 0.7 percent of GDP in 2016.
- IMF sees raising infrastructure spending while maintaining macroeconomic stability will help boost long-term inclusive growth prospects.
An IMF staff team led by Giorgia Albertin visited Conakry from May 15 to 25, 2017, to discuss recent economic and financial developments and Guinea’s economic prospects. The team prepared the ground for a future visit for the negotiation of a new IMF-supported program.
Africa Finance Corporation (AFC) has announced that a plan to invest 205 million USD in Guinea as an effort to help boost mineral exploration in the country through Alufer Mining Company (a Guinea based mineral exploration company) at their high grade bauxite reserve, Bel Air mine. The Bel Air mine is targeting release its first production by 2019 with an expected 10 million tonnes a year. The global bauxite supply is currently falling deficit to growing demand and thus, the development of AFC will increase production to contribute to global demand.
Sheraton Hotels & Resorts(www.StarwoodHotels.com/sheraton), part of Marriott International, Inc. (www.Marriott.com), announced the debut of Sheraton Grand in Africa with opening of Sheraton Grand Conakry (www.SheratonGrandConakry.com), welcoming it to the brand’s premier tier of hotels recognized for their exciting destinations, distinguished designs, and excellence in service and guest experiences. The newly built hotel marks Marriott International’s entry into Guinea, West Africa and joins a portfolio of more than 35 Sheraton Grand properties worldwide, with destinations spanning Istanbul, Dubai, Bangalore, Beijing and beyond.
InterCEL + and Cambridge Broadband Networks (CBNL) build breakthrough Wireless Network to boost Broadband in Guinea
The project is set to provide a significant boost to local economies across Guinea, offering businesses affordable access to fibre-like broadband speeds that enable a wealth of advanced communications
A UK trade delegation visited Guinea from October 31 to November 3, 2016 to meet with local mining companies. The objective of this mission was to meet with mining stakeholders in Guinea to find business and partnerships opportunities. The delegation included representatives of some companies such as Concrete Canvas, PW Mining International Limited, SRK Consulting, Joy Global, MonuRent and the UK International Trade Department.
- Rising inflation, drops in currency due to political instability
- Low commodity prices adding to fiscal pressures
- Help from international community “paramount”
Low commodity prices, climate change, and insecurity are forcing many countries to make significant fiscal adjustments, African finance ministers said during the IMF-World Bank Spring Meetings in Washington D.C.
Neoliberal reforms in Africa, increasing global commodity prices and rising global resource demands have led to significant economic turnovers within the recent past decade for some African nations – Libya, Ivory Coast, Ghana, Nigeria, Liberia, Sierra Leone, South Africa, Egypt, among the rest . In accordance, there has been a substantive growth in the extractive industry investment, especially in sub-Saharan Africa. A surge of investment within extractive industry has brought about a diverse number of feedback in mineral-rich countries. In Ghana, there has been a boom investment towards artisanal mining while violating national mining principles and regulations and also neglecting Cooperate Social Responsibility (CSR), main focus is trade! The situation is similar in most mineral-rich countries— varied concerns from society including rejection of the extractive industry or acceptance with high expectation of increased economic status of the society arising from gainful employment, and protest over labour conditions.
Revitalisation of the Inter- African Coffee Organisation (IACO): Preparation of the 2017-2022 and Strategy and Institutional Review.
Colloque international à la FAO du 15 au 17 février 2016