Category Archives: Guinea News
Last year, Nigeria took a major economic hit — the country was losing approximately 700,000 barrels of oil per day as militants in the Niger Delta (such as the Niger Delta Avengers) targeted key Critical Energy Infrastructure Assets (CEIA) – such as pipelines, gas & oil platforms, etc.…- both onshore and offshore. The unanticipated loss in petroleum resource production was one of the drivers of the country’s recession.
In 2018, the SMB-Winning consortium will launch feasibility studies for the construction of an alumina refinery and a railway line to be built by 2022
- IMF staff and Guinean authorities have reached a staff-level agreement on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement.
- The program will support Guinea’s 2016–20 National Social and Economic Development Plan to foster higher and more broad-based growth, and reduce poverty while maintaining macroeconomic stability and debt sustainability.
- A prudent borrowing strategy that aims at maximizing the concessionality of external loans will be key to preserve medium-term debt sustainability.
Following discussions between the Guinean authorities and IMF staff in Conakry from July 31-August 15, 2017 and during the 2017 Annual Meetings in Washington in October 2017, a staff-level agreement was reached on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement. Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in November 2017.
- Significant progress was made in discussions of the economic policies and reforms that could be supported by a new IMF arrangement
- Real growth is expected to 6.7% in 2017 supported by dynamic activity in the mining and construction sectors and good agricultural performance;
- Average inflation would remain moderate at 8.5 percent in 2017.
An International Monetary Fund (IMF) mission led by Giorgia Albertin visited Conakry from July 31 to August 15, 2017 to negotiate a new program that could be supported by an Extended Credit Facility (ECF).
Guinean Delivery Unit initiates a partnership to reclaim leadership position in pineapple exports to the European Union
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.
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.
Revitalisation of the Inter- African Coffee Organisation (IACO): Preparation of the 2017-2022 and Strategy and Institutional Review.