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Bordered to the north by Guinea Bissau, Senegal, and Mali, and to the south by Sierra Leone, Liberia, and Côte d’Ivoire, Guinea enjoys sizeable endowments of natural resources, energy opportunities, and arable land. In 2022, the country's population was 13.49 million.

As the country's largest employer, the agriculture sector plays a key role in poverty reduction and rural development, providing income for 57 per cent of rural households, and employment for 52 per cent of the labour force.

In addition to this sector, natural resources and also processing industries and services are economic assets for Guinea. But to reap their full benefits and accelerate the process of structural transformation, the country needs to improve its governance.

Guinea also derives part of its revenues from mining. Experience shows, however, that mining and hydropower can have direct and indirect negative impacts on biodiversity and the environment. These potential risks will need to be carefully managed. Another major challenge for Guinea is youth unemployment and gender inequality.

Political Context

Guinea underwent a regime change on September 5, 2021, after a military coup deposed former President Alpha Conde. Since then, the country has been governed by the National Committee for Reconciliation and Development (CNRD), a military junta led by COL Mamadi Doumbouya as transition president. On August 20, 2022, COL Doumbouya appointed Bernard Gomou as Prime Minister, replacing Mohamed Béavogui, who served as the head of government from October 2021 to July 2022.

The current leadership has been negotiating with the Economic Community of West African States (ECOWAS) for a possible reduction of the transition period. In response to what it considers a lack of progress, ECOWAS has imposed gradual diplomatic, economic, and financial sanctions on a list of personalities including President Mamadi Doumbouya and all government members. ECOWAS recommends a 24-month transition period as opposed to the 36-month period sought by the military junta.

Economic Overview

  • Growth slowed to 3.9 percent in 2021 after a sharp deceleration in mining activities.
  • Inflation is estimated at 12.6 percent, a significant increase from 10.6 percent in 2020, due to higher food prices and disruption of supply chains (both internal and external).
  • Overall fiscal deficit (including grants) has improved from 3.2 percent of GDP in 2020 to 1.8 percent in 2021. However, tax revenues remained low, at only 12.0 percent of GDP. Mining tax revenues increased from 1.7 percent of GDP in 2020 to 2.1 percent in 2021, due to improved revenue collection.
  • Subsidies to the electricity sector in 2021 doubled to 20 percent of public expenditures, reflecting low tariffs and higher electricity production from the Kaleta-Souapiti hydroelectric project. At the same time, the government reduced capital spending, which was at 2.3 percent of GDP, lower than budgeted, to limit the budget deficit.
  • Public debt increased from 38.2 percent of GDP in 2020 to 42.2 percent in 2021, due to pandemic-related borrowing and disbursements for the Souapiti hydroelectric project. The risk of public debt distress remains moderate.
  • Inflationary pressures, due to disruption of supply chains because of the Ukrainian crisis and possible ECOWAS sanctions, could expose the country to economic shocks. Uncertainties associated with the political transition could also slow the implementation of reforms. If reforms to strengthen governance and financial performance of public services in the electricity sector are delayed, private investment and spending on social programs could be reduced.

In such a context, the government should increase domestic revenue mobilization, accelerate power sector reform, and broaden health and social protection measures.

Last Updated: Oct 13, 2022

What's New


Guinea: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments
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Additional Resources

Country Office Contacts

Main Office Contact
Immeuble de l'Archeveche
Face baie des Anges
BP 1420
Conakry, Guinee
For general information and inquiries
Enoh N'dri N'guessan
External Affairs Officer
For project-related issues and complaints