International Trade in Guinea

News Related to International Trade in Guinea

• Equatorial Guinea: Building a Better Future for the Farmers of Kaback - Jun 14, 2013

  [World Bank]Kaback -In Kaback, an island located 70 kilometers from Conakry, the capital of Guinea, the construction of a new 100-meter long bridge will brighten the future of this small community of fishermen and farmers.

  Source: All Africa

• France upholds probe into Equatorial Guinea leader's son - source - Jun 14, 2013

  PARIS (Reuters) - A French court upheld on Thursday an arrest warrant for the son of Equatorial Guinea's president on charges of money-laundering, a source familiar with the case said.Related StoriesIran vote could bring change of style, perhaps not substanceU.N. says more accountability needed on Afghanistan's Kabulbank scandalGeorgia arrests two foreign citizens suspected of 'terror' plotFBI says U.S. will hold Snowden responsible for NSA leaksTV channel offices attacked in Libya's Benghazi

  Source: Reuters

• UPDATE 2-Guinea says Simandou to miss first production date - Jun 13, 2013

  * Says elaborating integrated national infrastructure plan

  Source: Reuters

• MTN Guinea ?? inadequate backhaul holding West Africa back - Jun 12, 2013

  MTN Guinea ?? inadequate backhaul holding West Africa back

  Source: IT News Africa

• Guinea 2012 Paddy Rice Production Estimated at 1.9 Million Tons; Up 15% from Previous Year - Jun 11, 2013

  Paddy rice production in Guinea in 2012 is estimated by the FAO at around 1.92 million tons (about 1.24 million tons, basis milled), up about 15% from around 1.67 million tons (about 1.1 million tons, basis milled) in the previous year.

  Source: Oryza

• U.N. mediator sees breakthrough in Guinea election talks - Jun 10, 2013

  CONAKRY (Reuters) - The Guinean government and opposition parties in the West African nation have made a breakthrough during talks on Sunday that could end a violent political impasse and pave the way for legislative elections, a United Nations envoy said.Related Stories'No Nile, no Egypt', Cairo warns over Ethiopia damNigeria Islamists hide guns in coffin, kill 13 - witnessesThousands of Germans evacuate as dam on Elbe river breaksIndonesian workers protest at consulate in Saudi ArabiaExclusive - U.S. finds long-lost diary of top Nazi leader, Hitler aide

  Source: Reuters

• Guinea Bissau cashew nut growers say liberalization plan failed - Jun 05, 2013

  The liberalization of the cashew-industry in Guinea Bissau, Africa’s second-biggest grower, has failed and caused smuggling to neighboring countries, the head of the farmers organization said.The government didn’t set a minimum price and the nuts are now trading for between 125 CFA francs ($0.25) and 150 CFA.....

  Source: FreshPlaza

• Equatorial Guinea opposition cries foul after leader's party sweeps vote - Jun 05, 2013

  DAKAR (Reuters) - Equatorial Guinea's main opposition movement cried foul on Tuesday after the president's party announced it had won all but two seats in last month's parliamentary election in the tiny oil-rich West African state.Related StoriesItalian PM Letta turns to academics to reform constitutionMoscow mayor, Putin ally, says to quit and run in snap electionExclusive - Brazil closer to Boeing on jets deal after Biden visitNew generation of defectors expose North Korean abusesAnalysis - Glimmer of hope for cash-starved Pakistan economy as Sharif takes over

  Source: Reuters

• Guinea media set strike after government shuts opposition radio - Jun 04, 2013

  CONAKRY (Reuters) - Guinean media called a 24-hour strike for Thursday in protest at the government's closure of an opposition-owned radio station for one month in the run-up to an election after a listener had called on air for an uprising.Related StoriesWanted militia leader spotted fighting in Sudan's Darfur - HRWSomalia cases of killing, maiming, abuse of children halved - U.N.Death toll from Oklahoma tornadoes, storms rises to 18China lends Costa Rica $400 million on Xi visitPetraeus scandal figure sues FBI, Pentagon over alleged leaks

  Source: Reuters

• UN human rights office regrets Papua New Guinea's decision to resume death penalty - Jun 01, 2013

  The United Nations human rights office today said that Papua New Guinea had taken "a step backwards" with legislative action towards resuming the use of the death penalty.

  Source: United Nations

• Guinea-Bissau Adopts Harmonized System - Jun 01, 2013

  Guinea-Bissau has deposited with the secretary general of the World Customs Organization its instrument of accession to the International Convention on the Harmonized Commodity Description and Coding System. The West African nation, which has been a member of the WCO since Aug. 19, 2010, thereby became the 147th contracting party to...

  Source: The Journal of Commerce

Business outline for Guinea

Economic Overview

In spite of its considerable economic potential, Guinea has been having problems to start up its growth. The slump which resulted from slips in the implementation of economic reforms has been accentuated by the global financial crisis and the domestic socio-political crisis. The economy contracted by 0.3% in 2009, mainly because of the sharp drop in aluminum prices, the primary derivative of the country's exports. Political stabilization and economic recovery have enabled the growth to rise to 3% in 2010. It is expected to strenghten in 2011. The country's growth is driven by exports and investment in the mining sector.

The new government has shown its willingness to resume dealings the the international financial institutions and to implement economic and social measures within the Poverty Reduction and Growth Facility (PRGF), negotiatied for the period of 2007-2010 with the IMF btu cancelled after the state coup lead by Dadis Camara. The improvement in public finances management, the reform of the financial system and the support of the social sector are the main paths followed by the government.

Guinea is a poor country with per capita real income declining by nearly 1% a year, where nearly 70% of the population lives on less than 1USD a day, and where inequality is high. Indicators of well-being, education and health are often lower than the regional average.

FDI in Figures

For several years, FDIs have been in a continuous growth phase. For the 2008 year alone, they increased by 18.5%, thanks to mining investments. The FDI influx nevertheless shrunk in 2009, due to the economic and socio-political crisis affecting the country. Along with the newly found stability and growth, they should recover their upward trend.

Corruption, the delapidated state of the infrastructures, politico-economic uncertainties, poor electricity supplies and the lack of skilled manpower limit, the potential attractiveness of the country. With the country having a wealth of natural potential, the government is trying to provide better development opportunities to the private sector.

The mining sector attracts most of the foreign investment. The main investor countries are China, France and Russia.

Foreign Trade Overview

Guinea is open to foreign trade, which is mainly sustained by trade in raw materials. Foreign trade represented more than 70% of the GDP in 2008. The country is a member of the WTO and ECOWAS, and is negotiating economic partneships with the EU as an ACP member country.

Customs duties are relatively high but Guinea continues to work towards opening up more, by reducing other non-tariff barrier. Nepotism, corruption, unskilled manpower and the lack of transparency when paying customs duties and other taxes are some of the factors limiting the country's trade development.

Guinea has a trade deficit, which has slightly improved due to the resumption of exports.

Guinea mainly exports precious ores and minerals (bauxite, aluminum, gold and diamonds), coffee, fish and agricultural products to India, Spain, Russia, Germany, the United States, Ireland and France. It imports mainly petroleum products, metals, machinery, transport equipment, textile and foodstuffs, from China, France and the Netherlands.