mailing address: B. P. 603, Transversale No. 2, Centre Administratif de Koloma, Commune de Ratoma, Conakry
telephone: [224] 65-10-40-00
FAX: [224] 65-10-42-97
Flag description:
three equal vertical bands of red (hoist side), yellow, and green; uses the popular pan-African colors of Ethiopia
Economy ::Guinea
Economy - overview:
Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves. The mining sector accounts for more than 70% of exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty because of the death of President Lansana CONTE in December 2008. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006.
GDP (purchasing power parity):
$10.62 billion (2008 est.) country comparison to the world: 147 $10.17 billion (2007 est.)