Guinea wants to become the second economic power in West Africa

“Our ambition is to become the second largest economic power in West Africa. »Said Alpha Condé, President of the Republic of Guinea. “We will always be alongside Guinea in the process that leads to its prosperity.

Added Akinwumi A. Adesina, President of the African Development Bank. “We want to attract investors and we are committed to implementing reforms, even the most difficult, to make 2021 the year of complete transformation of Guinea,” said the Guinean president.

Our ambition is to become the second economic power in West Africa, after Nigeria. We are determined to do so. ” The country has enormous agricultural, mining and energy potential.

“Guinea must be self-sufficient in food products to then become an exporter. We are going to develop value chains for agricultural, market garden and agro-industry products, while keeping an eye on mines and road infrastructure, ”said Alpha Condé.

Actions will also be carried out to modernize the administration and businesses and consolidate public finances, in particular through digitization and audits of the mining, telecommunications and banking sectors, with the assistance of the African Development Bank, also announced the Guinean president.

“I welcome the fact that you are prioritizing investments in agriculture and agribusiness. Guinea can become the breadbasket of West Africa, underlined the president of the African Development Bank, Akinwumi A. Adesina, as part of one of its “High 5”, which aims to “feed the ‘Africa’, it is also a top priority for the Bank. ”

“We will be by your side in the process that leads to Guinea’s prosperity. This forum is a great project design platform for investors. It comes at the right time and is a source of encouragement. », Continued President Adesina, who highlighted the remarkable progress of Guinea in recent years: a budget surplus of 0.6% of GDP in 2019 (against a deficit of 5.4% in 2015), an improvement of the business climate with a gain of 23 places in the “Doing Business” ranking (World Bank benchmark on the business climate) between 2012 and 2019.

“The country’s potential is enormous. Guinea is particularly endowed with very abundant natural resources. It has two-thirds of the world’s bauxite deposits and vast deposits of gold, iron and diamonds as well as very large iron reserves as yet untapped.

The country is bankable and we will work closely together to meet all the challenges and ensure a better future for Guineans, ”said Akinwumi A. Adesina.

Faced with the Covid-19 pandemic and the Ebola epidemic back in the country, the President of the Bank expressed his solidarity with President Condé. “As a slow economic recovery begins after the Covid-19 pandemic, Ebola is back.

It couldn’t be worse, lamented Akinwumi A. Adesina. But the African Development Bank is ready to help you deal with this situation. Guinea will overcome the obstacle of Covid-19 and as it has done in the past, Guinea will rise and once again overcome the obstacle of Ebola.

” As a financial partner of GUIF, the IFC welcomed the organization of this event and promised to support the private sector through the voice of its vice-president for West Africa and the Middle East, Sergio Pimenta: “the Guinea is endowed with natural economic capital.

This big meeting will allow investors to make fruitful contacts and lead to project financing. We hope to bring the private sector to its full potential.

« The first edition of GUIF, which took place until February 26 in Conakry, the capital of Guinea, brought together project leaders, national and international investors, international organizations, bilateral and multilateral development partners.

A portfolio of around sixty projects is subject to funding A portfolio of around sixty projects is subject to funding. It focuses on activities covered by the “High 5” of the African Development Bank, main partner of the event: agribusiness, energy, environment, industry, construction, mining, tourism, transport.

Source: APO Group for African Development Bank Group (AfDB)