The return of political stability and the inauguration of a democratically elected president in 2010 facilitated an era of optimism and international investment in Guinea.  New mining projects, a port expansion, hotel construction, and other infrastructure projects attracted new capital and boosted demand for goods and services across multiple sectors.  In spite of the tremendous potential of Guinea’s iron ore deposits, legal issues, and more recently, low global commodity prices, have greatly slowed progress and extended the timetable for its development.  Guinea was poised for an economic rebound in 2014, but after Ebola was identified in the country in March 2014, the economy stalled.  Guinea returned to growth in 2016, fueled largely by expanding bauxite exports. Despite COVID-19 pandemic, subsequent supply chain challenges, and the September 2021 coup d’etat, Guinea remains on track for 12 percent growth for 2022.

Guinea is richly endowed with natural resources, especially minerals.  Boasting bauxite (aluminum ore), iron ore, gold, diamonds, uranium, and prospective offshore oil reserves, the majority of these resources have yet to be extracted due to the lack of infrastructure and high cost of transporting ore to ports.  There is great potential for companies, which could contribute to Guinea’s infrastructure development, including railroads, ports, and roads.  Due to Guinea’s favorable climate and geography, there is also considerable potential for growth in its agricultural and fishing sectors.  Investment opportunities in hydroelectric projects are growing, as Guinea’s abundant rainfall and numerous rivers have the potential to generate enough electricity to power Guinea, and potentially its surrounding neighbors. 

Guinean consumers generally prefer goods and services from the United States and Europe.  That said, the high cost of U.S. products compared to cheaper imports from the Middle East and Asia inhibits their wide-scale purchase.   The country’s GNI per capita was reported by the World Bank as USD 1,020 in 2020.  Appropriate pricing is important and low-cost items are generally more successful in Guinea. 

The transition government seeks investment in all sectors of the economy, but economic growth will most likely be led by the energy, agriculture, and mining sectors.  The transition government hopes to attract foreign investors to agriculture, construction, education, finance, and communication.  Government tenders are listed in its official journal (Journal Officiel de la République), and in international newspapers when the government wishes to solicit foreign participation.  Guinea’s international investment promotion agency has launched a website to serve as a one-stop-shop for investors.  Furthermore, high-level government officials travel to foreign markets throughout the year to promote investment opportunities in Guinea.