Have you ever considered what it is like working in Guinea? Todays blog post talks about the different sectors in Guinea and what the economy is like.
Conakry is Guinea’s capital, largest city, and economic hub. Roughly twenty four ethnic groups comprise the country’s population. Guinea’s economy is largely dependent on agriculture and mineral production. Did you know that the country is the world’s second largest producer of bauxite, and is additionally comprised of rich diamond and gold deposits? Guinea has abundant natural resources comprising of bauxite, gold and diamond reserves. Bauxite and alumina are currently the only major exports. Other industries include processing plants for beer, juices, soft drinks and tobacco. Agriculture employs 80% of the nation’s labour force. Guinea’s farming potential is massive and the government plans to make the country an agricultural powerhouse by 2025.
Currency: Guinean franc
Official language: French Language
Government: Presidential system, Republic
Working in Guinea – The Mining Sector
Some of the world’s biggest mining companies operate in Guinea and is comprised of nearly half of the world’s reserves of bauxite, significant iron ore, gold and diamond reserves. The mineral-rich country boasts huge mineral resources potentially worth $222 billion.
Working in Guinea – The Oil & GasSector
Guinea’s downstream oil industry is dependent on the importation of all petroleum products. The industry is regulated by the Secretariat of State for Mines and Energy and the Administration du Secteur Pétrolier.
Working in Guinea – The Bank / Finance Sector
The main bank in Guinea is the Central Bank and is located in the capital city of Conakry. The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. The currency used in Guinea is the Guinean franc.
Working in Guinea – The Engineering Sector
Guinea has massive potential for hydroelectric power. The African Development Bank board has approved a loan for the Conakry Electricity Network Rehabilitation and Extension Project (Prerec2). The project will help to improve the governance and commercial management of Electricité de Guinée (EDG), to support the government’s efforts to reform the sector, and to extend the electricity distribution network.
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