|Coconuts, Brazil Nuts and Cashews|
Guinea, officially the Republic of Guinea (French: République de Guinée), is a country on the West coast of Africa. Formerly known as French Guinea (French: Guinée française), the modern country is sometimes referred to as Guinea-Conakry in order to distinguish it from other parts of the wider region of the same name, such as Guinea-Bissau and Equatorial Guinea. Guinea has a population of 10.5 million and an area of 245,860 square kilometers/Guinea is a republic. The president is directly elected by the people and is head of state and head of government. The unicameral Guinean National Assembly is the legislative body of the country, and its members are also directly elected by the people. The judicial branch is led by the Guinea Supreme Court, the highest and final court of appeal in the country. The country is named after the Guinea region. Guinea is a traditional name for the region of Africa that lies along the Gulf of Guinea. It stretches north through the forested tropical regions and ends at the Sahel. The English term Guinea comes directly from the Portuguese word Guiné, which emerged in the mid-15th century to refer to the lands inhabited by the Guineus, a generic term for the black African peoples below the Senegal River, as opposed to the 'tawny' Zenaga Berbers, above it, whom they called Azenegues or Moors.Guinea is a predominantly Islamic country, with Muslims representing 85 percent of the population. Guinea's people belong to twenty-four ethnic groups. French, the official language of Guinea, is the main language of communication in schools, in government administration, in the media, but more than twenty-four indigenous languages are also spoken.Guinea's economy is largely dependent on agriculture and mineral production. It is the world's second largest producer of bauxite, and has rich deposits of diamonds and gold. The country was at the core of the 2014 Ebola outbreak. Human rights in Guinea remain a controversial issue. In 2011 the United States government claimed that torture by security forces, and abuse of women and children (e.g. female genital mutilation) were ongoing abuses of human rights.
Guinea's financial system is small and dominated by the banking sector. It comprises 13 banks with 70 branches across the country, 6 deposit-taking microfinance institutions with almost 130 branches, 6 insurance firms, 3 money-transfer companies, and 4 currency exchange offices. Due to the difficulty of accessing funding from commercial banks, small commercial and agricultural enterprises have increasingly turned to microfinance, which has been growing rapidly with a net increase of deposits and loans, but the quality of its products remains mediocre, with doubtful debt accounting for 5% of loans. An average 17% of all its gross loans are outstanding.
Guinea's fixed income market is confined to government securities, as there are is no corporate debt market, secondary market or derivatives market activity in the country. Authorities have, in the past, issued a variety of Treasury bills and "Titres de Regulation Monétaire" (TRMs), but all further issues have been suspended as of mid-2009. As such, market activity has been limited to the redemption of existing debt. The investor base is largely dominated by commercial banks which, as of June 2009, held over 80% of all outstanding securities. As of March 2013, Guinea received no sovereign debt rating by any of the three major credit rating agencies.
|Agriculture||Rice, coffee, pineapples, cassava, bananas, sweet potatoes, cattle, sheep, goats|
|Manufacture||Gold, diamonds, bauxite, alumina refining, agricultural processing|
|Services (Including financial)||36.8% (2004 estimate)|
|Alumina Company of Guinea||Industrial|
|Rio Tinto Aluminium||Industrial|
|Air Guinee International||Airline|
|Office de la Poste Guineenne||Postal Service|
|Skye Bank Guinee (SBG)||Financial|
|Coconuts, Brazil Nuts and Cashews|
The growth impact of the crisis has also varied across countries. While many countries have experienced sharp deteriorations in growth prospects, others have continued to record improvements. In fact, only 6 out of 51 African countries experienced a contraction in 2009 relative to 2008.
As a result of the crisis, Africa has lost about 30 – 50% of its 2008 export revenues in 2009. Despite some relief on import bills due to falling food and oil prices, the overall trade balance deteriorated markedly.
Overall, the continent has moved from a current account surplus of 3.4% of GDP in 2008 to a deficit of 4.2% in 2009. Again, there were substantial disparities across countries and country groups. Oil exporters recorded a deficit of 1.4% of GDP in 2009, which is a major deterioration from a surplus of 11% in 2008. In a similar vein, exports of several oil importers have also collapsed due to the contraction of demand in advanced economies.
The decline in export revenues, reduced remittances and, in a few instances, aid, put pressures on exchange rates, with currencies of many African countries depreciating relative to the dollar. Similarly, the continent’s fiscal balance is also projected to worsen, as a surplus of 3.3% of GDP in 2008 turns into a deficit of 4.2% of GDP in 2009. Fiscal space has been particularly affected through two channels: (i) directly through revenue losses, and (ii) indirectly through automatic stabilizers associated with slower economic activity. Commodity-related revenues have been affected the most, with the fiscal balance in oil exporting countries turning into a deficit of 5.4% of GDP in 2009, from a surplus of 6.6% in 2008. Oil-importing countries also experienced an increase of the fiscal deficit from 1.3% of GDP in 2008 to about 2.7% in 2009.
Claude Kory Kondiano
(President of National Assembly)
(Minister of Finance)
The Guinean franc (French: franc guinéen, ISO 4217 code: GNF) is the currency of Guinea. The Guinean franc was reintroduced as Guinea's currency in 1985. The coins came in denominations of 1, 5 and 10 francs made of brass clad steel, with brass 25 francs (1987) and cupronickel 50 francs (1994) added later. A second series issued in 1998 dropped the 25 and 50 francs banknotes since they had been replaced by coins. In 2006, the third issue was introduced in the denomination of 500, 1000 and 5000 francs that are similar to previous issues, but the most notable change was the use of full printing of the notes and enhanced security features on each of the notes. Another change for this issue was the size of the 500 francs was reduced. On 11 June 2007, a 10,000 franc was issued. In 2010, a commemorative series of 1000, 5000, and 10,000 francs celebrating the fiftieth anniversary of Guinean franc and Banque Centrale de la République de Guinée (BCRG) was issued featuring a diamond-shaped logo of the event on the front side of each denomination inside of the watermark window to the right.
On July 9, 2012, the Central Bank of the Republic of Guinea issued a new 10,000 francs banknote which is similar to the original issue, but it has been revised. The banknote's main color was changed from green to red, and instead of a diamond-shaped patch placed on the letters "RG" (for Republique de Guinée), it is now replaced by a holographic patch and the holographic security strip now showing on the reverse side. On May 11, 2015, the Central Bank of the Republic of Guinea issued a 20,000 franc banknote. Currently, the smallest denomination in circulation is the 500 francs note due to diminished purchasing power.
|Currency||Guinean franc (GNF)|
|GDP / GDP Rank||16.001 Billion USD|
|GDP Growth Rate||0.1 Percent|
|GDP Per Captial||$1264.528 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Smaller Ethnic Groups 10%
President – Alpha Condé[α]
Prime Minister – Ibrahima Kassory Fofana
|Website||Go to the web|
|Public Debt||55.991 Percent|
|Unemployment Rate||6.847 Percent|
|Labor Force (Occupation)||-|