Guinée

THE STRENGTH OF EQUATORIAL GUINEA’S economic growth was confirmed in 2007, with real GDP growth of 9.8 per cent compared with 5.3 per cent in 2006. The boost to the country’s economy is due mainly to improved oil and gas production and the buoyancy of public infrastructure-construction works. This was accompanied by continuous improvement in the performance of the construction sector, banking services, telecommunications, tourism and wood processing.

The socio-economic situation in 2012 was characterised by persistent poverty (55.2%) even though reforms aimed at reviving economic and social developments were implemented and the completion point of the HIPC initiative was reached at the end of September 2012. The country benefited from external debt relief worth USD 2.1 billion.

After years of heavy-handed government and political instability, Alpha Condé was elected president in December 2010, but the social and political climate is still tense, with disagreement about further elections and financial and logistical problems. Additional friction in the army led to an attempt to kill the president on 19 July 2011. Legislative elections have now been set for 8 July 2012.

Guinea is a poor, fragile country, despite considerable unexploited economic potential. It has the world's largest reserves of bauxite (two-thirds of global reserves), as well as large deposits of iron ore, gold and diamonds. It also has the potential to develop other metals, oil and gas. Persistent structural and institutional weaknesses have prevented Guinea from developing a strategie vision and implementing the type of policies needed to reap the full benefit of its mineral wealth.

Guinea enjoys considerable, varied and unexploited economic potential, but is having difficulty making an economic breakthrough. Growth is structurally weak and slow, with inflationary episodes. It has also been hard hit by the oil crisis (2007/08), food crisis (2008) and the financial crisis (2009).

The Constitution of Guinea upholds equality between men and women as a fundamental right, but many forms of discrimination remain evident. Guinean women are forced into polygamous marriages and do not have equal rights under divorce laws. Female genital mutilation remains widely practised. Discrimination is most prevalent in rural areas, where women do not have access to land and have difficulty accessing farming equipment and other resources.

IN 2008, GUINEA’S ECONOMY benefited from an improvement in mining product prices on the international market. The social and economic measures of the Poverty Reduction and Growth Facility (PRGF) negotiated with the International Monetary Fund (IMF) for the 2007 to 2010 period also gave positive results. The first PRGF review in 2008 turned out to be conclusive. Real Gross Domestic Product Growth (GDP) reached 4.7 per cent in 2008, but is not expected to exceed 3.8 and 4.4 per cent in 2009 and 2010, due to the global financial crisis.