Guinea adjusts 2024 growth target after pandemic

Guinea’s economic growth is expected to slow down in 2024, falling to 4.2% from the previously projected 5.4%, according to Prime Minister Amadou Oury Bah.

This downward revision comes despite the country’s robust mining sector, which fueled a 7.1% growth rate in 2023.

The Prime Minister attributed the slowdown to several factors in a speech to the National Transitional Council.

These include lingering effects of the COVID-19 pandemic, rising global tensions, and the December 2023 explosion at Guinea’s main oil terminal, which tragically claimed at least 23 lives.

Despite the revision, Prime Minister Bah emphasized the resilience of the Guinean economy, highlighting a growth rate still exceeding the African average of 3.4%.

This resilience is largely attributed to the country’s rich mineral resources, with Guinea boasting a third of the world’s known bauxite reserves.

In 2023 alone, Guinea exported over 126 million metric tons of bauxite, a key ingredient in aluminum production.

The National Transitional Council, serving as the interim legislative body during the current military junta rule, will likely play a crucial role in navigating Guinea through this economic slowdown.

Addressing the root causes of the revised growth projections and fostering stability will be key to ensuring Guinea’s continued economic development.

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