This country profile was published in November 2009 in our annual 'Africa in 2010' issue. The next edition, 'Africa in 2011' will be on sale in November 2010.

Country Profile

Top Guinean Companies

Top Guinean Banks

The brutal 28 September massacre of protesters against the military government of Captain Moussa Dadis 
Camara said more about Guinea’s new would-be dictator than any other event since the death of its previous dictator, Lansana Conté, on 23 December 2008. After demonstrators gathered at the main stadium in Conakry to protest Camara’s decision to stand for election in polls to be held in January 2010, soldiers opened fire on them at random.


At least 157 bodies were taken to hospital mortuaries and 1,253 people were admitted for treatment. There were numerous reports of rape and other forms of abuse. 
Camara refused to take responsibility for events, blaming them on “uncontrollable elements”. His 
offer of an inquiry and the formation of a government of national unity could not appease the anger that his troops’ actions had aroused. France, the US and EU voiced their condemnation and the West African inter-governmental organisation ECOWAS slapped an arms embargo on the regime.


After 26 years of Sekou Touré and 25 years of Lansana Conté, Guinea needs a new start, but the increasingly fragmented military has so far seemed determined to prevent that from happening. For Guinea to come out of its tragic impasse, the most realistic hope might be the emergence a more enlightened military boss – of the ilk of defence minister General Sekouba Konaté – but in its first months in power the regime was clearly under the influence of hard-line junior officers with ambitious personal agendas.


Any genuinely-free election would likely produce a close run between Alpha Condé of the Rassemblement du Peuple de Guinée (RPG) and Cellou Dalein Diallo of the Union des Forces Démocratiques de Guinée (UFDG). Ethnic factors have been cited by the military as justification for its continued hold, as the RPG largely represents the interests of the Malinké (35% of the population) and the UFDG those of the Fulani (40% of the population). In the event of an tight electoral race, other key players would include Ousmane Bah of the Union pour le Progrès et le Renouveau and former premier Sidya Touré.


The chaos of 2009 has hardly helped revive an economy desperately in need of direction. Among several mining investments that have been close to approval, only Global Alumina’s planned $4.9bn alumina refinery at Sangarédi has made progress. Rio Tinto, which had wanted to proceed with a $6bn iron ore project at Simandou, has pulled back since half of its concession area was reallocated by the Conté regime to Benny Steinmetz Group Resources, which has no experience in the field. RusAl’s $5bn plan to build an alumina refinery at Dian Dian has been put on hold as a result of government interference in its existing investments. 


In October, mining minister Mahmoud Thiam announced an arrangement for billions of dollars of investment in mines, infrastructure and oil prospecting from a little-known Chinese company, the China International Fund. In exchange for loans and infrastructure from its Chinese partner, Guinea will hand over all of the mining properties that are not being used by other companies. In the meantime, mining revenues are collapsing, pushing the Guinea franc into free fall.


Finance minister Captain Mamadou Sandé has not been able to reassure donors of his ability to manage the economy. Most forms of cooperation have come to an end, including the completion of the debt write-down previously negotiated under the Heavily Indebted Poor Country programme. Little reliable data is available on Guinea’s economy, but the IMF predicts stagnant real GDP in 2009 and 2.7% growth in 2010.  

Guinea Conakry's Top Companies

No companies from Guinea Conakry featured in The Africa's Report's Top 500 Companies in Africa 2009. 

Guinea Conakry's Top Banks

No banks from Guinea Conakry featured in The Africa's Report's Top 200 Banks in Africa 2009.