For those interested in investment immigration to Guinea, focus on the country's political and economic landscape: On September 14 last year, the Guinea Economic Forum opened at the People's Palace. This forum was the second major economic event organized by the Fofana government, themed: Economic Diversification and Good Governance to Promote Guinea's Economic Takeoff. This forum provided an opportunity for public and private sector leaders and development experts to exchange strategies for Guinea's rapid development.
At the opening ceremony, Minister of Economy and Finance Kerfalla Yansané expressed his pleasure at the support from Guinea's financial partners and the private sector, noting that they have engaged in a constructive dialogue with the state.
The Minister of Economy and Finance reviewed Guinea's history. He pointed out that the government has made tremendous efforts to reverse the catastrophic situation left by two years of military rule. The military regime left behind a mess of public debt deficits, massive inflation, and continuous currency devaluation. The management of the transitional military government led to an increase in Guinea's maturing debt, the deterioration of infrastructure such as water and electricity, and rising unemployment.
Minister Kerfalla Yansané stated that thanks to the government's significant efforts, macroeconomic stability has now been achieved. Economic growth reached 4.5% in 2011, and the inflation rate in June was 15%, compared to 23% when the government took office in December 2010.
Minister Yansané mentioned that the government has implemented a series of structural reforms in key economic sectors, such as finance, mining, energy, and justice. The strengthening of state power and reforms in national defense and security have also facilitated the government's macroeconomic reforms.
The international community has praised the series of initiatives taken by President Alpha Condé. At the economic forum held in Conakry, Ms. Antoinette Sayeh, Director of the African Department at the International Monetary Fund, expressed satisfaction with Guinea's reform achievements. She said that Guinea is undergoing a major political transformation. Since 2010, the government has made many efforts to end fiscal imbalances. Now, inflation has stabilized, and national foreign exchange reserves have also increased due to mining revenues in 2011.
