Guinea

Overview

Guinea, officially Republic of Guinea is a country in West Africa, formerly known as French Guinea. Guinea's territory has a curved shape, with its base at the Atlantic Ocean, inland to the east, and turning south. The base borders Guinea-Bissau and Senegal to the north, and Mali to the north and north-east; the inland part borders Ivory Coast to the south-east, Liberia to the south, and Sierra Leone to the west of the southern tip.

Economy

Guinea is a poor country that possesses major mineral, hydropower, solar power, and agricultural resources. Guinea has historically been an exporter of agricultural commodities, but in recent years has shifted to importing the majority of food crops. Bauxite is Guinea’s main mineral resource as well as its main source of foreign currency. Guinea is the second largest producer of bauxite in the world and has the largest reserves of bauxite, estimated at 29 billion tons. The country also has significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could propel the country's growth. The government in April 2013 amended the September 2011 mining code to reduce taxes and royalties. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well. The biggest threats to Guinea’s economy are political instability and low international commodity prices.

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