Agriculture and other rural activities indicate the economy of French Guinea. Guinea is rich in several minerals and it has a considerable amount of possibility for the growth of agriculture and livestock and fishing. Large tracts of land and water and appropriate climatic changes allow irrigation facilities and Agriculture in French Guinea. Coffee export from the Guineans who are living and working in foreign lands is another source of economic foreign exchange. In this guide we have given a brief introduction to the economy of French Guinea, to help you out in knowing about this topic.
Economic History-
Frank zone countries that included most of the former French colonies included Guinea. This country did not become completely economically free after independence therefore France decided to use monetary autonomy as a result of which Guinea cannot use a very freely convertible currency. To return commercial activity to the private sector in 1985 the Guinean government adopted several policies for the promotion of investment privatization of the sector and reducing the role of the state in the economy. The development of the Guinean economy largely depended on the IMF and the World Bank. There has been a very notable success in the country’s policies to raise its economy and it is Rose from 5 % to 99% and it also increased government revenues. All the economy rose the company the country still suffers from a high burden of debts. In 1990 the current GDP per capita of this country shrank to 16%. In the spirit of free enterprise the government right to revise the private investment code in 1998 to help stimulate the growth of economic activity.
Sectors of Economy-
Mining: About 80% of Guinean foreign exchange is provided by Bauxite mining and Aluminium production. Several companies in the US are active in this sector for providing additional foreign exchange. Diamonds and golds are also mined and exported on a large scale. Many concession agreements have been signed by the Guinean iron ore industries.
Agriculture: Due to the large tracts of land, the agriculture and fishing sector is also very popular for the growth of the economy of Guinea.
Energy: Biomass oil and hydropower are the three primary power sources that make up the energy mix in Guinea.
Is Guinea is a rich country-
The people of Guinea are the poorest in South Africa due to the concurrence of poverty in rural areas as compared to urban areas, although it is rich in its mineral resources and provides high foreign exchange for its mineral resources. This is because the Guinean people do not take help from the government authorities and just rely on agricultural produce.
Conclusion
Guinea is famous for the abundant natural resources of bauxite which amounts to 25% of the world’s bauxite reserves. It also has diamonds, gold, etc brought in foreign exchange.
