On Tuesday, September 17, the Africa Growth Initiative at the Brookings Institution hosted His Excellency President Alpha Condé of Guinea to share his thoughts on the many priorities that need to be balanced when managing revenues from natural resources in Africa. This is an abiding priority for Guinea, a nation blessed with one-third of the world’s reserves of bauxite, as well as a wealth of iron, diamonds, gold, among other natural resources.
While the country’s mining sector produces more than 90 percent the country’s exports, the sector only accounts for 17 percent of tax revenue and 2.6 percent of employment. Reforms are underway in Guinea to improve the business environment and open up to high-quality foreign investment. However, myriad challenges remain, including attracting more investors and optimizing the mining sector, diversifying the economy, and boosting job creation.
His Excellency also reflected on how Guinea’s reforms may offer lessons for other resource-rich nations in Africa.