Guinea anticipates growth in mining, construction, agricultural sectors.
Following the just concluded July-August IMF mission in Guinea, ‘significant progress, according to the resolution presented, has been made in the discussions of the economic policies and reforms that could be supported by a new IMF arrangement.’
In the report, real growth is expected to hit 6.7% in 2017 if plans are well ‘supported by dynamic activity in the mining/construction sectors and good agricultural performance.’ According to IMF, average inflation would remain moderate at about 8.5 percent through the year 2017.
In the word of Giorgia Albertin who led the mission, Guinea is set to boost her economy exponentially with sustainable support by Extended Credit Facility (ECF).
“The Guinean authorities and the IMF staff made significant progress in the discussions of the economic policies and reforms that could be supported by a new IMF arrangement and would support the Guinea’s 2016–20 National Social and Economic Development Plan (PNDES) aimed at fostering higher and broad-based growth and significantly reducing poverty.”
Ms. Albertin noted that the aim of the reform is to strengthen macroeconomic resilience amongst other issues.
“The Guinean authorities’ economic policies and reforms program would aim at strengthening macroeconomic resilience, increasing investment in infrastructure to generate higher growth and diversify the economy while preserving debt sustainability, strengthening social programs aimed at reducing poverty and promote inclusion, and improving governance and business climate to support private sector development.”
Giorgia Albertin emphasized that the development is to turn the table. She said the change caused by the epidemic will be well washed out in time, citing support by dynamic activities as the malady.
“The Guinean economy has rebounded from the negative impact of the Ebola epidemic and real growth is expected to 6.7% in 2017 supported by dynamic activity in the mining and construction sectors and good agricultural performance. Average inflation would remain moderate at 8.5 percent in 2017.
“Exports of bauxite and gold would increase further in 2017 and imports would continue to be sustained owing to the projects to increase production capacity in the mining sector and investment in infrastructure.”
Correspondent: Ridwan A Olayiwola