"Guinea is a resource-rich country with an economy mainly based on mining and agriculture. The mining sector accounted for 21% of GDP in 2022 and over 90% of exports. The country’s exports are dominated bauxite, gold and to far lesser extent diamonds, iron ore, and other minerals. Guinea has the largest bauxite reserves in the world. The country benefits from the highest hydroelectric capacity in West Africa, and a rich and untapped agricultural potential.

At the same time, the country faces poverty and inequality. About 43% of Guinean households live below the poverty line (INS, 2020). Poverty is more prevalent in rural areas, among women and among people with no education. This situation is coupled with a highly unequal distribution of wealth and income. In 2019, the richest 10 percent of households made 42 percent of total income, while the bottom 50 percent made only 17 percent (Chancel & all, 2022). These levels of poverty and inequality are underpinned by low public spending on education compared to both Sub-Saharan and low-income countries."

https://www.elibrary.imf.org/view/journals/002/2024/131/article-A001-en.xml
#Guinea #Africa #capitalism #mining #poverty