Guinea: The government is protecting the country’s economic interests, and mining companies have a duty to comply
 The subsoil of Guinea is overflowing with treasures coveted by numerous multinationals. From bauxite to gold, diamonds and iron. However, a shadow hangs over this financial windfall: that of the repatriation of export revenues.
According to reports, while 90 million dollars were expected from mining exports by the end of June, only 8 million have been repatriated.
This huge disparity is having a serious impact on the Guinean economy, and the authorities have no intention of remaining silent.
At a meeting of the main players in the sector at the Ministry of Mines and Geology, a clear message was sent out: «it is imperative to repatriate at least 50% of foreign currency by the end of August 2023, in accordance with articles 184 and 185 of the mining code».
The Minister of Mines and Geology, Moussa Magassouba, did not mince his words in reiterating the importance of complying with this obligation, stressing that the government nevertheless remains open, starting with an initial target of 50%.
The decision of Guinea to impose this ultimatum is a courageous one. It demonstrates a certain determination to protect its economic interests while promoting a fair business environment. Mining companies now have a duty to comply.
Colonel Mamadi Doumbouya has suspended the export of several agricultural products, including rice, potatoes and palm oil, in order to preserve food sovereignty and social peace.
Sekouba Kanté
