Sunday, October 25, 2009

guinea, economy (Contd)

Guinea is located between Sierra Leone and guinea-Bissau, with its capital,Conakry,located on the Atlantic Ocean. With a population of approximately 7 million , the country is blessed with plentiful land and mineral resources, abundant rainfall, and significant hydro-electric potential. Many economic management issues , however must be resolved must be ressolved in order to create a stable environment for further private sector growth.
In July 1996, in order address this weakness, President Lansana Conte appointed a new Govt. which promised major economic reforms,
including financial and judicial reform, rationalisation of public expenditures, and improved Govt. revenue collection.
Guinea's 1997 GDP was as follows :
Trade-27.7 p.c., mining-15.8 p.c., agriculture/livestock-20.4 p.c., services-8.8 p.c., public works-5.9 p.c., and manufaturing-3.8 p.c.
Outside of the mining sector, donor projects continue to provide the largest source ob business opportunity for expatriate firms and are a criticaldriving force for Guineas infrastructural development.

A demonstration of nearly 50,000 people against the military regime in Guinea on Sep. 28, 2009,turned into bloodbath as soldiers from the elite Presidential Guard killed scores and wounded hundreds. Eyewitnesses said the soldiers fired live rounds and raped and molested many women.