Public Management

Guinean Government Unveils Three-Year Budget Focusing on Infrastructure and Economic Strengthening

Wednesday, 23 August 2023 16:24
Guinean Government Unveils Three-Year Budget Focusing on Infrastructure and Economic Strengthening

(Ecofin Agency) - The Guinean government recently disclosed its projected budget for the next three years, which focuses on investment spending. The forecast, according to authorities, translates their commitment to financing infrastructure and bolstering the country's economy.

Over the next three years, the Guinean government plans to allocate 58,986.39 billion Guinean francs ($6.8 billion) to investment spending out of a total projected budget of 132,604.59 billion Guinean francs ($15.4 billion). This was disclosed in a statement by the Ministry of Economy published on Saturday, August 19.

Moussa Cissé, the Minister of Economy, explained that the projection is aimed at “reducing the infrastructure and equipment deficit” of the country. Domestic resources will contribute about 54% of the allocation, the official added.

Next year, investment spending is projected at 17,400.15 billion Guinean francs, around 10.58% more than in 2023. This was announced during the presentation of the Multi-Year Budget Programming Document (DPBP) for 2024-2026.

Minister Cissé also indicated that the budget revenue over the next three years is expected to stand at 108,131.81 billion Guinean francs ($12.5 billion), of which “96.66% will come from domestic revenue.” Conakry counts on tax and customs revenue, as well as mining production, with an average projected tax pressure of 12.57% per year, to reach this goal. Precisely, it expects over 32,000 billion Guinean francs in budget revenue in 2024.

The World Bank estimated Guinea’s economic growth rate at 4.7% in 2022, attributing the performance to a strong boost in mining activities. The same year, the Bank found, Guinea’s overall budget deficit (including donations) was 0.9% of the GDP, against 1.8% in 2021.

According to the government’s latest forecasts, the budget account balance is expected to result in a deficit of 24,472.78 billion Guinean francs ($2.8 billion) over the 2024-2026 period.

Charlène N'dimon (intern)

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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