Public Management

Guinea approves a bill that will bolster local content requirements in the mining industry

Guinea approves a bill that will bolster local content requirements in the mining industry
Friday, 23 September 2022 14:38

Upon taking office in September 2021, President Mamadi Doumbouya set several priorities, including getting Guineans to be more involved in the exploitation of the country’s mineral resources. For that purpose, a draft law has been prepared and submitted to the transitional parliament.

Late Thursday, September 22, 2022, the Guinean transitional council passed two bills, including one concerning local contents. The bills on local contents were submitted to the parliament some weeks ago. It aims to promote skill transfer and get Guineans more involved in the national economy, in the mining sector particularly. 

In the first few weeks after taking office last September, Colonel Mamadi Doumbouya, now President of the Transition, made the "local content" a key issue in his discussions with actors in the Guinean mining industry. 

The transitional president requires mining companies to exclusively entrust land transport contracts to nationals, except in cases of force Majeure. He also asked mining investors to prioritize local skills, at least for administrative positions.

The Guinean mining sector already has a regulatory framework overseeing the “local content” part. The framework includes financing projects and infrastructure to profit local communities, training and capacity building for Guineans, and the use of local suppliers.

Despite that framework, residents usually point to the mining sector’s failure to improve living conditions. According to local media outlets, the new bill passed aims to correct some shortcomings noted in the application of provisions of the previous framework.  

Guinea is the world's second-largest producer of bauxite, a mineral used in the production of aluminum. It is also a major gold producer in the West African region and has significant diamond and iron ore reserves.

Emiliano Tossou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
EKH to sell 63.39% stake in Delta Insurance to Morocco’s Wafa Assurance Deal values Delta at EGP 5 billion; subject to regulatory...
Nigerian financial group Finmal Finance presented plans to Chad authorities to establish the country's first Islamic bank. The initiative aims to...
Inflation declined to 0.8% in September from 1.1% in August.  The rate remains below the 3% WAEMU convergence threshold for nine straight...
Afreximbank’s new president calls for an African digital currency to ease cross-border payments. The plan would build on PAPSS and the Pan-African...
Most Read
01

Sonatel is a major telecom company in West Africa that investors trust, offering steady growth and...

Sonatel Stock Nearly 19% Rise Over the Year, Signals Undervalued Telecom Giant Poised for Further Growth
02

Wave launches Wave Bank Africa in Côte d'Ivoire with $32M capital Move follows €117M fu...

Wave Launches Commercial Bank in Côte d’Ivoire
03

Cameroon's Constitutional Council declared Paul Biya the winner of the presidential election, secu...

Presidential Elections: Paul Biya Declared Winner in Cameroon, Alassane Ouattara Favorite in Ivory Coast
04

ECOWAS will integrate AI into its early warning systems to strengthen crime prevention and intelli...

ECOWAS Deploys Artificial Intelligence to Combat Organized Crime
05

NGE wins two contracts for sanitation, coastal protection in Senegal Projects target Dakar’s Hann...

Senegal Selects French Group NGE for Two Environmental and Heritage Projects
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.