Guinea

Guinea is a beneficiary of the EU's "Everything but Arms" (EBA) scheme for least developed countries. The World Bank categorises Guinea as a low-income economy with a per-capita income of $1.190 in 2022. Preferential imports from Guinea amounted to about € 3 million (2022) while total imports reached €583 million in 2022.

What is the EBA?

The “Everything but Arms”(EBA) scheme is a permanent arrangement covering Least Developed Countries (LDC’s) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7200 products in total) originating in LDC’s except for arms and ammunition. Different from the Standard GSP and GSP+, LDC’s are not excluded from the scheme if they benefit from other preferential arrangements.

Guinea flag

At a glance: EBA beneficiaries' preferential imports to the EU

group

13,86 M

Population

account_balance
Presidential Republic

Government

trending_up

4.70%

GDP Growth

equalizer

7.90%

Inflation

money

$ 21,00 B

GDP

30 v

Freedomhouse index

4 v

ITUC Global Rights Index

31.6 ^

Environmental Performance Index

Facts about Guinea's economy

Export Products

Aluminium ores are Guinea's most important export product, followed by gold, frozen fish, cashew nuts, cocoa beans, and petroleum oils.

Trade Partners

Guinea's most important trading partners are India, the EU and China which together account for about 68% overall trade, over 74% of exports, and 61% of imports.

Economic Structure

The service sector accounts for more than 60% of the GDP followed by the agricultural sector, which still is of big importance for Guinea's economy accounting for about one fourth of the GDP. Nuts can be considered the most important commodity, together with rice, sesame, millet, corn, and cassava. The industrial sector mainly concentrates on the processing of agricultural commodities, smaller industries include beverages, textiles, and footwear.

Bauxite Reserves

Guinea has considerable mineral resources and is home to almost half of the world’s reserves of bauxite which is used to produce aluminium.

Usage of EBA Preferences

Only a tiny fraction of Guinea's overall exports to the EU market use the preferences granted by the EBA scheme. Nonetheless, the preference utilisation rate, which represents the ratio of preferential imports to GSP eligible imports, currently stands at 57.1%. This indicates that only a small share of imports from Guinea are eligible for EBA preferences.

Trade with the EU

Total trade with the EU amounted to €2.288 million in 2022. The EU is Guinea's second most important trading partner and ranks first as a source of imports and second as a destination for exports.

Guinea and the EU (2022)

Imports from Guinea by product section

Imports from Guinea over time (in € m)

GUINEA AND THE EU’s GSP

Economic Impact

1%

Only a tiny fraction of Guinea's exports to the EU are eligible for EBA preferences

57.10%

Guinea currently has a preference utilisation rate of 57.1%.

Preference utilisation and export diversification

Guinea's imports to the EU

Preference Utilisation vs. total eligible imports

Guinea’s preference utilisation rate shows considerable fluctuations in recent years, ranging between 82% and 12%. Eligible imports accounted for less than 1% of total imports from Guinea in 2022.

The largest product sections under EBA

Though overall volumes remain small, Guinea uses preferences for a variety of product sections. Nonetheless, the two most prominent sections, fats and oils and foodstuff, account for 76% of exports under the EBA.

SUSTAINABLE DEVELOPMENT

Guinea, as a beneficiary of the EBA scheme, is not obligated to ratify any conventions to be able to benefit from preferential access to the European market. Nonetheless, Guinea has ratified all 15 core international conventions on human and labour rights. This includes 7 UN human rights conventions and 8 ILO conventions on labour standards. Additionally, Guinea has ratified 8 conventions on environmental protection and 4 conventions on good governance aspects.

Core international conventions on human rights and labour standards

Ratified

  • Convention on the Prevention and Punishment of the Crime of Genocide (1948)
  • International Convention on the Elimination of All Forms of Racial Discrimination (1969)
  • International Covenant on Civil and Political Rights (1976)
  • International Covenant on Economic Social and Cultural Rights (1976)
  • Convention on the Elimination of All Forms of Discrimination Against Women (1981)
  • Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
  • Convention on the Rights of the Child (1990)
  • Convention concerning Forced or Compulsory Labour, No 29 (1930)
  • Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
  • Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
  • Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
  • Convention concerning the Abolition of Forced Labour, No 105 (1957)
  • Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
  • Convention concerning Minimum Age for Admission to Employment, No 138 (1973)
  • Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)

Additional Conventions

  • Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
  • Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
  • Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
  • Convention on Biological Diversity (1992)
  • The United Nations Framework Convention on Climate Change (1992)
  • Cartagena Protocol on Biosafety (2000)
  • Stockholm Convention on persistent Organic Pollutants (2001)
  • Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
  • United Nations Single Convention on Narcotic Drugs (1961)
  • United Nations Convention on Psychotropic Substances (1971)
  • United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
  • United Nations Convention against Corruption (2004)

EU-Guinea Bilateral Development Assistance

DG INTPA

Access all info about EU-Guinea relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/guinea_en

Opportunities in Guinea

  • Guinea's natural resources offer further economic potential particularly with regards to its mineral and agricultural resources, including for instance bauxite and iron ore
  • Stable political environment
  • Further potential in enhancing capacities for the generation of hydropower
  • Growing middle-class with an increasing propensity to consume
  • Large investments in the mining industry require imports of machinery and technology

Contact points