Guinea: putschists try to reassure partners and foreign investors

Lieutenant-Colonel Mamady Doumbouya, head of the coup, greets the crowd upon his arrival at the People's Palace in Conakry, September 6, 2021. AFP - CELLOU BINANI

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3 min

A page is turning in Guinea, after the military coup that overthrew President Alpha Condé on Sunday.

At the head of the country for more than 10 years, the former historic opponent still leaves the country in an economic situation far removed from its potential.

In his first public speech since the putsch, Mamady Doumbouya wanted to be reassuring, especially to investors.

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The socio-political and economic situation, "

 financial mismanagement, poverty and endemic corruption

 " are among the reasons announced by Lieutenant-Colonel Mamady Doumbouya to justify his putsch.

The economic reforms adopted and welcomed by the World Bank during

Alpha Condé's

second term in office

to promote economic growth will therefore not have had time to show their effectiveness or their limits on improving the daily life of Guineans.

►

To read also: Guinea: the leader of the putschists Mamady Doumbouya promises a new government

And so that these first days of the putsch do not destabilize an economy which still relies on the rent of raw materials, the new master of Guinea very quickly tried to reassure partners and foreign investors, by declaring publicly that economic contracts and mining contracts signed under Alpha Condé will be respected.

" 

The Committee intends to reassure Guinea's economic and financial partners of the normal pursuit of activities in the country,

" said

Mamady Doumbouya

.

Mining companies are asked to continue their activities. The curfew in mining areas has been lifted to ensure the continuity of production. The Committee assures the partners that it will respect all its obligations related to mining conventions and reiterates its commitment to promote foreign investment in its country. 

"

And to show its good faith, while the new administration is not yet constituted, the putschists have left the maritime borders open, in particular to export bauxite, of which the country is one of the world's leading producers.

Guinea also has deposits of iron, gold and diamonds.

► 

To read also: Situation in Guinea: return to the coup by the putschists in Conakry

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• Guinea

• Economy

• Alpha Condé