Guinea's Prime Minister Bah Oury has called for a profound transformation of the country's economy to ensure that the benefits of the Simandou mining project are shared by the entire society. During a meeting with Ousmane Diagana, Vice President of the World Bank for West and Central Africa, Bah Oury stressed the importance of improving governance, enhancing administrative efficiency, and better redistributing revenue generated from economic growth.
The Prime Minister emphasized that the success of the Simandou mining project should not be limited to the extractive sector's performance. He wants Guinea to learn from past experiences to avoid creating a mining enclave with limited benefits for the rest of the national economy. Bah Oury aims to improve governance, focus on achieving results, transform local wealth to impact society, and ensure revenue redistribution for a trickle-down effect across all sectors.
According to Bah Oury, the implementation of the Simandou 2040 program is a crucial step towards undertaking necessary reforms for the country's development. He acknowledged that the Simandou mining project was a success in terms of speed and efficiency. However, he believes that this success must be accompanied by a broader transformation of the public administration and other economic sectors.
The Prime Minister expressed concerns that the country's economy should not replicate the past experience of having a mining enclave with limited impact on the rest of the economy. He emphasized the need for a fundamental transformation to avoid reproducing the "economy of rent" previously known. Bah Oury seeks to ensure that the Simandou mining project does not become an isolated economic activity with limited national benefits.
To achieve this objective, Bah Oury called for technical assistance designed jointly with development partners, including the World Bank. This assistance should support a structural transformation of the Guinean economy, going beyond the mining sector. The Prime Minister emphasized the need for a co-constructed approach that addresses the broader pillars of the national economy.
Bah Oury expressed alignment with the World Bank's Country Partnership Framework, which shares the same direction. He welcomed the opportunity for collaboration to achieve a more comprehensive and transversal approach to supporting Guinea's economic development. The Prime Minister's vision is to create a more inclusive and sustainable economic growth model.
The implementation of the Simandou 2040 program and the proposed technical assistance will be crucial in determining the success of Guinea's economic transformation. The country's ability to learn from past experiences and adapt to new challenges will be essential in ensuring that the benefits of the Simandou mining project are shared by all.
Key points
- Prime Minister Bah Oury seeks to avoid a "mining enclave" with limited benefits for Guinea's economy.
- The Simandou 2040 program aims to support a structural transformation of the Guinean economy.
- Technical assistance from development partners, including the World Bank, will be crucial in supporting Guinea's economic development.
