Guinean Minister of Planning, International Cooperation, and Development, Ismaël Nabé, has called for a fundamental shift in economic models at the 5th edition of the UK-Africa West and Central Francophone Economic Forum (WCAF 5) in Conakry. He emphasized the need for rapid industrialization, local resource transformation, and pragmatic partnerships focused on direct investment. This aligns with the Simandou 2040 strategic program, which aims to leverage Guinea's resources for economic diversification and growth.
Minister Nabé reflected on the continent's economic trajectory, noting that Africa has long been considered a continent of promise. However, he questioned the tangible outcomes of this promise, highlighting the need for Africa to move beyond raw exportation and transform its resources into added value. He stressed that Africa no longer needs mere discovery of opportunities but rather the ability to capitalize on them.
The minister outlined a vision for transforming Africa's resources into economic value, infrastructure into economic corridors, and youth into human capital. He advocated for a shift from project-based cooperation to transformation-focused cooperation, emphasizing the importance of moving from financing to investment, production, employment, and ultimately, shared prosperity.
The Simandou 2040 program, launched under President Mamadi Doumbouya's leadership, serves as Guinea's socio-economic roadmap. The program aims to utilize the country's natural resources as a lever for economic diversification, industrialization, and prosperity for current and future generations. Minister Nabé highlighted the importance of this strategic initiative in driving Guinea's economic growth.
Minister Nabé engaged with British economic and financial actors, outlining the Guinean state's expectations from the forum. He emphasized the need for bankable projects, patient capital, technology, expertise, infrastructure, industry, and partnerships that yield measurable results. The minister also sought to bridge the gap between foreign expertise and national priorities.
To achieve this, Minister Nabé stressed the importance of connecting British capital to African projects, British expertise to African transformation needs, and fostering long-term commercial and economic partnerships. This approach aims to create a mutually beneficial relationship between Guinea and British investors.
The UK-Africa West and Central Francophone Economic Forum provides a platform for investors, diplomats, and decision-makers to discuss economic opportunities and challenges. Minister Nabé's address sets the tone for the forum, emphasizing the need for concrete actions and partnerships that can drive economic transformation in Africa.
Key points
- Minister Ismaël Nabé calls for a shift from traditional economic models to industrialization and local resource transformation.
- The Simandou 2040 program aims to leverage Guinea's resources for economic diversification and growth.
- Minister Nabé seeks to connect British expertise and capital to African projects and priorities.
