Guinea has taken a significant step forward in the implementation of its ambitious Simandou 2040 Program, a government initiative aimed at transforming the country’s mineral wealth into sustainable economic development.
The international firm KPMG presented the findings of its sectoral diagnostics at a high-level meeting in Conakry, chaired by Minister Director of the Office of the President and Chairman of the Strategic Monitoring Committee of the Simandou Project, Mr. Djiba Diakité. The meeting brought together key stakeholders in Guinean economic development.
“Each action, each project must reflect the President of the Republic’s commitment to building a prosperous and equitable Guinea,” declared Mr. Diakité, emphasizing the program’s strategic importance for the country’s future.
KPMG’s in-depth analysis identified fourteen priority sectors crucial for Guinea’s short, medium, and long-term development, including trade, agriculture, the food industry, extractive industries, infrastructure, and new information and communication technologies.
A cornerstone of the Simandou 2040 Program is the creation of a sovereign wealth fund to finance identified projects. Leonel Zinsou, former Prime Minister of Benin and representative of investment bank SouthBridge, highlighted the importance of obtaining a sovereign rating for Guinea. He emphasized that this crucial step would facilitate a transition from a resource-based economy to a “destination economy” focused on value creation.
Guinea has enlisted the support of leading international experts, including KPMG for the technical framework, Rothschild, and SouthBridge, to guide its economic transformation.
The meeting, which lasted nearly seven hours, underscored the government’s strong commitment to the Simandou 2040 Program. This ambitious initiative, named after the vast Simandou iron ore deposit, aims to position Guinea as a model of sustainable development and economic integration in West Africa.
The sectoral diagnostics will now serve as the foundation for developing detailed action plans for each priority sector, identifying necessary investments and establishing clear indicators for monitoring progress. This marks a crucial step in translating the vision of the Simandou 2040 Program into concrete, impactful actions.
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