Republic of Guinea-Bissau Situation and economic community: Guinea-Bissau is another of those small countries, bordered by Senegal to the north, the Atlantic Ocean to the west and Guinea to the south and the east. Guinea-Bissau is exactly twice the size of Gauteng Province in South Africa. This country is a member of the Economic Community of West African States (ECOWAS) Capital City: Bissau (this is used to differentiate from Guinea) Name of President: Acting President Manuel Serifo Nhamadjo (following the coup of 2012, there has only been an acting president and acting prime minister) Population Size: 1.6 Million Language: Portuguese is the official language, however most people speak Creole GDP: $870 Million Currency: West African CFA Franc Country synopsis: Guinea-Bissau is a country with an economy anchored on Agriculture. The greatest exports are certainly agricultural: cashew nuts, fish, etc. The agricultural sector is made up of subsistence farming. The country has greatly been disturbed by civil war, military strife from coup’s, narcotics route for South America. There is a need to set a real platform for development in Guinea-Bissau. This is indeed a small country with a small population, but some big challenges. The instability really has prevented growth of the economy. Does the country have potential. Oh yeah! There are discoveries that need investment, including in mining Main mining activity: The main mining activity is more construction related (clays, sand, stone). What potential is there: oil, bauxite, diamond, gold, heavy minerals, petroleum Critical growth boost: Political stability, infrastructural development, mineral exploration and mine development investment Recent news on Guinea-Bissau: There has been a recent discovery of commercially viable oil sources off the coast of Guinea-Bissau, discovered by FAR Limited, an Australian company in January 2014 Sources: Wikipedia, CIA World Factbook, African Economic Outlook, Macau Hub African Development Bank
Posted on: Sat, 08 Feb 2014 08:24:17 +0000
Trending Topics
Recently Viewed Topics
© 2015