Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 4/29/2019

Guinea’s banking system is loosely based on the rules and regulations governing the French banking system.  Guinea’s commercial banking sector was legalized by reforms in 1985 and 1986.  Guinea’s formal financial sector consists of the Central Bank and several commercial banks.  The financial sector is largely controlled by foreign-owned banks.  The system has a narrow base, is very fragile, and is unable to meet the development needs of the private sector; hence, there is a thriving black market for foreign currencies.  Since banks are conservative and risk averse, there is not a significant amount of capital available to finance large investments.  Commercial banks favor short-term lending at high interest rates (25% and up), as there is high potential for default.  International banking institutions have reported harassment by the military in the form of robbery and attempted extortion.
 

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