Page 25 - Profmark Africa Overview 2024

Guinea (GMT)

General:
▪ Capital City: Conakry
▪ Official Language: French
▪ Currency: Guinean Franc (GNF)
▪ Main Exports: Bauxite, iron, gold, diamonds, oil, coffee
▪ Surface Area: 245.9 sq. km (thousands)
▪ Population: 14,754 million (2024,est)
Key Economic Indicators:
▪ GDP: 23.61 billion (2023) / GDP Growth Rate: 7.1% (2023)
▪ CPI Inflation Rate (annual): 7.8% (2023)
▪ Sovereign Credit Rating: Currently no rating
▪ Indicator of Economic Freedom Score: 53.3/100
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Guinean-source income
Tax Rates:
▪ Individuals: Progressive rates from 0% to 35%
▪ Companies: 35%
▪ Inheritance Tax: 10%, and Donations Tax: 5%
▪ VAT: 15%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with France
Useful links:
▪ Central Bank of Guinea http://www.bcrg-guinee.org

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