How to invest in Guinea: legal framework, sectors, risks

A mining economy picking up speed

According to the World Bank, Guinea’s economy grew by 7.3% in 2025 and is projected to expand by 8.1% in 2026, then by an average of 9.5% a year in 2027–28. Mining is the engine: Simandou iron ore exports began in November 2025, with at least 9 million tonnes shipped in the first half of 2026, while bauxite volumes rose 20% year on year in the first quarter of 2026.

Foreign capital is following. The US State Department, citing UNCTAD’s 2025 World Investment Report, says foreign direct investment inflows rose from $1.3 billion in 2023 to $1.4 billion in 2024. The country holds roughly a third of the world’s bauxite reserves, high-grade iron ore, gold and diamonds. The World Bank warns, however, that spillovers beyond mining remain weak: little local procurement and few formal jobs (18% of total employment in 2023).

The legal framework

Four main laws shape an investor’s life in Guinea, on top of regional business law:

• The Investment Code (Law L/2015/008/AN, adopted in May 2015): equal treatment of domestic and foreign investors, free transfer of income and liquidation proceeds in convertible currency, and protection against expropriation except for public interest with fair, prior compensation. The State Department reports that the Ministry of Commerce said in April 2026 it was working on a revision; the 2015 text remains the reference until a new code is enacted.
• The Mining Code (Law L/2011/006/CNT of 2011, amended by Law L/2013/053/CNT in 2013): granting a mining title gives the state a free, non-dilutable stake of up to 15% in the operating company.
• OHADA law: the uniform acts (commercial companies, securities, debt recovery, insolvency) apply directly and override national texts; commercial rulings can be appealed to the Common Court of Justice and Arbitration (CCJA) in Abidjan.
• The 2017 PPP law, which replaced the old “BOT” regime, and the 2022 Local Content Law, which sets quotas for Guinean hiring and subcontracting in every sector, enforced by the ARCCL authority.

On international protection, Guinea is party to the ICSID Convention and the New York Convention on arbitral awards, and has bilateral investment treaties in force with ten countries, including France, Germany, Canada, Switzerland and the United Arab Emirates. Full foreign control is allowed in most sectors, with the notable exception of print media, radio and television.

From APIP to the Guinea Development Board

The investor’s front door changed in 2026. By a decree read on 6 March 2026, President Mamadi Doumbouya created the Guinea Development Board (GDB), a public limited company under the technical supervision of the presidency and the financial supervision of the finance ministry. The GDB absorbs seven bodies, including the Private Investment Promotion Agency (APIP), the national tourism office, the export promotion agency and the industrial parks agency.

In practice, the former APIP teams remain the entry point: headquarters are in Boulbinet, in the Kaloum district, with branches in Boké, Kindia, Labé, Kankan, N’Zérékoré and Mamou. Two digital platforms complete the picture: the Commerce Ministry’s Landaya portal, launched in January 2026 for industrial permits, operating certificates and Investment Code approvals, and the Damanda online mining cadastre, rolled out in 2026. The State Department notes these reforms were still in their initial phase as of mid-2026.

Priority sectors and incentives

The “Simandou 2040” programme targets agriculture and livestock, fishing, mining, tourism, energy, water and sanitation, housing, infrastructure and transport, new technologies and financial services. The Investment Code provides four preferential regimes: SMEs, exporting companies, local processing of natural resources and raw materials, and projects located in less developed regions.

According to APIP, tax and customs benefits cover both the set-up and production phases. Eligible projects include new ventures, extensions, diversification and modernisation in agriculture, fishing, livestock, industry, waste processing and tourism. Trading, activities covered by the Mining or Petroleum Codes and investments already under a specific regime are excluded. Investors apply for an investment certificate online through the PLAGED platform, then present the project to a review committee. Published fees range from 5 million Guinean francs (projects of GNF 200–500 million) to 20 million (projects above GNF 5 billion).

Steps for a project

1. Define the project and its regime: Investment Code, Mining Code or a direct agreement with the state, which the 2015 Code allows.
2. Incorporate under an OHADA legal form at the one-stop shop (former APIP, now part of the GDB).
3. File for an investment certificate on PLAGED if the activity qualifies, and for sector permits through Landaya.
4. Prepare a local content plan (jobs, training, subcontracting) in line with the 2022 law.
5. Include an international arbitration clause (CCJA or ICSID) in major contracts, as the State Department recommends.

Risks to price in

Political risk first. A new constitution approved by referendum in September 2025 extended the presidential term to seven years, renewable once. Mamadi Doumbouya, in power since the September 2021 coup, was elected on 28 December 2025 with 86.72% of the vote after the main opposition leaders were barred. In March 2026, 40 parties were dissolved; the 31 May 2026 legislative and municipal elections, boycotted by the opposition, gave the ruling coalition a sweeping majority. The setting is more stable than during the transition, but highly centralised.

Regulatory risk next. Since May 2025, more than 300 mining permits have been withdrawn for inactivity or failure to meet commitments. In August 2025, the concession of Guinea Alumina Corporation (part of EGA) was revoked and transferred to a state company, before a negotiated settlement was signed on 6 May 2026. Other disputes remain open at ICSID, including a record $28.9 billion claim filed by Axis International.

• Slow courts: business leaders surveyed by the State Department consider a case resolved within three to five years to be “quick”.
• State payment arrears to suppliers and persistent corruption at lower administrative levels.
• Power: grid losses close to 40% and generation over 80% hydro, hence fragile in the dry season; the Kaloum fuel depot destroyed in late 2023 has not been rebuilt.

Serious groundwork almost always means several trips to Conakry, between Kaloum, home to ministries and banks, and the business districts of Camayenne and Kipé. We offer furnished apartments in Conakry for stays from a few nights to several months, a practical base for back-to-back meetings.