Financial Crime World

Financial Corruption Scandals Hamper Guinea’s Economic Progress: A Ranking of 147 out of 180 in Transparency International’s Corruption Perception Index

Guinea, rich in natural resources, faces significant challenges to economic development due to financial corruption scandals and government bureaucracy. The Corruption Perception Index (CPI) of Transparency International ranked Guinea 147 out of 180 countries, a position shared with countries like North Korea and Afghanistan.

Challenges Beyond Corruption

Guinea grapples with:

  • Inadequate infrastructure
  • Inefficient bureaucracy
  • Shortage of skilled workers
  • Political uncertainty

Infrastructure and Utilities

Power

Although power improvements have been made,:

  1. Power outages are a common issue
  2. They are more frequent during the dry season (February-May)

Water

  1. Piped water is accessible in Conakry
  2. However, it is unsafe for consumption without treatments
  3. Access to electricity and water is largely unavailable in interior regions

Transportation Infrastructure

  • The government prioritizes infrastructure improvement
  • However, roads deteriorate quickly during the long rainy season -high operating costs for telecommunication services hinder internet connectivity
  • Ongoing installations of 4G and fiber-optic networks improve internet accessibility

Safety and Security Concerns

  • Protests and civil unrest can result in looting, violence, and isolation
  • The U.S. Department of State Travel Advisory (Level 2) warns against attending demonstrations
  • Criminals exploit demonstrations to rob motorists, passengers, and pedestrians
  • Security forces may extort drivers and passengers during violent incidents
  • Conakry has a medium-threat level for political violence against U.S. interests

Political Instability

  • Controversies surrounding elections and constitutional referendums impede economic growth
  • Transition government works on restoring political and economic stability since 2021 coup d’état
  • Protests for political and economic reasons are frequent in Conakry

Judicial System and Corruption

  • Judicial system is underfunded, inefficient, and perceived as corrupt
  • Efforts are made to combat challenges and reduce delays
  • The CRIEF focuses on collecting evidence for corruption cases involving businesses and officials from prior administrations (as of July 2022)