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Human Resources Shortage Hinders Financial Sector Reform in Guinea

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A lack of available human resources is a significant obstacle to the implementation of recommendations made by technical assistance (TA) missions to reform Guinea’s financial sector, according to experts.

Challenges in Implementing Recommendations

Despite the commitment of authorities to implementing the recommendations, the shortage of skilled personnel is hindering progress. The mission has monitored the status of previous TA recommendations relevant to the Financial Sector Stability Review (FSSR), particularly those concerning banking supervision and liquidity management.

Progress Made

In addition to the World Bank, which has provided significant technical assistance to Guinea’s financial sector, other organizations have also contributed to the country’s development. A recent credit registry project led to the development and publication of a mobile wallet payment system, increasing financial inclusion in the country.

Structure of Guinea’s Financial System

The financial sector is dominated by banks, with 16 commercial banks operating in the country. Non-bank deposit-taking institutions and insurance companies make up a smaller portion of the financial sector, but their share has declined in recent years.

Key Statistics

• Total assets: GNF 24.2 billion (approximately USD 3.6 billion)
• Reporting entities in the depositor sector: 37
• Under private control: 37
• Commercial banks: 16
• Non-bank deposit-taking institutions: 21
• Insurance companies: 12

The Need for Skilled Personnel

Despite progress made, the shortage of skilled personnel continues to be a major challenge for Guinea’s financial sector. The country needs to address this issue to achieve its development goals.

Table 2: Structure of Guinea’s Financial System (December 2018)

Source: IMF Financial Soundness Indicators.