Guinea Bissau announces it has reserves of bauxite, phosphates and oil

15 December 2009

Bissau, Guinea Bissau, 15 Dec – The prime minister of Guinea Bissau, Carlos Gomes Júnior, made an official announcement that the country has “important reserves” of bauxite, phosphates and oil.

The Guinean prime minister made the announcement during his opening speech for the CPLP (Community of Portuguese-speaking Countries) Business Week held in Bissau.

On presenting the business potential of Guinea Bissau, Júnior said that, as well as the advantage of being part of sub-regional African markets, with around 300 million potential consumers, Guinea Bissau had its own capacities.

“Our agricultural and fishing potential is well known, but the country also has important reserves of bauxite, phosphates and oil,” he said.

The head of the Guinean government also noted the potential of the tourism sector to attract local and Portuguese-speaking businesspeople to focus on Guinea Bissau.

According to Júnior, the fact that Guinea Bissau is a member of the West African Economic and Monetary Union (UEMOA) and the Economic Community of West African States (ECOWAS) had led its currency – the CFA Franc, with euro parity – to stability and inflation of less than 3 percent. (macauhub)