Anthony Ohemeng-Boamah, an Economist and a former UN resident coordinator to Guinea, has said the military takeover in Guinea will not have any major impact on the country’s economy.
Speaking on Asaase Radio’s Town Hall Talk, Ohemeng-Boamah said Guinea’s economy is dependent on commodity exportation with bauxite and gold as their main exports.
According to him, so far the commodities continue to do well and investors have not given any indication of withdrawing their investments.
“Guinea is dependent on commodity export and the two main primary commodity exports are mainly bauxite and gold. The commodity prices particularly bauxite is relatively okay. When the coup happened, I think there was a little bit of downfall on the market but I think I have seen them make statements that investments should continue.
“I haven’t seen any of the investors coming back on its words in terms of carrying through with its investments. So I believe that in that sense, there might not be much repercussions on the main exports of Guinea and that being said, it also depends on what timetable and what guarantee the military ruler would provide investors,” Ohemeng-Boamah told sit-in host Beatrice Adu.
Suspension from ECOWAS
Touching on the ECOWAS suspension, he said it would not have a significant impact on the transition process.
Ohemeng-Boamah explained that over the years, the sub-regional bloc has been instrumental in drawing timetable for coup-hit member countries to transition to civilian rule, however, constitutional rule only returns when the parties involved feel for it.
“I think they [suspensions] are mildly effective to the extent that, when I was in Guinea during the transition, I think the timetable that we were able to agree on that allowed us to usher in democratic transition was primarily because of ECOWAS. To that extent, ECOWAS was quite effective,” Ohemeng-Boamah said.
He added: “Same can be said of the Sierra Leone wars and how ECOWAS was instrumental in bringing peace but in such situation, the will of the parties involved to facilitate peace and stability is what leads to a transitioning of power from a military government to a civilian one.”
The Economic Community of West African States (ECOWAS) suspended Guinea a few days ago after the military takeover leading to the collapse of Alpha Conde’s government.
ECOWAS is demanding a return to constitutional order and an immediate release of President Conde, who is being held captive by a special force led by Lieutenant Colonel Mamady Doumbouya.
Meanwhile, the African Union (AU) on Friday 10 September 2021 has also suspended Guinea as a member.
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