Considered as a tropical country on West Africa’s Atlantic coast, Guinea Bissau is an agricultural-led economy, dependent on cashew nut exports. The Covid-19 pandemic and closure of borders have halted the economic system for a while, but with an expected large-scale vaccination program, trade activities will begin to boost growth to 2.9% in 2021 and 3.9% in 2022.
If your organisation is planning a move to Guinea Bissau, Africa HR Solutions is your go-to HR outsourcing partner in the region. Our dedicated team manages all your employment outsourcing initiatives, from Professional Employer Organisation (PEO), Employer of Record, payroll solutions, to make sure you can focus on your business strategy while we smoothen your Guinea Bisseau HR outsourcing strategy with peace of mind, all aligned to cultural, labour, legal and other policies of the country.
Country Profile - Guinea Bissau
Population: 1.9 mn
Gross Domestic Product (GDP): $1.43 bn
GDP Growth: 3.8%
Foreign Direct Investment (% of GDP): 1.2%
Unemployment Rate: 4.1 %
Currency: West African CFA franc
Guinea Bissau's Economy
With a primary reliance on international assistance, a subsistence economy, and the export of cashew kernels and fish, Guinea Bissau remains one of the world’s most fragile economies. Significant developments remain in the pipeline to bring the country to new heights – for instance, the processing sector is not fully developed and mineral resources namely bauxite, phosphate, and oil are not leveraged. The Covid-19 pandemic has hit households and businesses which in turn has caused poverty to increase.
The World Bank engagement is guided by a Country Partnership Framework which is, in turn, re-evaluated and renewed every 4-5 years, having two major goals: “(1) Increase access to quality basic services especially outside of the capital city of Bissau and in the poorest areas of the country and (2) Expand economic opportunities and enhanced resilience with gender and governance as cross-cutting themes.”
Interesting Facts About Guinea Bissau
More than 70% of Guinea-Bissau is covered with primary forest which occupies around 45%, protecting a rich diversity of fish, plants, mammals, and birds
The country is one of the founding members of the Community of Portuguese Language Countries
Guinea Bissau is the world’s sixth-largest producer of cashews
The national dish is ‘Poulet Yassa’, a chicken dish famous in West Africa
Public Holidays in Guinea Bissau
New Year’s Day
International Women’s Day
Anniversary of the Killing of Pidjiguoiti
Feast of Sacrifices
Anniversary of the Movement of Readjustment
Employment in Guinea Bissau
Employment agreements in Guinea Bisseau can be oral or written format, though a written version is preferred to outline all information regarding wage and compensation in West African franc. Employees are entitled to sick, parental, and vacation leaves. The standard work schedule is 45 hours per week. Employers may define the schedule of work and communicate to the employee before onboarding them. Private healthcare is usually recommended to recruits.
While you move to Guinea Bissau, make sure you work with a go-to partner like Africa HR Solutions who knows the local, cultural, and market insights of the country, who can guide your decisions and advise you on the wage and compensation benefits to attract the right talent.
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