Guinea is known for being rich in natural resources, from bauxite to iron ore, gold, and diamond. The country is currently working on its diversification plans to attract international investors, relevant partnerships, and employment outsourcing opportunities to help leverage the country’s resources and promote growth and trade.
Many companies move to other countries to explore opportunities and drive their international expansion strategy. In the process, organisations have to establish an HR outsourcing plan to make their move a success. This is where Africa HR Solutions can help those companies to build their Guinea Conakry HR outsourcing plan to ensure a smooth transition while establishing themselves in the country. Our solutions range from Professional Employer Organisation (PEO), Employer of Record, payroll solutions as well as other ancillary support services, all tailored to your business objectives, aligned with the country requirements, laws, and local best practices.
Population: 12.4 mn
Gross Domestic Product (GDP): $959.98 bn
GDP Growth: 8.7%
Foreign Direct Investment (% of GDP): 3.2%
Unemployment Rate: 3.6 %
Currency: Guinean franc
Ghana’s natural resource is experiencing growth and the government is focusing on economic diversification. The country is investing more efforts in developing natural resources and providing productive leadership to drive initiatives. While diversifying the natural resource sphere, the country depends less on fluctuations linked to commodity pricing. This in turn is helping to stabilise the economy, attracting investors, and exploring partnerships in those areas of activity. Guinea is a member of the Economic Community of West African States (ECOWAS) and the Mano River Union.
The country is one of the larger Guinea, previously referred to as French West Africa.
Guinea is bordered by Guinea-Bissau to the northwest, Senegal to the north, Mali to the northeast, Ivory Coast to the southeast, Liberia, and Sierra Leone to the south, and the Atlantic Ocean to the west.
Being a rich source of the river, the Niger River, the Gambia River, and the Senegal River originates from Guinea.
The country is a resource-rich economy, abundant in minerals, having around a quarter of the world’s proven reserves of bauxite, over 1.8 billion metric tons of high-grade iron ore, a large amount of diamond and gold as well as undetermined quantities of uranium.
Guinea’s richness in mineral wealth renders it one of Africa’s richest countries, but the country remains one of the poorest in the continent.
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Employees in Guinea have access to vacation, sick and parental leaves. Regarding dismissal notice, the timeframe varies depending on the job description, that is, whether the employee is an operational recruit, supervisor, or middle manager. It is important to note that when a fixed term agreement expires, the employee is entitled to receive severance pay of 5% of the total salaries for the contracted timeframe. On the other hand, employees that work under an indefinite type of agreement and who have finished at least 12 months of service receive severance pay of at least 50 hours of salaries (those who work per hour) and 25% of one month’s salary for those who are monthly earners. As regards to taxation, employers have to pay 18% of salaries to social security while employees pay 5%. The country encompasses a community-healthcare system that comprises a fee.
At Africa HR Solutions, our experts help you in understanding the local market and its best practices, whilst ensuring all the laws are respected. Even if you do not have a branch or a legal entity in the country yet, we take care of your HR outsourcing strategy and help you devise a competitive benefits scheme to get the brightest talent onboard.
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