2023 Fiscal Transparency Report: Guinea

Government-by-Government Assessments: Guinea

During the review period, the transition government made significant progress by publishing audit reports within a reasonable period. The transition government published its enacted budget and end-of-year report online within a reasonable period. Nonetheless, the transition government did not publish an executive budget proposal within a reasonable period. The enacted budget provided a substantially full picture by including major sources of revenue and expenditure, except it did not include allocations to and earnings from state-owned enterprises. Only limited information on debt obligations, including major state-owned enterprise debt, was publicly available. Actual revenues and expenditures reasonably corresponded to those in the enacted budget. Budget documents were prepared according to internationally accepted principles and were comparable year-to-year. The supreme audit institution met international standards of independence. It published reports that contained substantive findings within a reasonable period, but those reports did not cover the entire annual executed budget. The transition government specified in law and followed in practice the procedures for awarding contracts or licenses for natural resource extraction. Basic information on natural resource extraction awards was publicly available.

Guinea’s fiscal transparency would be improved by:

• Publishing an executive budget proposal within a reasonable period;
• Incorporating allocations to and earnings from state-owned enterprises in budget documents;
• Publishing sufficient information on government debt obligations, including for major state-owned enterprises; and
• Publishing audit reports of the government’s entire annual executed budget.