At a plenary session held on Tuesday, December 26, 2023, national councillors denounced surreal tax exemptions in the Guinean mining sector, which also compromise the interests of the State. According to the report presented during the examination and adoption of the initial 2024 Finance Act, the Guinean state loses nearly 8,000 billion Guinean francs a year from just eight (8) companies.

After several days of debate in committee, with each ministerial department defending its project in turn, the news came as a bombshell.

According to National Councillor Fatima CAMARA, General Rapporteur of the Committee on Planning, Financial Affairs and Budgetary Control, annual losses in customs and tax revenues amount to several billion Guinean francs as a result of tax exemptions granted to certain mining companies.

"The CNT notes that the intensification of mining activities is not proportional to the mobilization of related resources. This state of affairs is due, on the one hand, to the fact that raw materials are not processed locally, and, on the other hand, to unrealistic tax exemptions, which compromise the interests of the State", they denounced.

Relying on the report presented by the Committee on Planning, Foreign Affairs and Budgetary Control during the examination and adoption of the initial 2024 Finance Act, the shortfall is counted as follows per year:

1- SAG, GNF 332.56 billion

2- GAC, GNF 19.66 billion

3- SPIC, 94.55 billion

4- SOCIÉTÉ MINIÈRE DE MANDIANA, GNF 93.93 billion

5- SMB, 790.61 billion GNF

6- WINNING CONSORSIUM RAILWAY GUINEA SAU, GNF 238.73 billion

7- KOUROUSSA GOLD MINING, GNF 94.014 billion

8- Société minière de Dinguiraye (SMD), GNF 156.96 billion

To date, according to calculations made by specialists, the overall amount of losses is 7,980.01 billion Guinean francs per year, i.e. a shortfall of 1,915.6 billion GNF in mining revenue for the General Tax Directorate and 6,064.41 billion GNF for the General Customs Directorate.