Traders in Guinea are counting losses as a severe cash shortage hits the economy. Many people have been unable to withdraw their savings from banks. The government says it's shipping in tons of printed money, to ease the liquidity shortage.

Conakry

Guinea is experiencing a significant cash shortage that is affecting its economy, with many people unable to withdraw sufficient funds from banks. The scarcity of cash has led to decreased sales for traders and businesses, with goods left unsold and at risk of spoiling. The government has responded by importing new banknotes to ease the liquidity crunch, while maintaining that the country is not facing an economic crisis. However, analysts caution that simply increasing the supply of cash is not a sustainable solution and that restoring public confidence in the banking system is essential. Ongoing political uncertainty is further undermining trust and complicating efforts to stabilize the economy.

Severe cash shortage cripples Guinea’s economy, trade, and daily life

Rain or shine, small trader Mariama Kamara brings goods to the Tawiya market. But recently, she's been unable to sell her goods. There are no buyers. It's been like this for days. Look at my goods. They're just rotting away. She may soon have to throw them away. A shortage of cash is crippling sales. People are unable to withdraw their deposits from banks. When you go to the bank looking to withdraw 2 million francs, you end up with just 50,000. Guinea is a cash-dependent economy. Only 15% of its population have bank accounts. Most transactions, from bus fares to rural trade, and even major purchases, are made with Guinean francs. The liquidity shortage here has left many businesses struggling to sell their stock. Business leaders say the banking sector lacks transparency, and accuse it of profiting at the public's expense. Maybe it's better that things have turned out this way, because if the money does not go back into the system, it actually makes things safer for business operators. The government has already shipped in tonnes of printed money to ease the liquidity shortage. But insists the country is not facing an economic crisis. Governments all over the world regularly produce money, sometimes because banknotes are worn out and are recycled. That represents billions in value each year that is withdrawn from circulation and reintroduced through new notes. But analysts warn of flooding the economy with excess cash. When the government prints banknotes, it can indeed ease the liquidity tension, provided the central bank also relaxes the condition under which commercial banks access the new notes. But it's not a long-term solution. If confidence among bank clients is not restored, the new notes will again be hoarded by the same clients, and the crisis will persist. As the country heads to a constitutional referendum, political uncertainty is further eroding people's confidence in the banking system and affecting the economy. Not something traders like Mariama Kamara can afford.

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