The local currency is the Guinea franc. The mining industry in Guinea is its most dynamic industry sector and main source of foreign exchange. Its oil industry is dependant on the importation of all petroleum products. Coffee is the largest export crop but cotton, fruit, oil and nuts are also exported. Forestry exists to a small degree but has potential for growth.
Fishing is carried out by European countries for which the Guinean government receives compensation.
Industries also use primary products to produce goods such as tobacco, soft drinks, juices and beer which are mainly sold locally. However, manufacturing is focused mainly on aluminia smelting. The Guinean government encourages a free market economy and is implementing a programme of privatisation. It is also active in promoting foreign investment. Since 1996, progress has been made in the restructuring of the budget and management and in addressing the issue of corruption.