BG‑Initiatives supports Keitofoké in its research and sourcing of investment opportunities in West Africa. Keitofoké is an investment and advisory firm managing a diversified portfolio across the UAE, USA, Guinea Conakry, Congo Brazzaville, and Cameroon. They are involved in advisory, merchant banking, It Services and Energy,  not only in the analysis, but also in the co‑investment and structuring of opportunities alongside family offices and private investors, with a particular focus on high‑growth economies such as Guinea. Its work sits at the intersection of on‑the‑ground realities and capital: understanding the needs of the real economy (SMEs, local infrastructure, services) and turning them into bankable projects for international investors.

 

BG‑Initiatives: Today, we speak with Ibrahim Ali in charge of investment opportunity analysis at Keitofoké as a Partner of Eques Fin LLC (who is linked with Keitofoké);  to unpack the prospects offered by three major development axes in Guinea: services, infrastructure & construction, and the SME/SMI fabric. The goal is to understand where the real growth drivers are outside raw materials, and how investors can position themselves in a structured way on these segments. Thank you for joining us.

 

Ibrahim Ali: : Thank you for having me. It is a pleasure to discuss a market that is still largely under the radar, despite a remarkable depth of needs and projects.

 

BG‑Initiatives: You often stress the role of services as a growth engine. Practically speaking, what does that mean today in Guinea?

 

Ibrahim Ali: : When we talk about services in Guinea, we refer to a broad block ranging from organized retail and logistics to finance, ICT and business services. The current momentum is essentially driven by three factors: growing domestic demand, rapid urbanization – especially around Conakry – and increasingly complex needs from both public and private economic actors.

 

BG‑Initiatives: Could you share a few sub‑segments that you see as particularly promising?

 

Ibrahim Ali: : Absolutely. We see very concrete needs in:

 

  • Logistics and distribution: warehouses, logistics platforms, cold chain transport, last‑mile solutions for food and retail.
  • Finance and financial services: institutionalized microfinance, leasing, factoring, payment and digital banking solutions, and financing of agricultural value chains.
  • ICT and digital services: management solutions for SMEs, local cloud services, system integration, cybersecurity, and everything related to digital identity, traceability and data management.
  • Business services: accounting, legal, audit, industrial maintenance, facility management and specialized vocational training.

 

BG‑Initiatives: What type of investor profile do these segments attract?

 

Ibrahim Ali: : These segments speak to investors used to organic growth, platform building and supporting local management teams. We are not looking at single mega‑tickets, but at build‑up or regional roll‑out strategies, with a “first mover” or “early scaler” logic in still very fragmented markets.

 

BG‑Initiatives: Turning to infrastructure and construction, we see many announcements about rising public investment. How do you interpret this?

 

Ibrahim Ali: :  The signal is clear: public authorities are betting on a massive investment effort to close the infrastructure gap, reduce poverty and support medium‑term growth. In practice, this translates into a significant increase in capital expenditure, with a priority on economic infrastructure (roads, networks, energy) and social infrastructure (basic facilities, urban services).

 

BG‑Initiatives: From Keitofoké’s perspective, what realistic entry points do you see for private investors?

Ibrahim Ali : I would distinguish several levels:

 

  • Construction and public works: equity and quasi‑equity participation in well‑structured local construction companies, combined with support on governance, equipment and standards.
  • Engineering and project management support: design offices, technical control and project monitoring, all critical in a context of rising project volume.
  • Concessions and PPPs: road projects, urban service infrastructure, energy or water where private players can be involved in design, construction, operation and sometimes co‑financing.
  • Ancillary services: construction materials, site logistics, equipment rental, and infrastructure maintenance.

 

BG‑Initiatives: Do you see this public investment cycle really benefiting the local private sector, or is it still dominated by large foreign groups?

 

Ibrahim Ali : That is a key issue. Historically, most major projects have been captured by big international players. What interests us today is the gradual strengthening of local actors capable of capturing a larger share of the value chain. This is exactly where savvy investors can play a role: structuring partnerships between Guinean companies and international know‑how, capitalizing local construction firms so they can scale up in capacity, equipment and governance.

 

BG‑Initiatives: Let’s talk about SMEs/SMIs, which are often mentioned but not always at the center of capital flows. Why do you see them as a core diversification axis?

 

Ibrahim Ali: Because that is where the real transformation of the economy takes place, outside the large extractive rents. International partners – and the European Union in particular – clearly identify support to SMEs as a priority lever. We are seeing more and more programs combining financing, technical assistance, governance strengthening and market access, especially in agrifood, services and light manufacturing.

 

BG‑Initiatives: How do these programs change the game for private investors?

Ibrahim Ali:  They help mitigate part of the early‑stage and capacity risk. An SME supported by a structured program usually has:

  • Better kept financial statements.
  • Clearer governance.
  • Initial formalization of processes.
  • Sometimes easier access to certain markets or certifications.

 

For investors, this makes it more realistic to structure minority or majority equity stakes, mezzanine debt or hybrid instruments, with a clearer view of the value‑creation pathway.

 

BG‑Initiatives: Which SME segments do you consider a priority in Guinea?

 

Ibrahim Ali: Three main blocks stand out:

  • Agrifood and local processing: parboiled rice, processed fruits, local cereals, dairy products and so on.
  • B2B services: logistics, maintenance, digital services, professional services.
  • Light industry: packaging, industrial carpentry, basic materials and small manufacturing units.

 

These sectors are at the heart of domestic demand, and some of them can also target regional markets.

BG‑Initiatives: How do these three axes – services, infrastructure/construction, and SMEs/SMIs – fit into your strategic reading of the Guinean market?

 

Ibrahim Ali:  We do not see them as separate silos, but as a single ecosystem. Public investments in infrastructure create demand for local construction companies, engineering firms, logistics providers and materials suppliers. Financial and digital services, in turn, allow SMEs to access better financing, improve management and raise productivity. And SME support programs create a bridge between these needs and private investors looking for growth, by reducing specific operational risks.

 

BG‑Initiatives: Finally, what message would you send to a foreign investor looking at Guinea beyond raw materials?

 

Ibrahim Ali : I would highlight two points. First, the depth of needs is real and long‑term in services, infrastructure and the SME fabric; we are not talking about speculative plays, but about building productive assets over time. Second, structuring is everything: selecting credible local partners, accepting a learning curve, leveraging existing support programs intelligently, and favoring deal structures that align interests over the long run.