Despite a robust recent pre-COVID-19 growth spell, the national poverty incidence was estimated at 44 percent in 2018 and Guinea continues to face multiple challenges to sustain progress on poverty reduction. Guinea’s economic recovery was catalyzed by a reform program to reach the Heavily Indebted Poor Country (HIPC) completion point and recently boosted by the 2016-17 mining boom. However, economic growth did not translate into robust poverty reduction due to a combination of factors including low human capital, high fertility rates, low agricultural productivity, and substantial infrastructure gaps. Despite an average economic growth rate of 4 percent between 2014 and 2018 poverty incidence is estimated to have declined by just over a percentage point per year since 2014. Structural transformation has been limited, with the share of the primary sector remaining almost stagnant over the last three decades. This renders the economy un-diversified and highly dependent on a low productivity agricultural sector and a mining sector that generates few local jobs and accounts for about 80 percent of Guinea’s exports. Given that the poverty situation is dire, it is important to prioritize policies that can generate quick wins by improving the functioning of markets for faster rural income growth. The main priority should be policies to develop and expand the coverage of an effective social protection system targeted toward chronically poor households in rural areas. Such programs should: (i) provide income support and information to build human capital and prevent the deterioration of human capital in the face of shocks, (ii) facilitate access to services that are critical to protecting and developing human capital, (iii) promote equality of opportunity by targeting vulnerable groups, including youth and women, with an emphasis on children’s early years, (iv) support the development of foundational and higher level skills to increase labor market returns to human capital investments, (v) develop adaptive Social Programs (ASPs) to those in rural areas that are vulnerable to covariate or climate-related shocks, particularly in the regions of Mamou and Labe where household are most affected by natural covariate shocks.