The Guinea military, which took over the country earlier in the week through a coup, has ordered the central bank and other financial institutions to freeze all accounts belonging to the government.
Military officials said the freezing of the accounts was necessary to secure the country's assets. Transactions for all accounts belonging to public administrative and commercial establishments by ministries and the deposed administration will be suspended.
This also includes accounts used for presidential programs and accounts owned by members of the deposed government, its senior officials, and administrators of state institutions.
Guinea's economy experienced strong growth over the past decade mainly due to a mining boom in the region. Despite the increased wealth, people in the country are still living under deplorable conditions, which have been blamed on rampant corruption.
West African leaders arrived in Guinea Friday to assess the situation and to ensure that the country does not fall back to military rule. Leaders from the Economic Community of West African States (ECOWAS) have expressed their condemnation of the military coup and have called on the release of the country's president, Alpha Conde.
Military forces arrested Conde during their coup Sunday. ECOWAS temporarily suspended Guinea's membership pending negotiations. ECOWAS president Jean-Claude Kassi Brou will be leading the delegation in Guinea. Ghana's foreign affairs minister, Shirley Ayorkor Botchway, will also be joining the delegation.
Sources within the bloc, the largest political and economic group in the region, said leaders will be asking the military junta to immediately appoint a "credible" civilian government. By doing so, ECOWAS hopes to quickly return Guinea back to constitutional order.
Local media reports said life in the capital city of Conakry and other parts of the country has returned to normal despite the lack of a ruling government. However, government services are still unavailable and a few roads have been blocked by the military, including those leading to Conakry's administrative center and the presidential palace.
Guinea is one of the region's largest producers of bauxite, a mineral that is used to make aluminum. Local and foreign mining operators said their mining activities have remained unhindered despite the political turmoil.