Areeba Loses 1.3 Million Subscribers as Guinea Appoints New Leadership

Guinea has named Mamy Diaby as CEO of Areeba, the state-owned operator that lost roughly 1.3 million subscribers — a 42% drop — while sliding toward insolvency. Mohamed Diallo joins her as deputy CEO under a presidential decree issued on October 26, Ecofin Agency reported.

The appointments cap a rough stretch for the operator. A recent assessment by consultancy EY found Areeba was close to insolvency, and the new leadership's stated priorities are keeping the business running and protecting jobs.

What does the restructuring involve?

The plan has three financial pillars: clearing accumulated losses, rebuilding equity and reducing liabilities. In July 2025, shareholders approved absorbing the losses through a reduction in share capital. A capital increase follows, funded by converting government debt into equity.

Authorities are also negotiating potential debt write-offs with public-sector creditors, including Guinea's tax authority and the telecoms regulator. The proposed arrangements carry a sweetener: creditors could recover some or all of the forgiven amounts if Areeba's finances improve later. Call it a bet on the turnaround, priced in arrears.

Money alone won't fix the network. Areeba needs substantial investment to expand 4G coverage, boost capacity and improve service quality — the unglamorous work that wins customers back.

How far has Areeba fallen behind Orange?

The decline dates to the government's acquisition of MTN's stake in December 2024. At that point Areeba held 22.6% of Guinea's 13.6 million mobile subscriptions. Orange held 74.8%, and Cellcom 2.6%.

By June 2026, Areeba's share had shrunk to 13.4% of a slightly smaller market of 13.2 million subscriptions. Orange had climbed to 85.4%. Areeba's base fell from about 3.07 million to 1.77 million over the period.

Voice traffic tells a starker story. Orange accounts for 99% of the market, according to regulatory figures cited by Ecofin. In a two-horse race, one horse is doing the running.

The slide repeats across every service line:

• Mobile internet: Areeba's share fell from 20.4% at end-2024 to 8.5% in June 2026; Orange rose from 77.5% to 90.9%.
• Mobile money: Areeba declined from 11% to 6%; Orange grew from 89% to 94%.
• Voice: Orange carries 99% of traffic.

What do the numbers say about revenue?

The financial results mirror the subscriber exodus. Areeba's revenue fell 51.4% year on year to GNF101 billion (US$11.5 million) in the second quarter of 2026. Orange's revenue moved in the opposite direction, rising 23.4% to GNF2.57 trillion over the same period.

Put another way: Orange now earns roughly 25 times what Areeba does in a quarter. That gap funds network investment, which attracts subscribers, which widens the gap. Diaby inherits the wrong end of that loop.

The market context matters here. Guinea's overall subscription base contracted slightly, from 13.6 million to 13.2 million, so Areeba isn't just losing share of a growing pie — it's shrinking while the pie shrinks too.

What comes next?

Diaby and Diallo must stabilise the finances, fund a 4G expansion and win back customers in a market that Orange increasingly treats as its own. The July 2025 shareholder plan and the creditor negotiations give them a runway; the subscriber trend gives them a clock. Whether debt-to-equity conversions and possible write-offs translate into competitive 4G coverage will decide if Areeba remains an operator or becomes a case study.