Guinea is a major producer of bauxite, an aluminum ore, but growth has been hamstrung by a slump in metals prices and a two-year Ebola epidemic that killed more than 2,500 people and has driven away some investors.
Conde was re-elected to a second five-year term in a landslide victory in October, pledging to get Guineans back to work.
From 2004 until his appointment as prime minister, Youla served as managing director of Guinea Alumina Corporation. GAC, which possesses a bauxite concession in Guinea's Boke region, is a subsidiary of Emirates Global Aluminium, owned by Abu Dhabi investment fund Mubadala and Investment Corporation of Dubai.
Prime Minister Mohamed Said Fofana and his government resigned on December 23, following a tradition in which presidents typically change their cabinets following election.
The government statement said Youla was expected to name new ministers in the coming days.