Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

The path of diplomacy: Officials focus on strengthening regional and global integration

Côte d’Ivoire is exploring new friendships, in addition to its traditionally close alignment with France and the West. While the years of conflict chipped away at the country’s regional influence and international diplomatic ties, today Côte d’Ivoire is a crucial member of the regional security infrastructure, notably in opposing the threat of extremism in the Sahel. French Connection In its post-independence years Côte d’Ivoire retained warm relations with France. Indeed, during the long rule of former President Felix Houphouët-Boigny Côte d’Ivoire has been deeply involved in the francophone world culturally, socially and economically by maintaining the CFA franc and French advisors. The country’s security infrastructure

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Cooperative ties: Increased bilateral trade with Africa aims to offset decline in state-backed investment from China

Despite global supply chain challenges, the value of trade between China and Africa rose to record levels in 2021. The increase partially reflected a shift in China’s policy away from government-backed investment towards enhanced trade and cooperation. According to the Chinese Customs Agency, the value of the country’s trade with Africa rose by 35% to $254bn that year, driven by an increase in exports to the continent. Looking to the future, trade volume looks set to continue this expansive trend, with trade constituting a key

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Ease of Transfer: A number of remittance-focused start-ups and other players are expanding operations in emerging markets Ease of transfer

Financial technology (fintech) firms are gaining market share that was formerly the preserve of established remittance service providers. Remittances have grown in importance in recent years and today constitute the largest source of foreign income for many developing economies. They also tend to be countercyclical, increasing during economic downturns or natural disasters when other capital flows generally dwindle. Growth in the segment has gathered pace, with the importance of remittances as a source of income for emerging economies and financial service providers alike set to

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Stepping stones: Building on previous strategies, the National Development Plan 2021-25 sets its sights on sustainable economic transformation

The National Development Plan (Plan National de Développement, PND) 2012-15, the first of three in recent history, was successful in stabilising and reviving the economy in an environment of restored peace. Both in planning and implementation, the PND 2012-15 constituted the backbone of the recovery and growth of the economy, supported by the country’s development partners. This helped Côte d’Ivoire achieve a robust average growth rate of 9% over this period and the creation of 2m jobs in four years, making it one of the

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Favourable figures: New maturities on bond issuances debut as the regional debt market remains a key source of financing for UEMOA states

Economic activity in UEMOA strengthened in 2021, resulting in 6.1% estimated growth in GDP after a sharp slowdown in 2020 due to the effects of the Covid-19 pandemic. Economic stimulus measures implemented by member states and the accommodative monetary policy maintained by the Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest, BCEAO) were the primary drivers of this growth. The average annual inflation rate was estimated at 3.6%, compared with 2.1% in 2020, due to the rise in the

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Remunerating progress: Boasting resilience and robust growth, t he Bourse Régionale des Valeurs Mobilières remains a top-performing exchange

The Bourse Régionale des Valeurs Mobilières (BRVM) of UEMOA, which includes Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo, began its activities in 1998 with 35 listed shares. The exchange has since grown considerably – by the end of 2021 it had 46 securities, 35 of which were issued by Ivorian companies; and 123 bond lines, 94 of which were listed on the bond market and 29 unlisted. The BRVM has been a top-performing African stock exchange since 2015, when it

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Sowing success: Export commodity prices and new company groupings are adding dynamism to the regional agriculture sector

In 2021 the global economy was marked by an exacerbation of market supply difficulties, in line with the persistent impact of the Covid-19 pandemic. In this context, crude oil prices on international markets jumped by 49.8% in one year in US dollar terms. Over the same period, agricultural producer prices increased by 17.6% compared to 2020. For the main commodities exported by UEMOA countries, prices also rose over the whole of 2021, by 60.6% for coffee, 41.8% for cotton and 31.6% for rubber. New Groupings

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Outward bound: New opportunities for Ivorian players to expand in UEMOA

Côte d’Ivoire’s importance as a regional centre for the insurance sector is growing, as an increasing number of pan-African players open offices and branches in Abidjan. The country has been a catalyst for the integration of public and private insurance stakeholders in the 14 member countries of the Inter-African Conference on Insurance Markets (Conférence Interafricaine des Marchés d’Assurances, CIMA). Even though large pan-African and international players dominate the insurance sector in Côte d’Ivoire, and in the CIMA region more broadly, Ivorian insurance players have an eye on extending their operations in UEMOA. Regional Leader In terms of total premium for the life and non-life segments,

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Fiscal reach: Many authorities are attempting to bridge tax revenue gaps by introducing levies on electronic transactions

A number of sub-Saharan African countries have sought to introduce taxes on mobile transactions, in response to the sustained uptake prompted by the Covid-19 pandemic. While such moves have been met with criticism, they represent an opportunity to boost tax revenue significantly. The Covid-19 pandemic and its knock-on effects gave rise to a sharp increase in electronic payments across the African continent – a trend that is set to continue. In parallel to this, public finances in the region have taken a significant hit, as

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Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Forward thinking: Targeting availability and affordability to boost inclusion

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The availability and affordability of financial services such as payments, savings, credit and insurance are central to financial inclusion. Rural populations, women and low-income groups in Côte d’Ivoire have historically had less access to financial services, which has impeded growth and economic activity. The comparatively high cost of traditional banking products has also been a contributor to low uptake. However, the development and increasingly widespread use of mobile money and digital financial services are playing a significant role in the country’s economic performance and catalysing financial inclusion. Mobile Money The number of Ivorians using mobile money services rose from 7.5m in 2016, or 30% of

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