Economy
From The Report: Cote d'Ivoire 2015
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Driven by rising government spending and public-private partnerships (PPPs) in infrastructure, economic growth has rebounded to high single-digits in the years since 2012. While substantial debt relief and support from development finance institutions is underwriting fast-rising public investment, attracting both foreign and domestic private investment will be crucial to attaining the government’s goal of becoming an emerging economy by 2020 – an area where the government has seen some early successes, with a six-times oversubscribed eurobond and a rise in PPPs. Eager to regain its position as the unrivalled economic hub for the region, the authorities are aggressively reforming the business climate to support private sector development. With substantial public investment in infrastructure driving the country’s rapid economic rebound, Côte d’Ivoire looks set for at least high single-digit growth in 2015 and 2016.

This chapter contains interviews with Prime Minister Daniel Kablan Duncan; Donald Kaberuka, President, African Development Bank; Emmanuel Esmel Essis, Director-General, Investment Promotion Agency of Côte d’Ivoire.

Articles from this Chapter

Overview

Rapid rebound: Recovery is well under way following years of uncertainty
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A heavyweight within the West African Economic and Monetary Union (Union Economique et Monétaire Ouest-Africaine, UEMOA), accounting for 35% of the eight-member region’s GDP, Côte d’Ivoire’s growth is a bellwether for Francophone West Africa. Driven by rising public spending and public-private partnerships (PPPs) in infrastructure projects, economic growth has rebounded to high single-digits in the years since 2012. While substantial debt relief and support from development finance institutions…

Interview

Prime Minister Daniel Kablan Duncan: Interview
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Interview:Prime Minister Daniel Kablan Duncan What sort of participation in the economy is expected from the private sector? DANIEL KABLAN DUNCAN: The 2012-15 National Development Plan (NDP) is estimated to cost $22bn, and the government’s objective is that 60% of this, or $13bn, should be financed by the private sector. The Ivorian government wants to cooperate with the best companies out there; there is no room for mediocrity in our economic development. But one cannot attract private…

Analysis

Fiscal drivers: The authorities are making considerable efforts to stabilise spending and reassure potential lenders
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The National Development Plan (NDP) boosted public investment from 3% of GDP in 2011 to 9.7% by 2015, but headline spending is not the only notable aspect of Côte d’Ivoire’s fiscal policy. With donor support the authorities have also made headway on improving execution of spending and shifting funds to capital projects – even if recurrent spending still accounts for a larger share of the budget than in other West African Economic and Monetary Union (Union Economique et Monétaire Ouest-Africaine,…

Interview

Donald Kaberuka, President, African Development Bank: Interview
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Interview:Donald Kaberuka What challenges do sub-Saharan African (sSA) governments face in terms of financial management? DONALD KABERUKA: In the past six years African governments have been good examples of prudent public financial management – better examples than their European peers. For instance, Côte d’Ivoire’s overall fiscal deficit was at a mere 2.3% of GDP in 2013. However, sSA countries can be at risk if the deficit is financed by domestic borrowing, as this increases interest…

Analysis

Casting a wider net: The country is aiming to diversify its economy and its trade partners
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n open economy with trade accounting for 91% of GDP in 2013, Côte d’Ivoire has traditionally held a central position in regional trade. The heavyweight of the West African Economic and Monetary Union (Union Economique et Monétaire Ouest-Africaine, UEMOA) with 35% of regional GDP, the country lost some of its stature over the decade of unrest. As it rebuilds its infrastructure to regain West African transit and transshipment trade that has been lost to Senegal, Togo and Ghana, it is also seeking…

Interview

Emmanuel Esmel Essis, Director-General, Investment Promotion Agency of Côte d’Ivoire (CEPICI): Interview
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Interview:Emmanuel Esmel Essis Compared to the government’s expectation, how has foreign direct investment evolved? EMMANUEL ESMEL ESSIS: Our country has come a long way over the last decade, and the government now aims to record levels of investment similar to those of emerging countries. Côte d’Ivoire’s investment rate is expected to rise from 13.7% of GDP in 2012 to 23.5% in 2015. Within the National Development Plan (NDP) budget of CFA11trn (€16.5bn), private investment is expected…

Analysis

Open for business: Efforts to improve the country’s pull for investors are bearing fruit
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While Côte d’Ivoire has a natural advantage in the West African Economic and Monetary Union (Union Economique et Monétaire Ouest-Africaine, UEMOA), with the region’s largest market and most developed infrastructure, authorities are striving to improve the country’s soft infrastructure to improve rankings in international investment climate indexes. From revising the Investment Code to establishing a commercial court and streamlining registration and tax procedures, the government has made…