The Report: Cote d'Ivoire 2020
Côte d’Ivoire is an economic powerhouse in West Africa, posting average growth of 8% between 2011 and 2018. However, the rate of GDP growth in real terms fell to 6.7% in 2019 and is expected to contract to 2.7% in 2020 due to the Covid-19 pandemic and subsequent widespread shutdowns. Looking to the future, the IMF expects growth to rebound to 8.7% in 2021, highlighting the country’s economic resilience.
Country Profile
Côte d’Ivoire is one of Africa’s most rapidly expanding economies, with significant oil, gas and mineral reserves; a major agriculture sector; and a growing, youthful population driving the country forward. Spread across a wide range of ecosystems, from tropical rainforests to dry savannah, the former French colony is a mosaic of ethnicities, languages and religions. The presidential elections in October 2020 will be a key test of how far this diverse country has come towards peace and reconciliation since the political instability from 2010 to 2011. Meanwhile, economic inclusion continues to be a priority. Prior to the Covid-19 pandemic the country’s growth trajectory was expected to continue, but due to the fallout from the lockdowns and other social-distancing measures this figure is expected to slow significantly. This chapter contains a viewpoint with President Alassane Dramane Ouattara; interviews with Mukhisa Kituyi, Secretary-General, UN Conference on Trade and Development; and Sean Cairncross, CEO, Millennium Challenge Corporation.
Explore chapterEconomy
Following the achievements of the past few years, Côte d’Ivoire is in a good position to continue along its path of strong economic growth once the global economy has recovered from the effects of the Covid-19 pandemic. Moves made to diversify the economy away from a reliance on raw exports are already paying dividends, as are improvements made to the investment environment in sectors with untapped potential, such as mining. However, further strengthening the business climate will be necessary to encourage expansion led by the private sector. While the current strategy of investing into poverty reduction highlights the government’s recognition of the need for more equitable growth, poverty rates are still high. Initiatives such as the Social Government Programme 2019-20, which aims to reduce poverty by raising formal employment and boosting productivity across nascent sectors such as manufacturing, will be key to the nation’s development. This chapter contains interviews with Emmanuel Esmel Essis, Director-General, Investment Promotion Agency of Côte d’Ivoire; Jean-Marie Ackah, President, General Confederation of Businesses of Côte d’Ivoire; and President, Federation of West African Employers’ Organisation; and Eric Kacou, CEO, Entrepreneurial Solutions Partners.
Explore chapterBanking
The banking sector has been central to the country’s ongoing economic recovery, providing a strong growth platform for lenders operating in Côte d’Ivoire. As liquidity demands become stricter, new opportunities for mergers and acquisitions may arise – especially as some smaller competitors face difficulties raising new capital and expanding their customer base. Challenges for the sector’s growth in the short term notably include the 2020 presidential election, which may lead investors to adopt a wait-and-see approach. On a global level, it remains to be seen how far – and for how long – banking operations and economic activity more broadly will be disrupted by the Covid-19 pandemic. In the meantime, the ongoing integration of more stringent liquidity and lending ratios is helping to solidify the Ivorian banking sector. This chapter contains interviews with Tiémoko Meyliet Koné, Governor, Central Bank of West African States; and Jean-Luc Konan, Managing Director, Groupe COFINA.
Explore chapterCapital Markets
West Africa’s stock exchange, the Bourse Régionale de Valeurs Mobilières (BRVM) has come a long way since its launch two decades ago. Nonetheless, as West African markets continue to undergo rapid economic development, much of the exchange’s full potential has yet to be realised. Côte d’Ivoire – given its strong presence on the exchange – will continue to play a pivotal role. In the short term, the BRVM will need to grapple with a number of events, such as the presidential elections scheduled for the fourth quarter of 2020, as well as global recessionary pressures that will likely affect investment flows as a result of the Covid-19 pandemic. This chapter contains interviews with Félix Edoh Kossi Aménounvé, CEO, Bourse Régionale des Valeurs Mobilières; Niamkey Isidore Tanoé, CEO, Atlantique Finance; Laureen Kouassi-Olsson, Regional Head for West and Central Africa, Amethis.
Explore chapterInsurance
Premium has risen steadily over recent years, although the level of insurance penetration remains relatively low, at roughly 2% of GDP in 2018, leaving ample room for expansion. Côte d’Ivoire has the largest market share of all 14 members of the Inter-African Conference on Insurance Markets, making the economic capital Abidjan an attractive jumping-off point for businesses looking to expand in the region. Yet, the industry is not without its challenges. New arrivals have contributed to oversupply, resulting in lower-than-average tariffs for insurance products such as auto coverage. This has led to a system whereby some insurers lower their prices to compete and then are unable to fulfil their commitments to customers. Such moves have resulted in a weak financial position for several industry companies and, in some cases, has negatively affected the perception of insurance at a time when the Covid-19 pandemic has weakened global financial markets.
Explore chapterEnergy & Mining
Côte d’Ivoire has traditionally based its energy supply on a combination of gas-fired generation and hydropower, being the first in sub-Saharan Africa to leverage the use of independent power producers for energy generation. However, the need to fulfil rising demand and make up for years of underinvestment in the early 2000s is driving diversification of the energy mix, with a focus on biomass and solar to add to the country’s 2200 MW of installed capacity. Although there is strong potential for renewable energy investment, improving and simplifying the tender process could help attract greater interest. In terms of hydrocarbons, Côte d’Ivoire has a significant amount of unexplored territory in its waters, and adequate investment incentives will play a significant role in precipitating any future discoveries. The country is also working to develop the mining industry and exploit known pockets of key mineral resources, such as gold, bauxite, diamonds and nickel. This chapter contains an interview with Eric Amoussouga, CEO for Francophone Africa, General Electric; and Christine Logbo-Kossi, Executive Director, Chamber of Mines of Côte d’Ivoire.
Explore chapterAgriculture
Côte d’Ivoire’s agriculture sector is both a key driver of the economy and a primary player in global markets for goods such as cocoa and rubber. Indeed, owing to its fertile land, the West African country has established itself as a major exporter of a wide range of raw agricultural products. At the same time, the government aims to secure the sector’s economic and environmental sustainability through measures such as expanding local processing to capture greater value added and combatting deforestation. Moreover, financing for these initiatives is likely to grow in the medium to long term, building on the sector’s economic potential. These efforts will create opportunities for investors to leverage higher output levels and will help boost the contribution of agriculture to the economy. This chapter contains an interview Françoise Mariame Koné Bédié, CEO, Professional Group of Exporters of Coffee and Cocoa.
Explore chapterIndustry & Retail
Government initiatives to strengthen Côte d’Ivoire’s industrial base have continued to yield results. However, despite public investment and government policies that have attracted private participation to the industrial sector, 2020 is likely to be a challenging year, with firms waiting to invest due to supply chain disruptions and the negative demand-side effects of the Covid-19 pandemic. Nevertheless, current policies and investments already under way leave the country’s industrial sector well positioned for continued growth over the medium and long term. Moreover, the rising number of internet users, which reached 12m in 2018, has fuelled opportunities in e-commerce. While Côte d’Ivoire, like the rest of the world, is experiencing a decline in non-essential retail sales as a result of the global spread of Covid-19, the foundation for long-term growth in the sector is strong. This chapter contains an interview with Souleymane Diarrassouba, Minister of Commerce and Industry; and Abdelmajid Touzani, Regional Director for West Africa, Bühler.
Explore chapterTransport
Côte d’Ivoire’s transport sector has attracted significant attention in recent years due to the extensive infrastructure projects that are under way throughout the country, concurrently enhancing air, sea, rail and road connectivity. These projects are set to enable greater passenger flows and increased cargo capacity. While infrastructure development is imperative for the country’s economic growth and offers opportunities for investment, the ongoing development of major projects risks adding strain to Côte d’Ivoire’s existing road, port and rail networks. Funding from a number of multilateral and international organisations, as well as some domestic firms, will provide a greater amount of support to the government’s financing efforts. In the long term this is set reduce the time and cost of transporting passengers and goods, leading to enhanced economic opportunity and improved quality of life, particularly for those in the country’s urban centres. This chapter contains an interview with Asta-Rosa Cissé, Managing Director, Abidjan Terminal/Bolloré Transport & Logistics.
Explore chapterConstruction & Real Estate
The construction of numerous large infrastructure projects has contributed considerably to economic expansion since 2012. The sector’s dynamism has attracted international companies, particularly Chinese firms, which have completed several projects in transport, logistics and energy. With major infrastructure projects nearing completion and others under way, the construction and public works sector is likely to remain a key contributor to the economy in the medium term. Activity has also benefitted from a real estate boom, with many new properties in the pipeline, especially around Abidjan. However, since the government is increasingly looking to private funding to realise its construction and real estate ambitions, delayed investment due to the Covid-19 pandemic may impede meeting targets in 2020. This chapter contains interviews with Bruno Nabagné Koné, Minister of Construction, Housing and Urban Planning; and Clyde Fakhoury, CEO, PFO Africa.
Explore chapterICT
Côte d’Ivoire has seen some significant developments in its ICT sector in recent years. As the number of internet users continues to increase, so have the opportunities for digital service providers. Significant progress towards digitalisation in both the public and private sectors has also been realised. The government recently achieved milestones in its initiatives to digitalise official processes and services. Moving forward, demand for ICT services is set to rise, particularly as the Covid-19 pandemic in early 2020 led businesses, schools and government bodies to switch to remote working in response to travel restrictions. While this shift was already under way prior to the outbreak of Covid-19, the pandemic is likely to accelerate the development of the country’s digital economy. This chapter contains an interview with Ange Frédérick Balma, Founder and CEO, LiFi-LED; and Philippe Pango, CEO, Village of ICT and Biotechnology
Explore chapterTourism
High levels of economic growth beginning in 2012 and the government’s efforts to make Abidjan a destination for regional conferences have allowed business tourism to flourish, resulting in rapid development of the hospitality industry. As of mid-April 2020 the full extent of the impact of the Covid-19 pandemic on Côte d’Ivoire’s tourism sector remained unclear; however, the crisis is expected to significantly affect tourism numbers on a global scale in 2020. Nonetheless, the government’s ambitious plans to develop the leisure segment demonstrate the clear political will to make the sector a key driver of the economy in the long term. To succeed, Côte d’Ivoire will continue to develop its infrastructure – especially in the interior of the country with roads and airports – and diversify its offerings in terms of beach destinations, as well as cultural and nature tourism. This chapter contains an interview with Siandou Fofana, Minister of Tourism.
Explore chapterHealth & Education
Côte d’Ivoire has made a concerted effort in recent years to improve access to health care, rehabilitate and build facilities, and develop technical platforms aligned with international standards. There remains room for improvement in terms of quality, especially as universal health coverage is rolled out. Even so, efforts to expand access have been key to addressing the challenges brought on by the Covid-19 pandemic that emerged in early 2020. Efforts to boost access to education have had positive results at the primary level, where attendance surged. Despite investment aimed at recruiting teachers and building facilities, the situation continues to be more challenging at the higher levels. Access to secondary education remains limited and classes in public high schools overcrowded. While demo-graphics place significant pressure on the system and will necessitate more investment in all levels, plans to build more public universities, develop new trainings and reform vocational education bode well for the future. This chapter contains an interview with Eugène Aka-Aouélé, Minister of Health.
Explore chapterTax & Accountancy
In conjunction with EY, this chapter explores the taxation system and Côte d’Ivoire’s efforts to build an investor-friendly environment. It also contains an interview with Eric N’Guessan, Managing Partner, EY Côte d’Ivoire.
Explore chapterLegal Framework
This chapter introduces the reader to the different aspects of the legal system in Côte d’Ivoire in partnership with Bilé-Aka, Brizoua-Bi & Associés. It also contains a viewpoint with Joachim Bilé-Aka and Michel K Brizoua-Bi, Founders, Bilé-Aka, Brizoua-Bi & Associés.
Explore chapterThe Guide
This section includes information on hotels, government offices and other listings, alongside useful tips for visitors on topics like currency, visas, language, communications, dress code, business hours and electricity. It also contains an interview with Joseph-Olivier Biley, CEO, WeFly Agri.
Explore chapterTable of Contents
There are no articles in this chapter. To view the table of contents, please open click the "View in online reader" link above.
President Alassane Dramane Ouattara
Franck Riester, Former Minister Delegate for Foreign Trade and Economic Attractiveness of France
Solange Amichia, Managing Director, Investment Promotion Agency of Côte d’Ivoire (CEPICI)
Aymeric Villebrun, CEO, Société Générale Côte d’Ivoire
John van Zuylen, CEO, African Solar Industry Association
Massogbé Touré, Group Director, Société Ivoirienne de Traitement d’Anacarde
Business Ghana: Covid 19 and the Oil price slump in Africa Which countries will...
Journal l’Inter PRINT: Covid-19
LOpinion: Covid 19 et Maghreb Un avenir plus collaboratif
African Eye Report: Covid 19 and the Oil price slump in Africa Which countries...
