Ivory Coast a regional economic power.
Ivory Coast – in french Côte d’Ivoire, in the long form of the Republic of Côte d’Ivoire (RCI), is a country located in West Africa, on the Atlantic Ocean, in the western part of the Gulf of Guinea. Covering an area of 322,462 km2, it is bordered to the north-northwest by Mali, to the northeast by Burkina Faso, to the east by Ghana, to the southwest by Liberia, to the west-northwest by Guinea and south by the Atlantic Ocean.
The population is estimated at 26,594,750 in 2017. Ivory Coast’s political and administrative capital is Yamoussoukro, although almost all of its institutions are located in Abidjan, its main economic center. With French as the official language, there are more than 60 other dialects spoken daily. Its currency is the CFA franc. The country is part of ECOWAS, the African Union and the Organization of Islamic Cooperation.
A good economy on the agricultural and industrial level which requires more strategic efforts from several economic players within a vision of a Public-Private partnership.
Ivory Coast, which has solid economic assets, is a sub-regional power. It has infrastructures inherited from the two decades of the « Ivorian miracle » (1960-1980) : 2nd port in sub-Saharan Africa, important road network, recently enlarged international airport.
In the agricultural sector, the country is the 1st producer of cocoa in the world with more than 35% of the market. It is at the forefront of Africa for several other agricultural export products (rubber, cashews, cotton, coffee, oil palm, bananas, pineapples, cola).
The secondary sector is dominated by crude oil refining, construction and agrifood processing. The tertiary sector (47% of GDP) is strongly dominated by banking, transport, distribution and ICT, including mobile telephony (five operators). The country ensures its energy self-sufficiency thanks to the exploitation for a few years of gas and oil deposits ; they allowed it to export electricity and petroleum products to the subregion.
With growth of 8.6% per year on average since 2012, Ivory Coast aims to reach the rank of emerging economy in 2020. The national development program (PND) for the period 2016-2020 provides for major reforms structural measures aimed at stimulating sustained growth, driven by the private sector, and structurally transforming the economy.
Despite efforts by the Ivorian authorities unanimously praised by the international financial community, the budgetary situation deteriorated in 2017 due to the decrease in the price of cocoa and the demand movements which led to a decrease in revenue. Better redistribution of growth is also necessary for the sustainable improvement of development indices.
For more discovering the country, INNOVATE Research & Marketing team put at your disposal a Desk research report covering several aspects of the life in Ivory Coast.
Download Ivory Coast Desk Report here.