Growth driver in West Africa

Since the end of political instability in 2012, the country has enjoyed a sustained upturn. The economy is comparatively broadly based and – unlike other African countries – has been spared strong currency devaluations, high inflation rates and financing difficulties in the wake of the interest rate turnaround

One of the reasons for growth is the increasing offshore oil production. In addition, there is rising income from metal exports (gold, manganese, nickel). Accordingly, the country is dependent on commodity pricees. Another weakness is that the economic momentum is mainly focussed on the Abidjan area, creates too few jobs and hardly reaches the poor.

Opportunities for entrepreneurs are offered by infrastructure development, for example: Motorways, bridges and feeder roads are planned in Cote d’Ivoire. The metropolis of Abidjan is to receive an express bus system. Market experts also see potential in solar energy and also bio-energy from waste produced during the cultivation of cocoa, cotton and palm oil.

Another advantage is that companies can tap into other markets in francophone West Africa. German technologies and products enjoy an excellent reputation and investments from Germany are explicitly welcomed.

Economy. According to the IMF, the economy grew by 6.2 percent in 2023. For the current and the next year, economists predict growths rates of 6.5 and 6.4 percent. The gross domestic product per capita rose from the equivalent of 1173 to 2729 Dollars since 2003. Inflation recently stood at 3.7 per cent. National debt has reached around 61 per cent of GDP.

Population. Cote d’Ivoire has 29.6 million inhabitants; the population grows with an annual rate of around 2.5 percent. Since 2002, the fertilty rate has risen slightly from 5.7 to 4.3 children per woman. Life expectancy was at 59 years recently (twenty years ago: 51). 70,4 percent of the population has access to electricity (twenty years ago, it was 51,5 percent).

Governance. On Transparency International’s latest Corruption Perceptions Index, Cote d’Ivoire ranks 87th out of 180. Since 2022, the country gained some ground here: the score rose from 37 to 40 points, putting Cote d’Ivoire on a par with Columbia, Tanzania and Tunisia – and ahead of countries such as India and Brazil.

Sources and further information:

World Bank: https://data.worldbank.org/country/cote-divoire

Africa Business Guide https://www.africa-business-guide.de/de/maerkte/cote-d-ivoire

Germany Trade & Invest: https://www.gtai.de/resource/blob/585302/9a1f6a6382de67b65c251adba8bc517e/GTAI-Wirtschaftsdaten_Dezember2023_Cote-d-Ivoire.pdf

Transparency International: https://www.transparency.org/en/cpi/2023/index/nga