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Ivory Coast

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Economic and political overview

Economic Overview

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Ivory Coast’s economy proved resilient to the Covid-19 pandemic, and is amongst the fastest growing economies in Sub-Saharan Africa. After reaching 7% in 2021, GDP growth slowed down to 5.5% in 2022, due to subdued global demand, worsened terms of trade and increased uncertainty (IMF). However, economic growth is expected to accelerate to 6.5% in 2023 and 6.6% in 2024 (IMF). Investments, industrial activity, reforms and consumption should support growth.

After a strong recovery from the pandemic in 2021, Ivory Coast’s economy remained solid in 2022, but was impacted by the consequences of the war in Ukraine. The Ivorian authorities took several temporary measures to tackle this external shock, such as introducing price ceilings on several food items (IMF). Fiscal deficit increased to -5.3% GDP in 2022 from 5% GDP in 2021, but it is expected to decrease to 4% in 2023 through fiscal consolidation efforts (IMF). The return to the 3% WAEMU norm is planned for 2024. Public debt increased from 52.1% GDP in 2021 to 56.0% GDP in 2022, and it is expected to slightly decrease to 55.1% GDP in 2023 and 53.7% GDP in 2024 (IMF). Despite the moderate risk of debt distress, the space to absorb future shocks is very limited, highlighting the need to accelerate efforts to mobilize domestic revenue (IMF). Inflation increased to 5.5% in 2022, from 4.2% in 2020, and is expected to remain high in 2023 (4%) before declining to 1.8% in 2024 (IMF). The authorities are committed to pursue fiscal consolidation, and adopt tighter monetary policy. The new National Development Plan 2021-2025 focuses on governance and modernization of the State, economic diversification, human capital, social inclusion and infrastructure. According to the IMF, over the medium term the main challenges include addressing pressing development needs, limiting debt vulnerabilities and increasing domestic revenue mobilization. Coface identifies the low share of investment, the high share allocated to the wage bill, the gradual rollout of universal health coverage and improvements to the quality of education and health as the main challenges.

Despite good economic performance, the poverty rate grew sharply compared to its level three decades ago. More than 45% of the population lives under the poverty threshold, and around a quarter of the working population remains unemployed. Unemployment rate was estimated by the World Bank at 3.5% in 2021. According to UNDP, during the COVID-19 pandemic, 27.5% of households were technically unemployed and 44.4% of households were forced to work part-time.

 
Main Indicators 202020212022 (E)2023 (E)2024 (E)
GDP (billions USD) 62.9571.7170.0577.0583.23
GDP (Constant Prices, Annual % Change) 1.77.06.76.26.6
GDP per Capita (USD) 2,3352,5932,4682,6462,786
General Government Gross Debt (in % of GDP) 46.350.956.863.360.6
Inflation Rate (%) 2.44.25.23.71.8
Current Account (billions USD) -1.97-2.87-4.58-4.42-4.39
Current Account (in % of GDP) -3.1-4.0-6.5-5.7-5.3

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

Côte d'Ivoire is the world’s largest producer and exporter of cocoa (30% of the world production), one of the three bigger producer and exporter of cashew, and a major exporter of palm oil, coffee and oil. The country’s economy is mainly based on agriculture. The primary sector contributes to 19.9% of the GDP and employs 40% of the country's active population (World Bank). The government is trying to maximise agricultural output by developing raw material processing units. It launched a 5-year (2018-2023) plan funded by the World Bank, valued at XOF 107 billion and aiming at making the cashew sector more profitable. In recent years, rubber output has increased substantially. The oil sector has been gaining weight over the past few years, leveraging a steady growth rate and major investments. The country has some mining activities, particularly of precious minerals, such as gold and diamonds, but also others like nickel.

The industrial sector contributes to 21.4% of the GDP and employs 13% of active population (World Bank). The country's main industrial sectors include food processing, textiles, construction materials, fertilizers, tuna canning and motorbikes, vehicles and bicycles assembling.

Like in many other African countries, the tertiary sector has grown at relatively rapid rate in the last several years. The telecommunications sector is booming and, together with other sectors, are key drivers of services. The services sector contributes to 52.2% of the GDP and employs 47% of the workforce (World Bank).

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 40.2 12.9 47.0
Value Added (in % of GDP) 19.9 21.4 52.2
Value Added (Annual % Change) 1.9 6.2 8.7

Source: World Bank - Latest available data.

 
Monetary Indicators 20162017201820192020
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 593.01582.09555.72585.90575.59

Source: World Bank - Latest available data.

 

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Foreign Trade

The Ivory Coast is the hub of commercial activities in West Africa. The share of foreign trade in the country's GDP is 46% (World Bank, latest available data). The country mainly exports foodstuffs, including cocoa, coconut, banana and fish, refined petroleum, gold, rubber and cotton. The main import commodities are crude petroleum, frozen fish, rice, medicine, vehicles, and machinery (Comtrade).

The Ivory Coast is a member of the UEMOA (West African Economic and Monetary Union), which enforces a Common External Tariff (CET). It also belongs to the Free Trade Zone. In 2008, the Ivory Coast signed a stepping stone economic partnership agreement (EPA) with the European Union (EU). This agreement entered into provisional application on 3 September 2016 and essentially aims at maintaining the preferential trade system that exists between the EU and the Ivory Coast. It will be replaced by the regional EU-West Africa EPA. Ivory Coast is also a signatory to the African Continental Free Trade Agreement. According to Comtrade, the country's main export partner is the Netherlands, which imports 10% of its products, followed by the USA (6.7%), Switzerland (6.5%), Vietnam (6.4%) and Belgium (5.4%). The Ivory Coast's three main suppliers are China (15%), Nigeria (13.1%) and France (10.8%), followed by India (5.1%) and the USA (4%).

The Ivory Coast has a structurally positive trade balance and this trend should continue in the upcoming years. In 2021, the country exported USD 14.99 billion worth of goods while it imported USD 14 billion of goods (WTO). Exports of services amounted to USD 871 million, while imports reached USD 3.65 billion (WTO). Port strikes negatively impacted exports in 2022 (Focus Economics).

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 9,60510,97010,48310,65014,007
Exports of Goods (million USD) 11,85311,91212,62911,92214,994
Imports of Services (million USD) 3,1803,3853,3313,1193,648
Exports of Services (million USD) 8691,1301,1211,017871

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 48.546.146.442.245.7
Trade Balance (million USD) 3,3742,2033,1512,982n/a
Trade Balance (Including Service) (million USD) 1,007-99910572n/a
Imports of Goods and Services (Annual % Change) 11.013.41.21.412.7
Exports of Goods and Services (Annual % Change) 10.0-0.117.8-6.53.7
Imports of Goods and Services (in % of GDP) 23.623.422.620.622.8
Exports of Goods and Services (in % of GDP) 24.922.623.821.623.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 0.35.78.58.38.2
Volume of imports of goods and services (Annual % change) 7.25.35.75.77.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Côte d'Ivoire is a member of the Economic Commmunity of West African States (ECOWAS), and of the West African Economic and Monetary Union (UEMOA).
 

Main Partner Countries

Main Customers
(% of Exports)		 2020
Netherlands 10.0%
United States 6.7%
Switzerland 6.5%
Vietnam 6.4%
Belgium 5.4%
See More Countries 65.0%
Main Suppliers
(% of Imports)		 2020
China 15.0%
France 10.8%
India 5.1%
United States 4.0%
Türkiye 3.1%
See More Countries 61.9%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President: Alassane Dramane OUATTARA (since 4 December 2010)
Prime Minister: Patrick ACHI (since 19 April 2022)
Next Election Dates
Presidential: October 2025
Senate: 2023
National Assembly: 2026
Main Political Parties
There are many legal political parties in the Ivory Coast, but very few have secured national support. The Rally of Houphouetists for Democracy and Peace (RHDP) currently holds more than half of parliamentary seats. The main political parties are:

- Rally of Republicans (RDR): centre, advocates liberal ideology
- Democratic Party of Côte d'Ivoire (PDCI): centre-right, the oldest political party, advocates democratic values
- Union for Democracy and Peace in Côte d'Ivoire (UDPCI): party to the ruling coalition
- Ivorian Popular Front (FPI): centre left, former presidential party
- Rally of Houphouetists for Democracy and Peace (RHDP): party to the ruling coalition
- Movement of Forces of the Future (MFA): party to the ruling coalition
- Union for Côte d'Ivoire (UPCI)
- Ivorian Workers Party ( PIT): centre-left, democratic socialist
- The Renaissance
- Liberty and Democracy for the Republic (LIDER)
Executive Power
The President, elected for five years by universal suffrage, enjoys most of the executive powers which include implementation of the law in the country and running the day-to-day affairs. The Prime Minister is the Head of Government and is appointed by the President to serve a term of five years. The Prime Minister works under the President. The Council of Ministers (cabinet) is also appointed by the President.

The new Constitution of 2016 provides for the creation of a new vice-presidential position.

Legislative Power
Until the end of 2016 and the approval of a new Constitution, the legislative power in Côte d'Ivoire was unicameral. The parliament, called the National Assembly, consisted of 255 seats. Its members were elected in single or multi-member district elections by direct universal suffrage for five years. Since April 2018, the legislature has been bicameral with the creation of a Senate, whose members are elected for five years. They are two-thirds elected by direct universal suffrage, while the president appoints the remaining third "among the former presidents of institutions, former prime ministers and national personalities and skills." The conditions for revision of the Constitution will be facilitated while the House of Kings and Traditional Chiefs will be constitutionalized.
Ivorian citizens enjoy very limited political rights. The president can dissolve parliament or veto its provisions.
 

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COVID-19 Country Response

COVID-19 epidemic evolution
To find out about the latest status of the evolution of the COVID19 pandemic and the most up-to-date statistics on the COVID19 disease in Côte d’Ivoire, please visit the Ivorian government platform, containing the official data. Official information on the progress of the epidemic in Côte d'Ivoire is available at info-covid19.gouv.ci. This platform provides a daily epidemiological update, which includes key national figures.
For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.
Sanitary measures
To find out about the latest public health situation in Côte d’Ivoire and the sanitary measures currently in force, please consult the platform info-covid19.gouv.ci  including updated information on the containment measures put in place and public health recommendations.
Travel restrictions
The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. All travelers need to pay close attention to the conditions at their destination before traveling. Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.
It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.
The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.
The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings.
Import & export restrictions
For information on all the measures applicable to the movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including possible import and export restrictions, if applicable), consult the Ivorian Ivorian government platform.
For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Côte d’Ivoire on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan
For information on the economic recovery plan put in place by the Ivorian government to address the impact of the COVID19 pandemic on the Ivorian economy, please visit  the Ivorian government platform. Information on the recovery programme is available here.
For a general overview of the key economic policy measures (fiscal, monetary and macroeconomic) taken by the government of Côte d’Ivoire to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Côte d’Ivoire in the IMF’s Policy Tracker platform.
Support plan for businesses
For information on the local business support programme set up by the Ivorian government to help small and medium enterprises cope with the economic impacts of the COVID19 epidemic on their activity, please consult Ivorian government platform. Information on support to SME's is available here.
For a general overview of international SME support policy responses to the COVID-19 outbreak, please refer to the World Bank's Map of SME-Support Measures in Response to COVID-19.
Support plan for exporters
Official government sources do not provide information on specific support programmes for exporting enterprises following the coronavirus outbreak.
 

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