Assessing Cote d’Ivoire’s pandemic recovery efforts

The West African nation of Côte d’Ivoire, commonly known as Ivory Coast, has been navigating the challenging economic landscape brought about by the COVID-19 pandemic with impressive resilience. With the International Monetary Fund projecting a growth rate of about 6% for the country this year, the outlook appears promising despite the global economic downturn. In a recent interview with CNBC Africa, Ayalanesh Tafesse, a Country Risk Analyst at Rand Merchant Bank, shed light on the factors contributing to Côte d’Ivoire's economic recovery and the initiatives in place to bolster growth. Tafesse highlighted how the country managed to avoid a recession in 2020, showcasing its robust economic performance compared to its regional peers. One of the key drivers of this resilience has been the gradual lifting of lockdown measures, leading to improved manufacturing output and increased credit extension into the economy. These factors, combined with a focus on infrastructure development and export sector recovery, are paving the way for sustained growth in 2021. The implementation of the national development plan for 2021 to 2025, which emphasizes public spending on infrastructure projects, is expected to play a crucial role in driving economic expansion. Major projects such as the expansion of the port of Abidjan and transport links with neighboring countries are already underway, laying the groundwork for future growth. Additionally, upcoming events like the African Cup of Nations in 2023 are poised to further stimulate the construction sector and create new opportunities for economic development. The export sector, particularly in cashew and cocoa production, holds significant potential for growth, with global demand showing signs of recovery. The recent decree by the government requiring multinational companies to source 20% of their cocoa from local suppliers aligns with efforts to strengthen the value chain and boost domestic processing capacity. While the target of doubling cocoa production capacity by 2023 presents a bold ambition, recent investments by China in new processing facilities signal a positive trajectory for the industry. In light of these developments, investors are closely monitoring progress in infrastructure, construction, and export sectors to gauge the country's economic performance. Côte d’Ivoire's proactive measures and strategic initiatives are indicative of a steadfast commitment to sustainable growth and economic stability amidst unprecedented challenges. The country's resilience and determination to overcome adversity position it as a beacon of hope in the region, fostering optimism for a brighter future ahead.