Will Cote D'Ivoire sustain positive momentum?

Cote D'Ivoire, the West African country, is on the path to continued economic growth, with an average estimated growth of 6.5% in 2021 according to the International Monetary Fund (IMF). The country's sustained investment in network infrastructure and its national development plan have been key drivers of this growth. Samuel Mathey, President of FAFEDE, discussed the progress made so far and the key reforms that have bolstered this growth trajectory. Mathey highlighted two significant events that have been favorable for Cote D'Ivoire - the rise in cocoa prices and the successful issuance of a $2.8 billion Eurobond. The surge in cocoa prices to $10,000 a ton in the futures market, one of the highest in a generation, has provided a boon for the country's economy. Additionally, Cote D'Ivoire's ability to secure a substantial amount in Eurobond amidst a challenging market speaks volumes about investor confidence in the nation's economic stability. These developments have positioned the country for continued economic prosperity. In tandem with its economic initiatives, Cote D'Ivoire unveiled a robust digital strategy earlier this year. The $3.3 billion investment in digital infrastructure, including 32 reforms, underscores the government's commitment to digital transformation. The strategy aims to streamline public finances, tax processes, and enhance transparency through digitalization. By requiring companies to pay taxes digitally, the government seeks to curb corruption, improve revenue collection, and advance financial oversight. As Cote D'Ivoire advances its digital agenda, job creation remains a focal point for sustainable growth. With an annual influx of over 400,000 young individuals entering the job market, job opportunities must expand to accommodate this demographic. The government has set an ambitious target to create 8 million new jobs by 2025 or 2030 to address the growing youth population. To achieve this goal, it is imperative to generate at least 1 million job opportunities annually. To stimulate job creation, Cote D'Ivoire is focusing on promoting entrepreneurship to cultivate a culture of job creators. Additionally, efforts are being made to enhance recruitment within the public sector, though challenges persist in narrowing the job market gap. The government's push for entrepreneurship and public sector job opportunities aligns with its broader strategy to address unemployment and foster economic growth. As Cote D'Ivoire navigates its economic landscape, the country's continued commitment to infrastructure development, digital transformation, and job creation will be pivotal in sustaining its positive momentum and fostering long-term prosperity.