Cocoa, oil, gold, football and debt – everything grows, will it last?

C2

MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in May 2023.

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GDP USD69.77bn (World Ranking 74, World Bank 2021)
Population 27.05mn (World Ranking 53, World Bank 2021)
Form of state Multiparty Presidential Republic 
Head of government Alassane Dramane OUATTARA
Next elections 2025, presidential
  • Stable political environment with increased efforts by authorities to enhance security as the country prepares to host the African football cup in early 2024.
  • World’s leading producer of cocoa (approximately 45-50% of global supply) and emerging producer of gold (48 metric tons in 2022, up from 42t in 2021). Crude oil and gold production is set to increase substantially by 2023 and 2024, respectively.
  • Member of the West African Economic and Monetary Union, benefited from a common currency, relative monetary stability and access to a liquidity pool mechanism that mitigates convertibility and transfer risk. The government has also benefited from considerable debt relief in recent years amid a significant improvement of the business climate.
  • Industry estimates suggest that Cote d’Ivoire accrues only around 4-6% of total revenue of the cocoa market and this contributes to modest overall fiscal revenues (17% of GDP).
  • Vulnerability to climate effects on agricultural output as well as violence spillover from terrorist activity in neighboring countries. Key challenges include production constraints due to insurgent or terrorist action in Northern areas as well as environmental concerns. In 2022, drought and smuggling fueled by higher farmgate prices in neighboring countries reduced cocoa output by 5.6%.
  • The central government budget deficit is estimated at slightly under 4% of GDP as of 2022, well above the pre-pandemic 2019 deficit of 2.3% due to increased debt service and subsidies.

Trade structure by destination/origin

(% of total, annual 2021)

Exports Rank Imports
Netherlands 11.2%
1
16.4% China
United States 7.4%
2
12.6% Nigeria
France 5.7%
3
11.1% France
Vietnam 5.6%
4
4.6% United States
Germany 5.0%
5
4.6% India

Trade structure by product

(% of total, annual 2021)

Exports Rank Imports
Coffee, tea, cocoa, spices, and manufactures thereof 38.9%
1
17.2% Petroleum, petroleum products and related materials
Petroleum, petroleum products and related materials 14.3%
2
9.4% Cereals and cereal preparations
Vegetables and fruits 9.5%
3
5.5% Road vehicles
Crude rubber (including synthetic and reclaimed) 8.0%
4
4.4% Fish, crustaceans, molluscs and preparations thereof
Gold, non-monetary (excluding gold ores and concentrates) 7.6%
5
3.9% Electrical machinery, apparatus and appliances, n.e.s.
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