Cote d`Ivoire

In-depth country-focused analysis on Cote d'Ivoire's economic, political and operational risk environment, complemented by detailed sector insight

Cote d`Ivoire

Our comprehensive assessment of Cote d'Ivoire's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Cote d'Ivoire, as well as the latest industry developments that could impact Cote d'Ivoire's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Cote d'Ivoire before your competitors.

Country Risk

Cote d`Ivoire Country Risk

BMI View:

Core Views:

  • The Ivoirien economy will continue to fire on all cylinders in 2016, as strong macroeconomic fundamentals and a reduction in political risk following the 2015 presidential elections encourage inward investment, and we forecast a real GDP expansion of 9.6%.

  • We maintain our view that Cote d'Ivoire's budget deficit will remain wide in 2016 and 2017 as the government invests in a series of key infrastructure projects, before beginning to decrease from 2018 onwards. With the eurobond issuance we had previously anticipated looking less likely, we believe that Cote d'Ivoire will make use of concessional and semi-concessional lending in order to fund its plans.

  • Cote d'Ivoire's current account deficit will enjoy a recovery from 2017 onwards following its sharp deterioration in 2016. This will be...

Cote d`Ivoire Operational Risk Coverage (9)

Cote d`Ivoire Operational Risk

BMI View:

BMI View : Cote d'Ivoire offers a number of strategic operational advantages for businesses looking to invest in the region, including an increasingly investor-friendly business environment, a growing economy and a stable political environment, rendering it one of the most attractive investment hubs in the region. However, risks remain in the partiality of the judiciary, the limited availability of skilled labour, and a high prevalence of crime, which increase the difficulty of doing business in the country. Other notable threats include the limited availability of government healthcare resources, corruption and a high overall tax burden. As a result, Cote d'Ivoire receives a score of 38.9...

Cote d`Ivoire Crime & Security

BMI View:

BMI View: Cote d'Ivoire's operating environment is threatened by high levels of crime and the growing risk of terrorism from Islamist organisations operating in the region. Businesses must incur costs associated with protection of their employees, while their physical and financial assets are at risk of being stolen or damaged, whether through piracy attacks on cargo or online financial fraud. Cote d'Ivoire receives a score of 28.5 out of 100 for Crime and Security Risk, putting it in 31st place out of 48 Sub-Saharan Africa states.

Crime Remains A High Threat
Cote d'Ivoire & SSA Regional Average - Crime & Security Scores

Cote d`Ivoire Labour Market

BMI View:

BMI View: Cote d'Ivoire's labour market is not conducive to supporting the country's rapid economic growth. The population is young, highly urbanised and growing, but lacks the education and skills required by the economy, largely due to very low education participation rates across the board which have arisen from the country's recent violent history and prevalence of working children. Furthermore, labour is relatively expensive with high costs of employment and strict legislation governing the hiring of foreign workers, which erodes Cote d'Ivoire's competitiveness in comparison to regional peers. As a result, Cote d'Ivoire scores an unimpressive 37.5 out of 100, ranking the country in 26th place out of 48 Sub-Saharan African states.


Cote d`Ivoire Logistics

BMI View:

BMI View : Cote d'Ivoire's supply chains suffer from insufficient regional linkages and stifling bureaucracy, which prevent the country from becoming a West African trade hub and damage its attractiveness for investors. Although Cote d'Ivoire has a relatively average trade bureaucracy by regional standards, the country underperforms in Trade Procedures and Governance due to elevated shipping costs and laborious bureaucracy, which translates into extended lead times for international shipments. Nevertheless, a growing telecommunications industry, abundant water resources, and extensive oil refining capabilities boost the country's overall competitiveness in the realm of Market Size and Utilities. Consequently, BMI awards Cote d&#...

Cote d`Ivoire Trade & Investment

BMI View:

BMI View : Investors in Côte d'Ivoire are able to take advantage of the country's return to political stability and economic growth thanks to President Alassane Ouattara's business friendly reforms. These include a new investment code which incentivises foreign investment, targeted infrastructure upgrading, and streamlining the country's commercial dispute resolution mechanisms. Equally, the country's expanding consumer class has access to credit facilities on account of the proliferation of mobile banking, thereby expanding the size of the domestic market. Even so, despite Côte d'Ivoire's strides forward, businesses must still negotiate a number of hurdles when conducting business in the country. Most notably, judges in the Ivoirian judicial system are political appointees and are renowned for their partiality when settling...

Cote d`Ivoire Industry Coverage (8)


Cote d`Ivoire Agribusiness

BMI View:

BMI View: The Ivorian cocoa sector will post modest growth over the coming years. Sector reforms, including a minimum set price paid to farmers, will help production to improve. However, the sector will remain fragmented over the coming years, and reduced smuggling from Ghana will reduce total cocoa supply available in Cote d'Ivoire. The regional palm oil sector will face long-term structural challenges, but Cote d'Ivoire will see the some of the strongest growth in Sub-Saharan Africa and strengthen its position as a net palm oil exporter over...


Cote d`Ivoire Autos

BMI View:

BMI View: Healthy private consumption levels, coupled with low stable inflation and resulting low interest rates, will support passenger vehicle sales throughout 2016. The government's commitment to infrastructure investment will boost the commercial vehicle segment over our 2016-2020 forecast period .

Consumption Levels Driving Passenger Vehicle Sales
Passenger Vehicle Sales

Food & Drink

Cote d`Ivoire Food & Drink

BMI View:

BMI View: We hold a positive outlook for the Ivorian consumer, underpinned by Cote d'Ivoire's economic expansion, which is one of the strongest in the region. Low inflation, rising disposable incomes and favourable demographics will be the key drivers of growth in the food and drink industry over our forecast period.

Food And Drink Spending
f = BMI forecast. Source: BMI, national statistics...


Cote d`Ivoire Infrastructure

BMI View:

BMI View : Cote d'Ivoire construction industry will average annual growth of 6.4% in real terms over our 10-year forecast period, driven primarily by investment flows into energy infrastructure and freight logistics capability. With the government committed to driving infrastructure development the peaceful re-election of President Alassane Outtara and subsequent political stability will further the market's regional outperformance.


  • We are forecasting 9.2% real growth over 2016, 7.3% over the next five years and 6.4% over our full 10-year forecast period. The key drivers of investment will come from expansion in the power sector and improvements to freight logistics infrastructure.

  • Cote d'Ivoire has had its attractiveness...


Cote d`Ivoire Mining

BMI View:

BMI View: West Africa's growth outlook will weaken on the back of continued mineral price weakness, inadequate infrastructure and the aftermath of the Ebola outbreak over the coming quarters. The region's long-term growth outlook remains promising due to countries' vast untapped mineral reserves, positive foreign investment outlook and infrastructure developments.

Select Countries - Mining Industry Forecast
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Pharmaceuticals & Healthcare

Cote d`Ivoire Pharmaceuticals & Healthcare

BMI View:

BMI View: Cote d'Ivoire's pharmaceutical and healthcare markets will be given a boost following signs of impressive economic growth and the government's ongoing commitment to universal healthcare provision. We expect opportunities for innovative drugmakers to come into fruition over the coming years, in line with the rising non-communicable disease burden. However, these will be limited in their success as the West African nation continues to lack effective patent legislation and a reimbursement regime. Investor sentiment will also be deterred by ongoing political issues in the country, with tensions expected to remain volatile over the foreseeable future.

Headline Expenditure Projections

  • Pharmaceuticals: XOF259.97bn (USD440mn) in 2015 to XOF277.20bn (USD450mn) in 2016...


Cote d`Ivoire Telecommunications

BMI View:

BMI View: The Q1 2016 West and Central Africa report analyses latest industry, regulatory and macroeconomic developments and trends in the telecommunications market in seven countries: Cameroon, Cote d' Ivoire, the Democratic Republic of Congo (DRC), Gabon, Mali, Mauritania and Senegal. Strong growth over the past few years has resulted in more saturated markets, at least in terms of the number of mobile telephony subscriptions. However, there is considerable long term value to be gleaned from these markets and, moving towards 2019 and beyond, regional mobile operators will increasingly shift towards advanced data services to sustain and build on revenue generation. The efforts of operators will be complemented by the uptake of low-cost smartphones and mobile devices along with access to cheap and more reliable international bandwidth connectivity via submarine cables.

Regional Markets To Show Strong...

Cote d`Ivoire Telecommunications

BMI View:

BMI View: We maintain our view that the telecommunications market in Cote d'Ivoire is in a state of flux, with consolidation and new technologies on the horizon. New LTE licenses have been awarded and the government aims to consolidate the smaller players into a viable operator capable of competing with market leaders Orange, MTN and Maroc Telecom. The regulator is wary of such a move, but the strong macroeconomic outlook as well as demand for advanced services such as mobile money, make the country a bright...

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