Côte d’Ivoire’s economy shows resilience amid global recession fearsMacroeconomic reforms have received top priority during President Ouattara’s government, partly because he applies his experience as a former IMF official in policy decisions. Due to the robust pre-crisis foundations, significant economic diversity, and early easing of fiscal policy, Côte d’Ivoire displayed remarkable resilience during the pandemic. Agriculture supports more than half of Côte d’Ivoire’s labour, providing 21.4 per cent of the nation’s GDP and employing 40 per cent of the labour force. Côte d’Ivoire has enjoyed one of the highest continuous economic growth rates in Sub-Saharan Africa during the last decade. Real GDP growth has averaged 8.2 per cent.
Côte d’Ivoire’s shielded by pre-pandemic fundamentalsIn early 2021, following the re-election of President Alassane Dramane Ouattara, the government was able to maintain political stability, keep jihadism out of the nation, and produce robust economic development. Macroeconomic reforms have received top priority during President Ouattara’s government, partly because he applies his experience as a former IMF official in policy decisions. Consequently, over the last decade, macroeconomic performance has significantly improved. Côte d’Ivoire was seen as one of the economies that would fare the best under the conditions when COVID-19 struck the continent.
Domestic reformsCôte d’Ivoire’s economic resilience was a result of domestic reforms in public administration and critical economic sectors, significant public investment in rural infrastructure, education, and health care, as well as favourable contextual factors like the effects of the sizeable cancellation of external debt in 2021 and initially favourable global prices for cash crops.
Sectors driving Côte d’Ivoire’s economy
AgricultureAgriculture supports more than half of Côte d’Ivoire’s labour. The sector employs 40 per cent of the labour force, providing 21.4 per cent of the nation’s GDP. Locally cultivated subsistence crops provide the majority of rural household requirements. The Ivorian government is establishing raw material processing facilities to maximise agricultural production.
The primary export product is cocoa beans, farmed by more than a quarter of the population. After surpassing Ghana’s cocoa bean exports in the late 1980s, Côte d’Ivoire became the world’s biggest producer. In addition, Côte d’Ivoire is a significant palm oil exporter. The palm oil sector has an export value of $38.42 million and a volume of 32.19 million metric tons in 2021. Côte d’Ivoire is also one of the major coffee producers in Africa. According to the United States Department of Agriculture (USDA), the nation will export 800,000 60kg bags in 2022/23.coffee.
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