Cote d’Ivoire sets aside $20bn for development

The world's top cocoa producer, once the motor for economic growth in West Africa, has seen a decade of stagnation as a political crisis split the country between northern rebels and government loyalists in the south.

The impasse ended with a brief but brutal civil war that killed around 3 000 people last year. An economic revival is now under way with growth of 8% expected this year following a 2011 contraction of 4.7%.

The country, led by new President Alassane Ouattara, a former top International Monetary Fund official, has set a goal of becoming a leading emerging economy by 2020.

"The objective is to fulfill the minimum conditions for Côte d'Ivoire's emergence by 2020, notably to achieve strong growth … and build for Ivorians a middle class capable of supporting that growth through consumption," the country's Planning Minister Albert Toikeusse Mabri told Parliament on Thursday.

Spending under the national development programme will target projects in sectors such as agriculture, security, transport infrastructure, energy production, health, and education.

State enterprises
The state owns stakes in many of the country's largest enterprises, including utilities and transport companies, through which it plans investments worth nearly 6.5-trillion CFA.

The government has already promised to pump around $500-million into power generation by 2015 in the aim of meeting rising domestic and export demand.

Mabri said the plan had received a boost from a decision last month by the IMF, World Bank and Paris Club lenders to cancel $10-billion of Côte d'Ivoire's estimated $12.5-billion external debt. The decision frees up some 40% of the budget previously destined for debt service.

"The resources will come from debt cancellation, internal resources and borrowing from partners," Mabri said.

Prime Minister Jeannot Kouadio-Ahoussou earlier this week predicted growth in the double digits by 2014, a forecast analysts say is overly optimistic.

Most analysts expect a marked improvement over years of stagnation that began even before a decade of political instability debunked the country's image as a rare example of stability in a tumultuous region. – Reuters

Guest Author

ANC and the state step back from taking action against...

Despite alleged abuses of power and people’s trust, the ANC appears to have abandoned plans to reform the controversial Ingonyama Trust Board

Mkhwebane moves to halt ‘grossly unfair’ impeachment process

Mkhwebane moves to halt ‘grossly unfair’ impeachment process

Chaos theory: How Jürgen Klopp has harnessed the unpredictable

The Liverpool manager has his side playing unstoppable football but it’s the attention to detail off the field that has bred the success

Miners speak out against Sibanye

Not a year into buying Lonmin, Sibanye is accused of mistreating the mineworkers who were injured eight years ago during the Marikana massacre. But the platinum giant says it is a miscommunication. Athandiwe Saba and Paul Botes visit Marikana to find out the truth

Press Releases

Wellcome Trust award goes to UKZN mental health champion

Dr Andr? J van Rensburg, a senior researcher in UKZN's Centre for Rural Health, received the Wellcome Trust Discretionary Award.

MTN gears up to deliver improved customer service

On 28 January, the first batch of MTN contract customers will be migrated onto the new customer service platform.

Request for expression of interest on analysis of quality and outcome indicators for regional and district hospitals in Lesotho

Introduction The Ministry of Health of Lesotho with the support of the World Bank funded Nutrition and Health Systems Strengthening...

MiX Telematics enhances in-vehicle video camera solution

The company has launched the gold MiX Vision Bureau Service, which includes driver-coaching tools to ensure risky driver behaviour can be addressed proactively and efficiently.

Boosting safety for cargo and drivers

The use of a telematics system for fleet vehicles has proved to be an important tool in helping to drive down costs and improve efficiency, says MiX Telematics Africa.

Silencing the guns and firearms amnesty

Silencing the guns and firearms amnesty

Gender-based violence is an affront to our humanity

Gender-based violence is an affront to our humanity

UK-Africa investment summit 2020: Think Africa Invest SA

UK-Africa investment summit 2020: Think Africa Invest SA