With a GDP of 61.35 billion dollars, or 36,124.7 billion CFA francs, Ivory Coast ranks 10th among Africa’s major economic powers in 2020. After its last performance in 2018, the first economy of the WAEMU regains its place in the Top 10 African economies in 2020 and even rises one place in 2021.
The only French-speaking country in the top 10 in 2020, Ivory Coast has once again confirmed the strength of its economy by moving up one place in 2021. According to Sikafinance, a financial and economic information website on the stock market in the 8 WAEMU countries, Ivory Coast will be back in the top 10 of Africa’s largest economies by 2020. Indeed, recent data from the World Bank states that the cocoa giant ranks 10th in Africa with a GDP of $61.35 billion, or CFAF 36,124.7 billion, making it the only French-speaking sub-Saharan country to do so.
Alassane Ouattara’s country occupies this position thanks to Angola’s exit from this prestigious ranking in 2020. It should be noted that Angola has been really affected by the Covid 19 crisis and therefore its GDP has dropped from USD 89.42 billion in 2019 to USD 58.37 billion in 2020 according to Sikafinance. But by 2021, it has returned to its original rank (10th) with $68.07 billion of GDP. This leaves Ivory Coast one place higher (9th) with an estimated GDP of $71.10 billion.
Ivory Coast was removed from the ranking in 2006 and reinstated 12 years later in 2018. Increasingly, this West African country is experiencing unstoppable economic growth. Thus, it is positioned 9th in 2021, behind Nigeria, Egypt, South Africa, Algeria, Morocco, Kenya, Ethiopia and Ghana.
Reasons for this performance
This performance is in line with the improvement in its macroeconomic indicators over the last 10 years. In 2012, it recorded exceptional growth of 10.9%, after the 4.9% recession recorded in 2011. According to statistics from the International Monetary Fund (IMF), between 2013 and 2019, the country recorded an average growth rate of 7.8%, making it one of the fastest growing countries in the world, and has even entered the circle of “double B” ratings from the three largest international rating agencies.
On the one hand, it should be noted that Ivory Coast contributes more than a third of the WAEMU’s GDP and more than 40% of the zone’s exports. Every year, it has experienced dynamic, strong and stable economic growth. Despite this, the country remains the main economic powerhouse of French-speaking West Africa and has a real influence in the sub-region. On the other hand, the cocoa sector, which has been a pillar of its economy since independence, is estimated to account for 15% of GDP and has become considerably industrialised. With 2.2 million tonnes of cocoa beans produced in 2020, twice as much as ten years ago, Ivory Coast has consolidated its leadership with over 40% of world production. It is also the world’s leading producer of cashew nuts. For decades, the country also remained the African leader in rubber production and has again become a leader in banana production. “The only country in French-speaking sub-Saharan Africa to appear in this ranking, Ivory Coast should make further progress in this short list. According to recent World Bank forecasts, Côte d’Ivoire’s economy is expected to rebound to 6.2% in 2021 and to grow at an average rate of 6% over the next three years,” reads the article published on the Sikafinance website on Monday 14 February 2022.
