Positive Review for Ivorian Economy
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Loading... - Sam Kwadwo
- 24 Dec 2024
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On December 19, 2024, auditors from the 24th cohort of the Economic Policy Management Program (GPE-Abidjan) presented a comprehensive analysis of Côte d’Ivoire’s macroeconomic indicators to lawmakers at the Ivorian National Assembly in Abidjan. The findings, delivered by auditor Kacou N’Guessan, focused on the country’s Economic and Financial Program for the 2024-2026 period.
Kacou N’Guessan highlighted that despite challenges such as the COVID-19 pandemic, the Russia-Ukraine conflict, and emerging geopolitical tensions, which have led to inflationary pressures and tighter monetary policies, Côte d’Ivoire is demonstrating strong economic momentum. This positive outlook is attributed to sociopolitical stability and ongoing reforms under the National Development Plan (PND 2021-2025).
Strong Economic Momentum
The report indicated that Côte d’Ivoire's economic growth was estimated at 6.7% in 2022 and 6.6% in 2023, with projections suggesting a rise to 7% in 2024. The discovery of oil and mineral deposits further supports this upward trajectory. However, the study also revealed a tax pressure rate of 12.8%, which is significantly below the West African Economic and Monetary Union’s (UEMOA) minimum threshold of 20%. Additionally, the budget deficit averages 7.3%, exceeding the UEMOA recommendation of 3%.
To enhance economic performance, the Ivorian government is encouraged to prioritize the transformation of local products to add value. Broadening the tax base, managing the budget deficit, and controlling public debt are also critical steps for sustainable growth.
Francis N’Guessan Coffie, director of the GPE-Abidjan Program, emphasized the importance of auditors immersing themselves in administrative processes to propose solutions for continuous improvement. Deputy Paul Dakuyo, representing the Speaker of the National Assembly, praised the initiative and urged the incorporation of Artificial Intelligence into economic programming to transform it into an industry.
A Certification Program
Since 2023, the GPE-Abidjan Program has expanded its outreach by conducting economic policy presentations outside its usual premises, engaging with the public and contributing to the training of key societal actors. Established in 1998 by the African Capacity Building Foundation, the GPE-Abidjan Program at Félix Houphouët-Boigny University aims to enhance the skills of public sector officials from Francophone West African countries in economic policy management.
The program offers a 12-month course leading to a Master’s degree in Advanced Studies in Economic Policy Management, alongside international training seminars. Over the years, GPE-Abidjan has trained nearly 900 professionals, with 60% being Ivorians and 40% from other countries. A key objective of the program is to provide technical insights into the utility of economic programs and reforms, thereby fostering a more robust economic environment in Côte d’Ivoire.
Overall, the positive review of Côte d’Ivoire’s economy reflects a commitment to growth and development, with a focus on strategic reforms and capacity building for public sector officials.
