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Coast Ivory Coast has experienced one of Africa’s most powerful economic recovery, with annual GDP growth rates averaged 7% to 5% from 2012 to 2023, bringing GDP to $2,900 in 2024.
IVORY COAST has experienced one of Africa’s most powerful economic recovery, with annual GDP growth forecast at 6.5% in 2024 and 2025, with an average of 7%, according to the IMF. Inflation remains relatively low at 3.8%, compared to 21.6% in West Africa. Youth unemployment rate was 5%, with per capita GDP reaching $2,900 in 2024.
Growth is driven by diversification beyond cocoa, with services and industries currently accounting for more than 75% of GDP. Under former IMF official President Alasane Ouattara, private investment, backed by tax incentives and infrastructure development, is steadily increasing. Power Access is expected to expand from 34% in 2013 to more than 90% in 2024, with Italian ENI’s $10 billion offshore oil and gas project expected to increase oil production to 200,000 barrels per day by 2027.
But the economy faces risks. A weak education system limits skilled labor, and oil-driven growth raises sustainability concerns. Most importantly, political tensions are rising as elections later this year, in memory of past conflicts, seek a controversial fourth term in elections later this year.
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Key takeout
The economic transformation of Ivory Coast has positioned it as a rare, bright spot in the region tackling inflation, stagnation and anxiety. The combination of macroeconomic discipline, infrastructure development, and increased foreign investments created a strong foundation for continued growth. However, country progress remains vulnerable to political risks. As the 2025 election approaches, a transition in stability and leadership will be key to maintaining investor confidence and protecting the benefits gained over the past decade. For now, Ivory Coast has proven that structural reform and strategic investment can drive inclusive growth, but that progress must coincide with political maturity.
