Ivory Coast expects GDP growth of around 7% between 2024-2027
TLDR
- Ivory Coast projects 7% GDP growth between 2024-2027, aiming to boost oil sector with $15 billion investment and 200,000 bpd production by 2027.
- Eni's $10 billion investment in offshore Baleine field indicates potential oil resources of 1-1.5 billion barrels.
- President Ouattara targets Ivory Coast becoming a significant regional oil and gas producer, leveraging its status as the world's top cocoa producer.
Ivory Coast's GDP growth is projected to be around 7% between 2024 and 2027, President Alassane Ouattara announced on Tuesday.
He informed a joint session of parliament that around $15 billion is expected to be invested in the country’s upstream oil sector, with production anticipated to reach around 200,000 barrels per day (bpd) by 2027. The world’s leading cocoa producer is aiming to become a significant regional oil and gas producer.
In line with this goal, Italy’s Eni announced last year an investment of $10 billion in developing the offshore Baleine field. In March, Eni reported a major discovery in the field, with preliminary assessments indicating potential resources of 1 billion to 1.5 billion barrels of oil.
Key Takeaways
Economies in the West African Economic and Monetary Union (WAEMU) averaged 6% GDP growth between 2013-2018 and above 5% each year since - except in 2020 (COVID-19). These economies are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. In 2024, four feature among the world’s ten fastest-growing economies projected by the IMF. The region also has a more conducive policy environment offering companies a relatively easy regional expansion route due to shared culture, language, regulations, and currency. With this, francophone West Africa offers some of the best investment prospects on the continent. However, it is often overlooked due to language barriers and a lack of local context on the part of investors.
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