The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast is largely market-based and depends heavily on the agricultural sector. A majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods.
The following tables and chart will tell the change details in last 5-10 years:
Ivory Coast Distribution of workforce from the last 5 years
Ivory Coast Distribution of GDP across economic sectors:
Here attached the last 10 years chart of Ivory Coast GDP: (amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
Agriculture is an important part in the Ivory Coast’s economy. It employs almost 40.15% of the total workforce and contributed almost 15.69% in GDP.
Ivory Coast is among the world’s largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to weather conditions. Despite attempts by the government to diversify the economy, it is still largely dependent on agriculture and related activities.
Major products in this Sector:
Palm Oil: In 2019 The Ivory Coast shipped 602,868 tons of palm oil. For the year 2019 alone, the market for the Ivory Coast palm oil (processed category) has gone up, changing by 23.858 pc compared to the year 2018. Between 2017 and 2019, palm oil’s exports grew by 59.57 pc earning the country US$429.16m for the year 2019. The Ivory Coast’s leading export markets for palm oil are Ghana, Italy, Mali, Benin and the Netherlands. The production of palm oil in the Ivory Coast was 16,441,296 tons in 2019 and is projected to change by an average of -5.23%. The country had an estimated 2,520,440.00 hectares under palm oil cultivation.
Coffee: Coffee production in Ivory Coast is important for the economy of the country as coffee is the second largest export commodity of the country. It ranks 14th in the world ranking. In 2019 the total export value of coffee was USD$168,308.
Cocoa: In 2019, the Ivory Coast’s exports of cocoa beans valued about 3.58 billion U.S. dollars, up from 2.32 billion U.S. dollars in 2012. The Ivory Coast was the leading exporter of cocoa beans in the world in 2019. Ivory Coast (Côte d’Ivoire) leads the world in production and export of the cocoa beans used in the manufacture of chocolate, as of 2012, supplying 38% of cocoa produced in the world. West Africa collectively supplies two thirds of the world’s cocoa crop, with Ivory Coast leading production at 1.8 million tons as of 2018.
Agriculture Subsidy in Ivory Coast:
There is no particular agriculture subsidy in Ivory Coast but government introduced some schemes which help farmers.
The government introduced tax incentives for local grinders during the 1991/1992 cocoa season to encourage investment in the country, create jobs in the cocoa sector, and increase grinding capacity.
Farmers and exporters estimate the reduced DUS (“droit unique de sortie”) tax, the main tax on cocoa, costs the government between 35 and 40 billion CFA francs annually.
Industries plays an important part in the Ivory Coast’s economy. It accounts for 23.18% of the GDP and employed almost 12.15 % of the workforce.
Major industries in this sector:
Oil and Gas: In 2019, the export of mineral fuels and oils from Côte d’Ivoire (Ivory Coast) amounted to an approximate value of 2.14 billion U.S. dollars. This was an increase in value in comparison to the preceding year, when roughly 1.88 billion U.S. dollars of the products were exported. Furthermore, Mali was one of the main trade partners of Côte d’Ivoire in terms of mineral fuel and oil exports with a share of just over 14 percent.
Rubber: Exports of natural rubber from Ivory Coast were valued at around 1.1 billion U.S. dollars in 2019. Ivory Coast was ranked as the third largest exporting country of natural rubber in 2019, based on value. Ivory Coast has been ranked the fourth largest rubber producer in the world. Ivory Coast produced nearly one million tons of natural rubber in 2020 which represents 80% of the continent’s latex. Ivory Coast, Africa’s largest rubber producer is still hoping to double production to two million tons despite a hit by world prices on raw materials.
Mining: The country is currently exploiting nickel, bauxite, manganese, diamonds and gold but also has considerable reserves in steel, iron ore and coltan. Gold mining remains at the forefront of the mining sector, with an increase of 35 per cent in 2019 to 32.6 tons of gold production. In 2019, this sector exported almost $680.7 million worth of materials which was almost 6.3% of toal export in country.
Service sector is an important part in the Ivory Coast’s economy. It contributes almost 53.88% in the GDP and employed almost 47.3% of the total Ivory Coast’s workforce.
Major Industries in this Sector:
Finance: Ivory Coast, one of Africa’s fastest growing economies, accounts for around 30 percent of total banking assets in the West African Economic and Monetary Union. Though 25 banks operate in Ivory Coast, the sector is dominated by the five largest, which represent around 60 percent of banking system assets. Four of those are owned by foreign banks with activities across the region. They include the local units of France’s Societe Generale, Togo-headquartered Eco bank as well as Banque Atlantique and SIB, controlled by Moroccan lenders BCP and Attijariwafa respectively.
Tourism: Ivory Coast recorded a total of 2 million tourists in 2019, ranking 100th in the world in absolute terms. Ivory Coast generated around 566.00 million US Dollar in the tourism sector alone. This corresponds to 0.92 percent of it’s the gross domestic product and approximately 10 percent of all international tourism receipts in Western Africa. Beaches, tourist villages, and photo safaris through wildlife preserves are some of the main attractions.
Top Companies in Ivory Coast
|1||Societe Ivoirienne de Raffinage||Oil and Gas|
|2||Olam Group Cote d’Ivoire||Agriculture and Agribusiness|
|3||Compagnie Ivoirienne d’Electricite||Energy|
|5||Orange Cote d’Ivoire||Telecom|
|6||Total Cote d’Ivoire||Oil and Gas|
|7||Cargill West Africa||Agriculture & Agribusiness|
|8||SDTM-CI||Agriculture & Agribusiness|
|9||Vivo Energy Cote d’Ivoire||Oil and Gas|
|10||SAF Cacao||Agriculture & Agribusiness|