Tag Archives | Côte d’Ivoire
South African is not the only country in Africa with a tangible National Development Plan. Côte d’Ivoire, ranked 167th by the World Bank, articulated its economic strategy in 2012. The country aims to become a significant player in the emerging markets by 2020. To this end, it has developed a strong-minded foreign policy, which has helped its position as a leading economic power in West Africa region.
Côte d’Ivoire is the largest and historically most diversified economy in the franc zone. Years of domestic conflict damaged the country’s economy and reputation, but the strong-minded foreign policy Côte d’Ivoire launched in late 2011 has helped it to quickly restore its rank as a leading economic power in West Africa.
The IMF’s World Economic Outlook 2013 and the World Bank’s latest “Africa’s Pulse” (a twice-yearly analysis of the issues shaping Africa’s economic prospects) provide the following insights on African economic performance and the outlook for 2014 …
South Africa, Nigeria and Ghana have over the years been the largest recipients of Foreign Direct Investments (FDI) within the African continent as they jointly accounted for about 50% of the FDI inflow into Africa in 2011.
In the second half of 2012, South Africa experienced a sharp decline of 43.6% in FDI compared to the same period in 2011. Despite the sharp decline in the FDI inflow to South Africa, total FDI to Africa increased by 5% indicating increasing flow of FDIs to the other African countries.
One of the most potent dangers to West Africa’s stability is the huge surge in drug trafficking and other criminal activity over the past decade. The region has become the conduit for narcotics from Latin America to Europe, while opiates from Afghanistan and Pakistan arriving via East Africa, are sent on to the US from West Africa after being cut and packaged.
The April 2012 World Economic Outlook report published by the International Monetary Fund presented a sturdy but cautiously optimistic future for the various African economies. Sub-Saharan Africa particularly recorded a strong 5 percent growth in 2011 and was one of the regions least affected by the global financial crisis. With the exception of South Africa, limited financial ties to Europe helped shield the region from the financial havoc that tore through Western economies in late 2011.
When compared with other continents, Africa is not as competitive as it could be in the global mining industry, as more global investment is flowing into South America and China, says global advisory firm KPMG mining in Africa services head Ian Kramer. However, the African mining industry continues to grow significantly in West Africa, as gold projects are being developed in Ghana, Mali, Côte d’Ivoire, Burkina Faso, Guinea and Mauritania.