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Cote d'Ivoire
While Cote d’Ivoire is one of the wealthiest countries in tropical
Africa, the country suffered its first military uprising in 1991 as
groups fought for control of the government. Robert GUEI, the ruler
of the junta, was quickly overthrown and replaced by his runner-up
Laurent GBAGBO. In 2003, rebel groups were given ministerial
positions in a unity government, after they took over the northern
part of the country. After a standoff of three months, the GBAGBO
regime and rebel groups started again to work on the peace accord,
but no solution has been reached. Troops from France and West Africa
have been provided to help with disarmament, demobilization,
rehabilitation, and to keep peace.
Capital City: Yamoussoukro (GMT)
Chief of State: President Laurent GBAGBO
Head of Govt.: Prime Minister Guillaume SORO
Currency: Communaute Financiere Africaine franc
Main Cities: Bouake, Daloa, Gagnoa
Major Languages: French, Dioula
Calling Code:
Voltage: 220V
Stock Exchanges: Regional Stock Exchange of West Africa
Primary Religions: Christian, Muslim
Main Airports
Abidjan (ABJ) (Félix Houphouët-Boigny), Yamoussoukro (ASK) (San
Pedro)
U.S. Embassy
Riveria Golf, Cocody, Abidjan, Cote d'Ivoire
tel. 225. 22-49-4000
Statistics
- GDP: purchasing power parity:
- $28.52 billion (2005 est.)
- GDP - real growth rate:
- 1% (2005 est.)
- GDP - per capita: purchasing power parity:
- 1,600 (2005 est.)
- Inflation rate (consumer prices):
- 3.9% (2005 est.)
- Labor force:
- 6.95 million (68% agricultural) (2005 est.)
- Exports:
- $6.49 billion f.o.b. (2005 est.)
- Exports - partners:
- France 18.3%, US 14.1%, Netherlands 11%, Nigeria 8%, Panama
4.4% (2005)
- Imports:
- $4.759 billion f.o.b. (2005 est.)
- Imports - partners:
- France 27.7%, Nigeria 24.5%, Singapore 6.6% (2005)
- Population:
- 17,654,843 (July 2006 est.)
- Population growth rate:
- 2.03% (2006 est.)
- Population Below Poverty Line:
- 37% (1995)
- Major Industries:
- foodstuffs, beverages; wood products, oil refining, truck
and bus assembly, textiles, fertilizer, building materials,
electricity, ship construction and repair
- Employing Workers: 133*
- Registering Property: 101*
- Enforcing Contracts: 92*
- Closing a Business: 68*
- *2006 World Bank rank out of 175 countries
- Starting a Business
The table below shows the number of steps and the amount of
time needed to start a business, on average
| Indicator |
Cote d'Ivoire |
Region |
| Procedures (number) |
11 |
11.1 |
| Time (days) |
45 |
61.8 |
Cote d'Ivoire Risk Assessment
Country Rating
Rating: D
A high-risk
political and economic situation and an often very difficult
business environment can have a very significant impact on corporate
payment behaviour. Corporate default probability is very high.
Risk Assessment
The political situation remains
uncertain despite significant progress that resulted in the March
2007 Ouagadougou Accords concluded between the President Laurent
Gbagbo and the representative of the New Rebel Forces Guillaume
Soros. Based on the accords, an interim government was set up under
Soros' leadership. Symbolic acts of reconciliation (incineration of
weapons) raised hopes of real pacification after the many failed
attempts at mediation in the past. The process of disbanding the
militias has stalled, however, and country's reunification seems
likely to suffer further delays. These uncertainties are associated
with the stumbling pace of the process of identifying the population
— a central rebel demand and a prerequisite to holding free and
democratic elections by year end as planned. In this context, a
resurgence of acts of violence remains possible.
The economy proved to be relatively
resilient to the civil war with the country posting positive growth
since 2004 even if it remains well below the sub-Saharan African
average of six per cent. It should nonetheless exceed three per cent
in 2008, driven by the increase in gas and oil production and
development of the telecommunications sector.
Under execution of budgeted spending has contributed since 2006 to
the emergence of a fiscal surplus while firm world gas, oil, and
cocoa prices have allowed the country to run a trade surplus and it
could ultimately benefit from partial cancellation of its foreign
debt and the resumption of concessional loans. And the government
has already concluded a post-conflict emergency assistance agreement
that could lead to agreement on a Poverty Reduction and Growth
Facility, the IMF's special low-interest lending programme for poor
countries. A so-called PRGF is prerequisite to any debt relief
granted under the HIPC programme for highly indebted poor countries.
Relations with multilateral financial backers have been strained,
however, due to poor governance. And despite the issuance of
eurobonds to discharge the debt, the country has accumulated arrears
to public creditors.
STRENGTHS
- The country's agricultural and
mining potential is among the highest in West Africa.
- The country boasts a developed
processing industry and good infrastructure (transport,
financial services, telecommunications).
- Despite a gridlocked political
situation, its membership in UMOA, the West Africa Monetary
Union, constitutes an element of stability.
WEAKNESSES
- The civil war that broke out in
March 2002 and the continuing political instability since then
have resulted in deteriorated living conditions, dilapidated
infrastructure, and a bloated informal economy.
- This context has generated
considerable extra costs for companies and impeded an economic
recovery.
- The ongoing political crisis has
jeopardised the role of Ivory Coast as a regional economic hub
(finance, transit, commercial base) and undermined investor
interest in the country.
- The business environment remains
marked by many weaknesses including security and shipping costs,
trafficking and racketeering.
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