Ivory Coast backs local firms in 2030 growth plan

Ivory Coast is promoting selected local companies as “national champions” to help drive its economic development plan through 2030.

The companies include Kaera, a shea butter-based cosmetics maker that began in a small apartment in the late 2000s and now has 600 employees. Its products are sold across West Africa and in markets including Paris and Dubai, reaching about 30 countries. Founder Fode Yattabare said the business environment supports entrepreneurs and gives him confidence as the company seeks to expand in Europe.

Ivory Coast’s economy was weakened by the 2002-2011 politico-military crisis, but the country has since returned to regular growth above 6 percent, making it one of West Africa’s stronger economies. Regis Bamba, co-founder of the fintech company Djamo, said Ivory Coast’s stability, infrastructure and security help reassure investors and make fundraising easier.

Djamo, launched in 2020, offers services between traditional banking and mobile payments. It has attracted two million users, most of whom previously did not have a bank account. Djamo, Kaera and fuel distributor Petro Ivoire are among the firms the country wants to use as engines of growth and as support for small and medium-sized businesses.

Sebastien Kadio-Morokro, head of Petro Ivoire, said being considered a national champion brings a responsibility to set an example. Bamba said the state’s role is to make the first large investments so that national champions can train workers, create value and support reinvestment. Planning Minister Souleymane Diarrassouba said he hopes several hundred such companies will emerge in the coming years.

Ivory Coast last week secured $80 billion in international public financing for its 2026-2030 National Development Plan, four times more than expected. Nearly $150 billion more is expected from the private sector. Economist Blaise Makaye of the University of Bouake said this is the final phase of the strategy to make Ivory Coast an upper-middle-income country by 2030. That status would require gross annual income per person above $4,000, compared with about $2,700 now.

The country still has a large informal sector, which accounts for nearly 90 percent of jobs. Its macroeconomic indicators are positive, including a Fitch Ratings sovereign assessment raised to BB in December. However, Ivory Coast also faces bureaucracy and corruption concerns and is on the Financial Action Task Force money-laundering grey list.

Entrepreneurs are calling for more digitalisation to make transactions easier. Makaye said digitalising the administration could also broaden the tax base and raise more revenue for development, while recent oil and gas discoveries may add further support. The private sector has also called for faster implementation of the African Continental Free Trade Area, which could open a market of nearly 1.5 billion consumers. Yattabare said differing standards and regulations between African countries remain the main barrier, while Bamba said more free trade would make business easier and unlock more value.