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Ivory Coast: The Rise of the Extractive Sector with 10,000 billion FCFA Invested in a Decade

At the heart of the first International Exhibition of Extractive and Energy Resources (SIREXE), taking place in Abidjan from November 27 to December 2, 2024, Côte d'Ivoire has highlighted the impressive results of its mining sector, the result of a decade of reforms and strategic investments. 

Vice President Tiémoko Meyliet Koné emphasized in his inaugural speech the government's efforts to position extractive resources as a driver of economic development. Between 2014 and 2024, 10 trillion CFA francs (approximately 15.24 billion euros) have been invested in the mining and oil sector thanks to a synergy between public and private actors. These efforts have produced spectacular results. In ten years, gold production has quadrupled, rising from 20 tons to over 50 tons in 2023, solidifying the country's position among the leading African gold producers. At the same time, manganese production has increased thirtyfold, and Côte d'Ivoire has become a major player in the exploitation of new minerals such as nickel. 

The prospects are even more promising. Recent gold deposits discovered in Tanda and Kani, estimated at about 150 tons each, are expected to increase national gold production by 22 tons per year. As for hydrocarbons, new discoveries will allow for a tenfold increase in oil production by 2030, further strengthening the role of the extractive sector in the national economy. 

The Ivorian government has supported this dynamic with ambitious reforms. Adherence to the Extractive Industries Transparency Initiative (EITI) has strengthened governance and ensured a fair distribution of revenues. The adoption of the local content law, which integrates communities into the management of benefits, reflects a commitment to inclusive development. 

The impact of these policies is reflected in social and economic improvements. Between 2011 and 2024, the rural electrification rate increased from 33% to 95%, demonstrating how revenues from natural resources directly benefit the population. Furthermore, the development of the mining sector has contributed to massive job creation and economic diversification. The country is now exploring new strategic minerals, such as cobalt and lithium, which are crucial for global technology industries. 

Côte d'Ivoire illustrates how well-managed extractive resources can become levers for economic transformation. With massive investments, strengthened governance, and unprecedented growth prospects, the country positions itself as a model for Africa, combining sustainable exploitation with improved living conditions. 

Source: SIKA Finance, Web Portal MEPD


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