Ivory Coast’s economy is growing and is estimated to average 9% for the next three years. If you want to invest on the ground floor of a rocket ship, now is the time.
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Ivory Coast was for over a decade frozen in place due to political instability. Rebels seized the north in 2002 and it experienced a Civil War in 2011. But, Alassane Ouattara, a former International Monetary Fund official, took office in a landslide vote in 2015.
Since, the country’s economic growth has rocketed to 8.3% according to reports, and is estimated to continue to have between 7 – 9 % growth rates for the next three years. This country has overcome a lot to get to where it is today, but now it’s on the verge of booming.
Related: Ivory Coast set to be an emerging country by 2020
Ivory Coast government has reduced the cost of creating businesses by more than 70%, with Abdourahmane Cissé, budget minister, saying you can now create a company for less than USD30. Bureaucrats also introduced a two-year tax break to help new businesses in particular sectors. The government has also said 20% of public tenders should go to small and medium-sized enterprises, according to The Guardian.
Here are three main points you need to know about the Ivory Coast as a potential investment opportunity:
Growing foreign investment
The upswing of foreign investment can be seen in the new malls and hotels that are going up in the economic capital, Abidjan, according toThe Guardian. “There is an appetite for investment in Ivory Coast. We want to position ourselves as a place where there is stability, the business environment is attractive, and where you can do business and close your eyes, like you do in other countries, and have an interesting return,” says Abdourahmane Cissé, budget minister.
An abundance of skilled workers
The Ivory Coast doesn’t have the same challenges as other African countries where there are too many unskilled workers. Ivory Coast has skilled workers, but these graduate are finding it challenging to find jobs and so are taking menial jobs to get by. “Drawing on examples from other countries, the report explores ways in which Cote d'Ivoire could guarantee quality jobs for its working-age population, which is expected to double over the next 15 years,” according to this World Bank report.
You can take advantage of the large and growing group of skilled workers when opening your business expansion. Since the graduates are desperate for a job that earns them above minimum wage you can start them out on a cost-effective salary until they earn their stripes.
Related: SWOT analysis to assist with your Ivory Coast expansion strategy
Focus on gaining skill and trade
The budget minister plans to focus on education and a way to enhance the youth and help them develop their own businesses to create jobs. “Yes, you have to create jobs, but we also want value-added jobs. We want to have young people who, when they leave university, have the right skills to be employable. We’ve invested 22% of the budget into education to make sure we have trained people who are ready for the market,” says Cissé.
Should Ivory Coast sound like the right option for your business, you can always host graduate programmes in your expansion into Ivory Coast. This will offer you the opportunity to test out the new graduating class, as well as train and keep any of them you want to enhance your business further. For more information about Ivory you can lean on the experts here in Standard Banks’s Africa pages.
- Invest in Ivory Coast and enjoy their 9% growth rate for the next few years.
- Offer their large quantity of skilled workers positions within your business.
- Offer a graduate programme to find the best of the best while getting the value of the work from the rest. You can then hire the ones who are exceptional.