Speaking of Ivory Coast...
Ivory Coast Leader Sees Steady Growth of 9 Percent Through 2017
Ivory Coast President Alassane Ouattara said he expects an economic growth spurt in the west African nation that’s outpaced all its continental peers to last until at least through next year, and said the country is looking everywhere for investors as it recovers from internal conflict.
Ivory Coast has no preference for either public or private investment on whether investors come from “China, the Gulf States" or anywhere else, Ouattara said in a speech to the U.S.-Africa Business Forum in New York on Wednesday. “We just want the maximum amount of investment possible.”
The government’s outlook, with a growth forecast of 9 percent this year and next, is a little rosier than the International Monetary Fund, which sees Ivory Coast’s economy expanding 8.5 percent this year and 8 percent in 2017. Growth has averaged 9 percent since 2012, the year after French and United Nations troops helped Ouattara wrest power from Laurent Gbagbo who had refused to step down after losing 2010 elections.
Gbagbo stands accused of inciting violence that claimed more than 3,000 lives and brought the economy to its knees after the vote, and is now on trial for crimes against humanity at the International Criminal Court.
Ouattara, 74, revived growth and encourage investment by building new highways and dams, cutting red tape for businesses and increasing cocoa output. He won a second term in October last year, securing 84 percent of the vote, and in May his administration secured more than $15 billion in pledges from donors and lenders to fund its five-year plan to develop the country.
Ivory Coast is the world’s biggest producer of cocoa, providing about 45 percent of supply. While the country had a record crop of about 1.8 million tons in the 2014-2015 season, dry weather and the worst Sahara desert winds in more than three decades is set to curb this year’s output.
Ouattara in October plans to organize a referendum on proposed changes to the constitution, including the creation of the post of vice president. He said the amendments will strengthen the justice system and allow for a smooth succession once his term ends in 2020. “After my second mandate, the next generation will have to take over,” he said.
http://www.bloomberg.com/news/artic...-sees-steady-growth-of-9-percent-through-2017
Ivory Coast Plans $1B Investment In Oil Infrastructure
Ivory Coast’s energy ministry has announced plans to invest around
US$1 billion to build oil pipelines and storage facilities.
The investment will be made through two newly-created companies owned by a dozen of investors, including France’s Total SA (
NYSE:TOT) and industrial group Bollore, the ministry said on Tuesday.
Just before that announcement, Ivory Coast had
signed a deal with a consortium led by Total to build an LNG terminal that could start importing gas by the middle of 2018. Total is operator of the project, whose partners are Royal Dutch Shell
(NYSE:RDS.A), Houston-based Endeavor Energy, Ivory Coast’s companies Petroci and CI-Energies, Azerbaijan’s SOCAR and London-based Golar LNG.
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Ivory Coast, which emerged from a civil war that ended in 2011, has become a fast-growing African economy, and its electricity needs are growing accordingly, by 10 percent a year, Reuters quoted the energy ministry as saying.
Last month, U.S. President Barack Obama
lifted 10-year-long economic sanctions against the West African country, which may further boost the Ivory Coast economy. The U.S. had imposed the sanctions under President George W. Bush in February 2006.
Obama’s executive order for lifting the sanctions cited the country’s “extraordinary progress since the end of its civil war in 2011, in particular its successful October 2015 presidential election and improvements managing the flow of arms and combating illicit trafficking of natural resources”.
In July of this year, Ibrahima Diaby, the managing director of state oil and gas company Petroci, said that the Ivory Coast wanted to
double its oil and gas production to 200,000 barrels of oil equivalent in 2020. The country wants to develop offshore reserves in the oil-rich Gulf of Guinea, Diaby said.
In May of this year, Anadarko (
NYSE:APC)
struck oil in the country after having successfully drilled its first horizontal deep-water well.
Ivory Coast Plans $1B Investment In Oil Infrastructure | OilPrice.com