Cocoa Giant Ivory Coast Eyes 7% Annual Growth With Oil Sector Expansion

Published 8 days ago
Key Speakers At Group of 20 Investment Summit
Alassane Ouattara, Cote d'Ivoire's president. ( Photographer: Krisztian Bocsi/Bloomberg via Getty Images)

The largest economy in the West African Economic and Monetary Union (WAEMU) is set to boost its oil production by 2027, driven by new oil and gas finds in the Baleine and Calao offshore fields.

The President of Ivory Coast, Alassane Ouattara, recently announced to a joint session of parliament that oil output is expected to more than triple, rising from 60,000 barrels per day to 200,000 barrels per day. To achieve this, over $15 billion is projected to be invested in the oil sector in the country, also known as Côte d’Ivoire.

Known as the world’s top exporter of cocoa and raw cashew nuts, and boasting a strong manufacturing sector, the country’s economy is expected to grow at around 7% annually from 2024 to 2027.

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Italian company Eni plans to invest $10 billion in the Baleine field, with development spanning three phases from 2023 to 2027. The Baleine field, discovered by Eni in 2021, has estimated reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas. The Calao field, discovered in March, could hold between 1 billion and 1.5 billion barrels of oil.

Despite global challenges such as rising import prices and interest rates, Ivory Coast’s economy has seen growth rates of 6.9% in 2022 and 6.4% in 2023, experiencing some of the fastest sustained economic growth in sub-Saharan Africa.

“The latest ratings of our country by the rating agencies have all confirmed the resilience of our economy. Ivory Coast is today the ninth economy on the African continent, the third in French-speaking Africa after Algeria and Morocco, and the second economy in West Africa after Nigeria,” Ouattara told the joint session of parliament.

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