Côte d'Ivoire as a country for investment
19-07-2022 17:55:44 | by: Andrea Ayemoba | hits: 7065 | Tags:

Côte d'Ivoire has raised its reputation as a leading party for investment when considering francophone Africa but also considering the continent as a whole.

Evidence of this provided by the Africa CEO Forum through the largest report CEO Barometer Survey 2022.

Africa CEO Forum is a company created and owned by the Young Africa Media Group. It co-organizes with the IFC, a subsidiary of the World Bank, an event dedicated to APS actors.

Africa CEO Forum brings together business leaders, investors, politicians and journalists of all nationalities every year.

Ghana and Nigeria are in second place as the most attractive for investments, while Côte d'Ivoire is in first place — these are the results of the report issued by Deloitte in partnership with ACF.

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What attracts in Côte d'Ivoire

Côte d'Ivoire's economy has relied heavily on agricultural exports and it has remained an emerging economy since independence in 1960 and even until 2011, after the civil wars.

Most companies left Côte d'Ivoire due to insecurity and preferred safe regional centers because fundvarietiesties were limited by political instability. In response, Côte d'Ivoire has a policy of attracting business due to recent improvements in the situation.

Experts such as Astu Dia, who is a startup executive and founder of a consulting company, says a lot has changed in ldecadecade . Côte d'Ivoire has become a booming market, according to experts, and is a good breeding ground for start-ups from other countries because it has the largest population and a stable economy in the French-speaking region of West Africa.

After all, it's not just the CEO of big companies who keep an eye on the country. Alloysius Attah, co-founder and CEO of the agricultural project Farmerline, is an example of an entrepreneur whose startup is moving to Côte d'Ivoire. Part of the $12.9 million investment raised in April will be used for this purpose.

“We've been looking at the aforementioned for the last half decade — trying to understand the market, increasing the number of partnerships. It has a lot of similarities to Ghana, if we're talking about an agricultural area. The French-speaking part of Africa, for the most part, feels the lack of agricultural technology. This is a new area and a way to expand,” says Atta.

Earlier this year, Nairobi-based B2B E-Commerce expanded from Kenya to Senegal.

New steps forward

Part of the country's appeal to startups lies in the government's recent corporate-friendly reforms. Between 2010 and 2019, Côte d'Ivoire rose 60 places in the World Bank's ranking of ease of doing business, from 170 (out of 190 countries) to 110.

Last year, a law on founders was passed that minimizes regulatory and administrative barriers to starting a startup. Among other things, the government simplified the tax structure for startups and made it possible to register a new business within 48 hours. Moreover, cryptocurrencies were mentioned.

Africa already has countries with cryptocurrency exchanges (albeit without a regulatory framework: Cameroon, Ivory Coast, Ghana, Nigeria, Senegal and South Africa) and countries where cryptocurrency trading is allowed but no exchanges.

Cryptocurrency

The introduction of a digital currency should help Africa get a higher level of economic integration.

To get a better understanding of what kind of currency Africans intend to introduce, it is necessary to understand the difference between the concept of “cryptocurrency” (digital currency) and the concept of “central bank digital currency” (CBDC). The difference is fundamental. The latter has nothing to do with decentralized cryptocurrencies, as they are fully centralized and controlled by the financial regulators and governments . Therefore, despite the confusion in the name, CBDCs are not digital currencies, but refer to digital financial assets (DFA) or tokens issued and distributed by central/national banks backed by national currencies.

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Conclusion

To summarize, Côte d'Ivoire is becoming as advanced an economy as possible in African countries, namely the Franco-African region and is filled with investment variations for new investors. This allows to develop the economical basis not only for entrepreneurs and managers of large firms, but also in the global economy for other states because they also enter the cryptocurrency market.