(Ecofin Agency) - The operation, which aimed for about CFA 400 billion, exceeded expectations.

Côte d'Ivoire has successfully completed a CFA 450 billion ($746.7 million) bond exchange on the West African Economic and Monetary Union (WAEMU) market. The operation, which exceeded the initial CFA 400 billion target, was designed to reschedule part of the country’s 2025 debt payments by offering investors new bonds with 5- and 7-year maturities, at interest rates of 5.90% and 6%, respectively.

Facing a repayment of CFA 5,635 billion in 2025, including CFA 2,000 billion in domestic bonds and obligations, the country aimed to spread its payments and avoid a payment spike. According to market sources, demand was strong, despite slightly lower interest rates compared to some of the existing bonds, which had rates as high as 6.25%.

The exchange, which took place between February 19 and March 4, was open to holders of bonds maturing between February and June 2025. The final amount of CFA 450 billion reflects a higher-than-expected participation.

This transaction is part of Côte d'Ivoire’s proactive public debt management strategy, as its debt now approaches 60% of GDP, well below the 70% threshold set by WAEMU.

Despite an uncertain economic environment, Côte d'Ivoire is projected to grow by 6.1% in 2024, with inflation falling to 2.1% in December. In 2025, the country aims for a growth rate of around 7%. To support this, the IMF is backing Côte d'Ivoire with a $3.5 billion program over 40 months to strengthen its macroeconomic fundamentals.