(Ecofin Agency) - Ivorian President Alassane Ouattara committed to continuing progress efforts in 2024, recalling the significant achievements his administration reached in the previous year, 2023. In his New Year address to the nation, he highlighted the substantial economic and social growth that constituted the 2023 review despite the challenging regional and international context and announced a favorable outlook for the year that had just started. President Ouattara also hailed the democratic maturity his country gained, as evidenced by the smooth rollout of elections.

The significant milestones of 2023, celebrated as the year of the youth, included the launch of the Government Youth Program 2023-25. Backed by an investment of CFA 361 billion ($603 million), this program benefited over a million young individuals across the country through various initiatives. Other major projects included the construction of 14 technical and vocational institutions and the opening of the University of Bondoukou, the president noted. As part of the National Development Plan (PND 2021-25), an acceleration of work has led to the launching and inauguration of significant infrastructures.

The Head of State announced the continuation of these actions, emphasizing the development of rural areas and the implementation of agricultural projects to strengthen the national food supply at affordable prices. Regarding social issues, the President recalled that the guaranteed minimum wage (SMIG) had been raised from CFA 60,000 to CFA 75,000 at the beginning of 2023. Major reforms were also adopted within the public administration and the judicial system, with a presidential pardon granted to some 2,000 prisoners for minor offenses.

Looking ahead to 2024, the Ivorian president remains confident, expecting economic growth to reach 7%, despite global economic challenges—a more optimistic forecast compared to the 6.6% rate projected by the International Monetary Fund (IMF).

Alassane Ouattara indicated that the country continues to "benefit from the trust of both bilateral and multilateral development partners, especially from the private sector." In May 2023, Côte d'Ivoire secured a $3.5 billion financing from the IMF to maintain its macroeconomic stability and support a deeper economic transformation towards the status of an upper-middle-income country.

In addition, the country aims to increase its oil production sevenfold, from 30,000 barrels per day to 200,000 barrels per day by 2026, as part of the "Baleine" oil field.

Let’s note that for 2023, Côte d'Ivoire's economic growth is expected to be 6.2%, compared to 6.7% in 2022, according to data from the IMF.