(Ecofin Agency) - In recent years, Côte d'Ivoire has stepped up efforts to reshape its economy and society, working to lift people out of poverty and reduce inequality. Those efforts have made a real difference, bringing the poverty rate down from 55% in 2011 to 37.5% in 2021.

Côte d'Ivoire aims to raise its average income per capita to $4,000 within the next five years. This goal is part of the upcoming 2026-2030 National Development Plan (PND), announced by Prime Minister Robert Beugré Mambé during a government seminar, according to a Feb. 17 statement.

The new target is more than double the country's estimated average income per capita in 2020, which stood at $1,722. It aligns with the government's broader strategy of structural economic transformation to move toward an upper-middle-income economy.

With a population growth rate of 2.6% per year, Côte d'Ivoire is expected to reach 35 million people by 2030. The government also aims to reduce the national poverty rate to below 20% by then. According to the prime minister, the objective is to "accelerate economic growth and make it more inclusive."

Despite progress in poverty reduction—down from 55% in 2011 to 37.5% in 2021—Côte d'Ivoire remains a country with significant income inequality. In rural areas, for instance, the poverty rate was 51.2%, according to a 2022 report from the Ministry of Solidarity and the Fight Against Poverty. The government continues to push for economic and social reforms to improve living standards. So far, the 2021-2025 PND has reached an execution rate of 77.1%.

The development of the new PND comes amid political uncertainty, with questions surrounding a potential fourth-term bid by President Alassane Ouattara. However, credit rating agencies remain optimistic. Fitch has maintained Côte d'Ivoire's BB- rating with a stable outlook, explaining that any potential electoral tensions will likely remain contained and will not derail economic growth or fiscal consolidation efforts. In 2024, Moody's upgraded the country’s rating to Ba2 with a stable outlook, placing it among the top-rated economies in sub-Saharan Africa, alongside Botswana and South Africa.

Authorities have yet to disclose the cost and financing details of the upcoming PND. However, the 2021-2025 plan was valued at around $96 billion, with 75% of the funding coming from the private sector.