Ivory Coast eyes double-digit GDP growth until 2020: PM

Tue Mar 17, 2015 1:26pm GMT
 

By Tom Miles

GENEVA (Reuters) - Ivory Coast is hoping to achieve double-digit economic growth this year and every year until 2020, Prime Minister Daniel Kablan Duncan told Reuters on Tuesday.

"This year we want to reach double-digit growth ... We are working for that," he said. "We want to turn Cote d'Ivoire into an emerging market (from a so-called frontier market) by 2020. You cannot do it if you don't have double-digit growth."

Duncan said he wanted to double GDP per capita, which could happen within a decade of sustained 10 percent economic growth, by a Reuters calculation.

"If we achieved (at least) 9 percent in 2012, 2013 and 2014, it's an achievable goal," he said.

According to Reuters data, Ivory Coast is at least starting in that direction. Its GDP of was 10.87 percent in 2012 and 8.7 percent in 2013, averaging a bit over 9 percent each year.

Duncan was speaking on the sidelines of the Africa CEO Forum in Geneva, where he was drumming up investment for 155 projects worth $25 billion.

Industrial output is growing even faster than GDP as Ivory Coast diversifies away from agriculture. But more industry and services, and mining of gold, iron ore, manganese, diamonds and bauxite, will require more electrical generation.

The country plans to lift generating capacity from 1,650 megaWatts to 2,000 mW this year, then to 4,000 mW by 2020, partly for its own needs and partly to supply its neighbours.   Continued...

Ivory Coast's Prime Minister Daniel Kablan Duncan poses during an European Union (EU)-Africa summit in Brussels April 3, 2014.  REUTERS/Francois Lenoir
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