Big oil-producing countries have faced a double-hit in recent months: the sudden drop in prices of oil and the economic impact of the global pandemic. In the case of Angola, which entered both crises with an already weakened economy, how are its prospects looking? The Africa Report speaks to Sergio Pugliese, the Executive President for the African Energy Chamber (AEC), to find out.
Cote d’Ivoire: Soaring investments
Investment in Côte d'Ivoire is up 25% in the first half of this year on the same period in 2015, according to the Centre for Investment Promotion, which tracks in-flows into the economy in most sectors other than mining and power.
Ivory Coast, the world’s top cocoa producer, is emerging from years of political turmoil and its now fast-growing economy accounts for around 40% of the eight-nation West African CFA franc currency zone.
Investments registered by the Centre amounted to 219bn CFA francs ($370m) between January and June, up from 174.8bnCFA a year ago, the Centre’s director, Emmanuel Essis Esmel, said on Tuesday. “Ivory Coast’s attractiveness to investors is clear,” he told reporters.
Twenty-eight percent of the investments are in construction and public works, 25% in food and agriculture, 16% in transport and storage, 12% in plastics and 5% in hospitality, the centre said, adding that 30% of the investments are held by Ivorians.
The Centre hopes total investments this year will amount to 810bn CFA francs ($1.4bn) and will target international investors to do so, Esmel said.