This year, Côte d’Ivoire’s budget deficit should increase to 4.5% against 3% from 2012 to 2016. This was disclosed by the country’s Vice President, Daniel Kablan Duncan (photo), at the "Banking Tomorrow" forum co-organized by the Financial Times and the International Finance Corporation (IFC).

Excluding the increase of budget deficit, the nation’s good economic performances, according to the official, are to be attributed to the government’s desire to make the private sector economic growth’s driver. Regarding the economies of fragile countries, the VP urged major actors of the finance industry to draw tailored services especially for those.

"Your actions, I believe, must be oriented toward innovation to adapt your offers and products to the often difficult conditions of fragile economies barely out of crises," said Ivory Coast’s former Prime Minister. Mutualizing bank, insurance, micro-credit and stock services would be a good way to cover credit-related risk.

For his part, John Aglionby, representative of Financial Times East Africa, insisted on the need to rapidly take action to help fragile countries. He said: “By 2030, 46% of the world’s poor populations will be living in fragile countries or countries recording conflicts, against 17% currently”. 

It should be noted that in Africa, 22 countries currently fall under the category of fragile nations.

Aaron Akinocho