Public Management

Côte d'Ivoire Aims for 7% Annual Growth, Plans to Triple Oil Output by 2027 (President)

Côte d'Ivoire Aims for 7% Annual Growth, Plans to Triple Oil Output by 2027 (President)
Wednesday, 19 June 2024 17:01

Côte d'Ivoire's economy will continue to show resilience over the coming years despite regional and international shocks, President Alassane Ouattara said on Tuesday, June 18, 2024. He announced that his administration aims for an average annual economic growth of 7% by 2027 and plans to triple the country's oil production within the same period.

“Côte d'Ivoire has shown remarkable economic resilience post-COVID-19. In 2023, the economy remained strong, achieving a growth rate of 6.5%,” President Ouattara said in his annual address to Parliament.

“Despite international and regional shocks, the growth rate is expected to average 7% or more annually from 2024 to 2027,” he added, noting that the country’s debt is under control.

Ouattara also highlighted plans to triple Côte d'Ivoire’s oil production by 2027, citing recent oil and gas discoveries in the offshore Baleine and Calao fields.

“Production should increase from 60,000 barrels per day to around 200,000 barrels per day by 2027. This will be a spectacular leap,” he said, noting that over $15 billion is expected to be invested in the country’s oil sector.

Italian oil major Eni has already committed $10 billion to developing the Baleine field, with the project to be carried out in three phases from 2023 to 2027. Discovered in 2021, Baleine is estimated to hold reserves of 2.5 billion barrels of oil and 3,300 billion cubic feet of natural gas.

In addition, Eni announced the discovery of the Calao field in March, with potential resources estimated between 1 and 1.5 billion barrels of oil.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received $100 billion in remittances in 2023, outpacing...
23% of adults in Sub-Saharan Africa saved money using mobile accounts in 2024, well above the 9% average in low- and middle-income...
• Zambia launches the Growth Investment Partners Zambia (GIP) initiative to raise over $300 million for SMEs.• The program aims to support 150 SMEs...
• Treasury secures CFA364 billion in oversubscribed bond issuance• S&P cuts Senegal’s rating to B- after discovery of hidden debt• Over CFA1,260 billion...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...

Flutterwave Gains Senegal License, Eyes Growth in $1.5T African Payments Market
03

In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...

West Africa has tools to build strong industry, says IFC’s Olivier Buyoya
04

 President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...

Cameroon: Paul Biya Officially Enters Presidential Race for Eighth Term
05

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.