Stability locks in future growth

Cote d'Ivoire's economic renaissance is rapidly creating a new golden era

It's not often that African nations get praised for advancing political rights, but Cote d'Ivoire is one of those rare examples. Last year's election, the result of which granted President Alassane Ouattara a second five-year term, was called "arguably the freest, fairest, and most peaceful in the country's history" by Freedom House, a human rights watchdog.

The smooth election process has locked in the country's enviable economic vigor for years to come, with President Ouattara taking aim to close the case on lingering social tension left over from the country's bloody 2011 electoral contest.

Prosperity seems a potent tool to cure national wounds, and Cote d'Ivoire is on track to do just that. "In a year when many countries faced decelerating growth rates, Cote d'Ivoire grew by 8.4 percent in 2015," said Akinwumi Adesina, the head of the African Development Bank, which is located in the Ivorian commercial capital Abidjan. "This is not at all surprising to me: the government of Cote d'Ivoire is doing the right things to support economic growth - large investments in infrastructure and real estate, reforms to improve the business environment - all key ingredients for strong growth."

Significant infrastructure improvements promise to assure Cote d'Ivoire's development, turning the francophone West African nation into not just a regional leader, but also an African one. The sub-region already depends on Ivorian electricity to support its economies, and the Port of Abidjan's China-backed upgrade will make the harbor an African freight capital. Agricultural industrialization will come easily for Cote d'Ivoire as well, since the country is the leader of a major global commodity, cocoa.

President Ouattara is seizing the moment of the so-called second Ivorian miracle, an allusion to the country's former economic boom in the 1980s. In June, he invited all refugees and military deserters that fled in the fallout of the 2011 conflict to return home.

The Office of the United Nations High Commissioner for Refugees estimates that thousands of supporters of former President Laurent Gbagbo are living in exile in neighboring nations, where they have remained since they were defeated in a UN- and France-backed intervention after Gbago refused to cede power. Ouattara's invitation may be answered soon. The UN says that the challenge of issuing documentation to refugees could be solved by the end of this year. Reconciliation with political foes would, if anything, seal Cote d'Ivoire's renaissance.

justin@the-businessreport.com

(China Daily 08/08/2016 page25)