‘AFRICA UNDISCOVERED’ SERIESDECEMBER 2021 / JANUARY 2022 EDITION

CÔTE D’IVOIRESPECIAL REPORT PRODUCED BY PENRESA INTERNATIONAL LTD. • WWW.PENRESA.COM

A Shining Ivory
Of Opportunity
One of the fastest developing economies in Africa, Côte d’Ivoire’s commitment
to structural reforms, its stable position in international markets and thepotential inherent in its abundant natural resources has greatly improved its
macroeconomic environment and guaranteed sustainable and inclusive growth.

W

ith the IMF having estimated a real GDP growthof 6.2% in 2019, Côte d’Ivoire was designatedto be one of the fastest growing and dynamic
economies in Africa and the world prior
to the pandemic. Today, it is the leading
economy in the West African Economic andMonetary Union (UEMOA) and, because of
the nation’s sound macroeconomic policies
and political stability, Côte d’Ivoire’s responseto the pandemic has been an example of its
extraordinary economic resilience. “COVID19 has resulted in an unprecedented health,social and economic crisis. It slowed down
the growth in several regions of the world,”
states H.E. Alassane Ouattara, President ofCôte d’Ivoire. “We have launched health, socialand economic recovery plans in our various
countries to contain the harmful effects ofthe pandemic. However, much remains to bedone to overcome this global crisis.”Côte d’Ivoire’s consistent growth is a direct
result of President Ouattara’s administration’s
National Development Plans which haveprioritised security and the provision of a solid
foundation needed for an emerging economy,
injecting US$72 billion worth of contributions
from civil society, the private sector anddevelopment partners into the long-term vision
involved in industrialising the nation. “Since
2012, a number of reforms have been put inplace, these include the creation of a single
window system at the Investment Promotion

Centre in Côte d’Ivoire (CEPICI) for company
creation and the setting-up of a commercial
court in order to reassure investors of theexistence of a competent and responsive
court capable of settling commercial disputes,”
explains Issa Fadiga, CEO of Banque Populaire
Côte d’Ivoire. “There have been investment
approval procedures, requests for proceduresto process requests for industrial land anda new investment code since 2018, which
all secure a favourable business climate.”
Unsurprisingly, since 2014, Côte d’Ivoire has
increased 35 places on the ease of doing
business index while total investment reached
20% of GDP in 2019, compared to 9% in 2021.
NATIONAL DEVELOPMENT PLAN 2021-2025

For the past decade, economic developmentin the country has been driven by heavy
infrastructure investment in electricity, roads,
drinking water as well as telecoms and otherservices. As Jérôme Ehui, CEO of Versus Bankaffirms, “Côte d’Ivoire is one of the countries
where growth has been strongly sustainedfor years. We have been able to resist due to acollaboration between the public and private
sectors which has allowed us to amplify what
has been done so far.” The government’s
National Development Plan (NDP) 2021-2025
overarching objective lies in maintaining
a stable socio-political environment whilemobilising its domestic resources
DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 3CÔTE D’IVOIRE - A Shining Ivory Of Opportunity“Our economic successmust be measured,beyond the growth ofnational wealth, by ourability to offer evenmore opportunities toeach Ivorian citizen
aspiring to betterbeing, especiallythe youngest.”
H.E Alassane
Dramane Ouattara,
President ofCôte d’Ivoire

www.penresa.com / info@penresa.com
This report is sponsored and produced by Penresaand did not involve the reporting and editing staff ofany third party.
A special thank you to Hon. Amadou Koné, Minister ofTransport and Philippe Emmou-Coffi for their support.
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following the ramifications of the pandemic.
It targets the private-sector investment andconstruction needed to spur productivity,
increase diversification and advance inclusive
growth while boosting job creation, in particularregarding the nation’s youth. With solid relations
with international institutions and bilateral
partners, Côte d’Ivoire is committed to making its
business environment ever more attractive and its
economy more competitive by relaxing economic
policies in a bid to attract foreign companies andpromote business creation, especially in thedigital, information and technology sector. PaulHarry Aithnard, CEO of Ecobank Côte d’Ivoire says,“The private sector is a driving force because allideas not only come from the state but also comefrom the private sector. At Ecobank, we believethat digitisation and the digital economy makeit possible to have an inclusive economy andthat with technology we are capable of anything
today. Technology allows for a true inclusive
economy and true inclusive development.”
Another important driver to the nation and indeed
its economic backbone is its natural resources,
such as fossil fuels, ores and agriculture. The
government has expanded its vision to encompass
the enormous potential inherent in the productionof added-value solutions, thereby increasing its
manufacturing and processing industries. “Côted’Ivoire is looking to diversify through its agricultural
sector, driven by the private sector and the public
sector,” confirms Ruben Dieudonné, Managing
Director of Baobab Côte d’Ivoire. In providing a basis
in sustainable and inclusive social and economic
development, Côte d’Ivoire is also concerning itself
in training, researching and providing younger
generations with opportunities. It has allocatedmore than a third of its annual budget to social
expenditures, with a specific focus on health,education and gender equality. Othniel Kouadio,

4 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

GM of Econyx Group believes the Ivorian youth is
key to the nation’s immense potential. He says, “The
Ivorian population is increasing gradually; we havea young population, so we are consumers. At thesame time, this youth is also a real workforce whichmeans we have everything we need right here.”
New incentives in the nation’s Investment
Code, including the promotion of local raw
materials production, favourable tax conditionsfor SMEs production of competitive goods fordomestic market and exports and creationof incentives for technology are also key toguaranteeing Côte d’Ivoire’s success.
A persistent focus on revamping transportand energy infrastructures has also establishedthe strong platform needed for continued development in all areas, with large infrastructure spending under the 2021-2025 National
Development Plan supporting investment andconstruction. Côte d’Ivoire offers relatively
well-developed road infrastructure, the second
largest port in West Africa, and a modern airport
with a national airline that serves all the major
capital cities in the region. Indeed, the NDP 20212025 targets an energy production increase
from 2,2229MW in 2020 to 3,428MW in 2025
through a number of ongoing projects. It is also
expanding Port of Abidjan, one of West Africa’s
busiest container ports, with the constructionof a second container terminal, the Côte d’Ivoire
Terminal (CIT), due to be operational mid 2022.
FITCH BB RATING

True confirmation of Côte d’Ivoire’s stable
outlook and the promise of its strong economic
development occurred when Fitch assigned
Côte d’Ivoire with a BB rating in July 2021,
forecasting GDP growth to average 6.2% in
2021-2022. Léonce Yace, Managing Director of
NSIA Banque CI, believes the nation’s multiple
achievements is due to many factors. “Côted’Ivoire has a dynamic economic fabric, players,opportunities, well-trained young people anda booming banking sector. The government ismade up of experts and competent people who
understand the issues well and who manage
to take the initiatives that drive development
under the leadership of His Excellency President
Alassane Ouattara. Investors who come to Côte
d’Ivoire will find a business hub where theirinterests will be preserved.”
A gateway to West Africa, Côte d’Ivoire is well
positioned as a hub for international trade and astory of success as one of Africa’s most resilient
economies promoting inclusive and sustainablegrowth within a peaceful environment. As Côte
d’Ivoire’s record results guarantee its trajectory
towards economic recovery, the nation is also
firmly moving forward towards a new era ofgrowth, opportunity and a bright and shining
future.

CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Ministers’ Roundtable

Côte D’Ivoire’s Vision
For National Development
Penresa had the immense privilege to sit down to talk to Côte d’Ivoire’s leading
Ministers about the vision and strategies implemented in the country’s different
sectors that are set to boost national long-term growth and a prosperous future.
What initiatives and strategies has your Ministry
carried out in alignment with Côte d’Ivoire’s National
Development Plan?
Hon.Koné (Transport): The NDP’s success isdependent upon a functional transport sector. Thismeans solving the question of freight and people’s
mobility while ensuring easy access into thecountry and the world. These questions are being
resolved through the improvement, facilitationand modernisation of freight traffic, which is key
both within the country and with neighbouring
countries. We are the leading container port in thearea and have increased storage capacity as well as
berthing capacity for large ships. We have invested
enormously in widening and deepening the canal andtoday, we are able to receive the biggest ships in theworld; indeed, we are the only port on the coast thatcan receive ships of this size. We have inaugurated
the TC2 container terminal and are currently in theprocess of guaranteeing safe and clean mobility. We
have an important ongoing project with Millennium
Challenge Corporation (MCC) for a parking lot andlogistics zones outside the city. My priority for thisyear and 2022 is road safety, and we have worked hard
to have an intelligent transport system to facilitatethings. We have set up a new mobility authority in
Abidjan in order to promote multimodal transport.

reforms, supported by the implementation of a third
five-year national development plan (NDP 2021-2025)
offers solid prospects for economic growth and fiscal
consolidation in the medium term.The 2021-2025
NDP provides for a level of investment of around CFAF
60,000 billion, double that of the 2016-2020 NDP

Hon. Amadou Koné,
Minister of Transport

Hon. Adama
Coulibaly,
Minister of Financeand Economy

Hon. Coulibaly (Finance): In July 2021, Fitch awarded ourcountry long- and short-term ratings of “BB-/B”, with a stable
outlook for the long-term ratings. The rating reflects a favourable
outlook for our economy over the period 2021-2025, after the
COVID-19-induced trough in 2020 and is a strong signal toinvestors that the reforms implemented in Côte d’Ivoire haveborne fruit. The resilience recorded in 2020 with a real GDP
growth of 2% in an international environment of generalised
recession is proof of this. In this respect, it is evidence of thegood macroeconomic and budgetary management of thegovernment and therefore an invitation to continue with thesame trend. The country is gaining credibility and notoriety on
the financial markets. The continuation of structural economic
6 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

Hon. Koné (Works): The Ministry of Works is key
to the revitalisation of our national economic plan.
Construction has played an important role in thedevelopment of the country and this dynamic needs
to continue. We consistently seek new projects
attracting private investment since economic growthis harnessed by public projects as well as the private
sector. One aspect we need to focus on involves
boosting the volume, capacity and availability of officespace for the government. Our aim is to constructhigh buildings of 15 to 20 floors in order to meetthese demands. In the administrative city we are in abuilding, Tower A has just been rehabilitated. The idea
is to do the same for towers B, C, D, E, as well as forthe construction of the emblematic tower F, which,upon completion, will be the tallest building in Africa.
The idea is to have an idyllic project that characterises
Côte d’Ivoire and is symbolic of the revival that thiscountry is undergoing, while driving motivation andopening up housing options.

Hon. Sanogo (Budget): This ministry is a wholly cross-cutting
ministry; we are in charge of the state budget and public
procurement, domestic taxation (taxes, taxation) and then thestate portfolio (the portfolios of public enterprises). Our domain
is very vast and our ambitions multitudinous. At a budget level,
we have to strengthen the efficiency of public spending and at thelevel of customs and taxes, we are working on the mobilisationof domestic resources. In terms of public procurement, wewant to ensure great speed in the allocation of contracts while
guaranteeing that as many people as possible are able toparticipate in the competition for public procurement. Finally, atthe level of the public enterprise, we are working to ensure better
financial results that would help serve the financial constraintsof the state. Our new Programme Budget involves using new

Hon.
Bruno Koné,
Minister of Works,
Housing and
Urban Planning

Hon.
Moussa Sanogo,
Minister of Budget
and State Property

Hon. Amadou
Coulibaly,
Minister ofCommunication,Media andFancophony,
Spokesperson
to the government

methodology for budget preparation and execution resulting
from the implementation of the reform and management of publicfinances.The Citizen Budget aims to facilitate citizens’ accessto budget information and therefore popularise the budget insimple terms to allow everyone to have access to it.
Hon. Coulibaly (Communication): In order to improve
communication in regulatory terms, it is necessary to embrace
all decrees that facilitate the communication policy. The
implementation of our communication policy is carried out withpublic actors, including all government communication services
and the communication service of the Prime Minister’s office,as well as private actors which include the press, private radio
and television stations, marked by the opening of the audiovisual space within the framework of the implementation of
the digital terrestrial network, the DTT. We are here to define anoperating framework which is, I would say, equitable and fair toall players in the field of communication. To this, we must add
another aspect, the Centre for Information and Government
Communication, which coordinates government policy. Beyond
communication and the media, I also handle the Francophone
portfolio, which involves promoting Francophone in our country,
which is simultaneously a political, cultural and social issue since
it is a question of promoting cohesion and peace in terms of theobjectives of the National Commission of Francophone (CFN).
Hon. Fofana (Tourism): Our country has enormous tourism
potential and is ranked amongst the Top Five tourist spots on
the African continent.The Ministry has diligently worked tosecure a number of Côte d’Ivoire’s tourism strategies, one ofwhich has been judged as one of the best tourism strategies
adopted by the African continent. Sublime Côte d’Ivoire has
enabled national and international private investors to invest in
the tourism sector of our country.We also want to make Abidjan
a business and entertainment hub based on conference
and seminar tourism and aspire to be the leader in businesstourism in Africa by 2025. Sizeable exhibition halls are being
implemented and today, we ensure that hotel specifications
include large rooms in the form of an auditorium of 3,000 seatswith several modular rooms. We are also working alongside the
Minister of Transport in the development of Air Côte d’Ivoire
which is intensifying its service network. This policy will makeHon.
Siandou Fofana,
Minister of Tourism
and Leisure

Hon.
Roger Felix Adom,
Minister of
Digital Economy,
Telecommunications
and Innovation

Hon. EmmanuelEsmel Essis,
Minister of
Investment
Promotion andPrivate Sector
Development

our country a hub and consequently, a destination that ismore competitive with affordable prices. We are also working
to make Cocody Bay the largest park in Africa, guaranteeing aluxury trade establishment in Abidjan.
Hon. Adom (Digital Economy): Côte d’Ivoire is a digitallydeveloped country and as a consequence, we have developed
a good digital strategy which is currently in the process of
being validated. We are working on the following pillars: digital
infrastructure, digital services and digital financial services. We
are also working on developing diverse skills, including technicalskills, since we cannot develop the digital without skills. We areintent on developing skills in terms of use so that the population
is aware and ready to use the new features that we are going to
implement. Business promotion is key for Ivorian companies inorder to develop this sector and we are working on making small
start-ups bigger. We also have a market economy, a free economy
that allows people to come and invest in Côte d’Ivoire freely. Any
global company is able to establish themselves in Côte d’Ivoire
and work well. Côte d’Ivoire is becoming a country of innovation
like Dubai, Singapore and Qatar. We have a lot of projects, so it isimportant for us to have a real strategy in fixed broadband.
Hon. Essis (Investments): As the government sets the course
for industrialisation, we must prevent our economy from being
based on unprocessed raw materials. We have implemented
a new investment code for the priority sector, such as agroindustry, agriculture, livestock, health and hospitality, forwhom we have allocated a maximum of exemption. The codealso covers non-priority sectors which have been given credit
and at the end of the year, we will evaluate the code in order
to assess its contribution. The Investment Promotion Centre in
Cote d’Ivoire (CEPICI) has approved investments for more than
CFAF five thousand billion, indeed, it has never had so many
approved investments. We have created a one-stop shop forthe investment code, thus, the investor doesn’t have to move
between departments anymore. It’s a good strategy that has
had great success. Our role is to create the context and theframework to find financing solutions for private investment
to be able express itself through national entrepreneurship.
We aim for the national entrepreneurs to become the pillars of
economic growth.
DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 7CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Ministers’ Roundtable

Versus BankCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Serving And Supporting SMEs

A Different Way Of Banking
Versus Bank has centred its focus on SME structure and growth, offering
services and solutions to aid the economic engines of the Ivorian economy.

“Our objective is
to create national
champions. We
accompany SMEs
by helping themto structure
themselves, sothey can growand compete withcompanies ofdifferent sizes.”
Jérôme Ehui,
CEO ofVersus Bank

Immeuble CRRAE-UEMOA
Angle Botreau Rousse
Avenue Joseph
ANOMA
Phone: (+225) 27 20 25 60 60(+225) 27 20 25 60 90

Created in 2003, Versus Bank has experienced
monumental growth, boasting an effective
staff of 153, capital of EUR 10 billion divided
between the State of Côte d’Ivoire (53%) andthe pension fund of state employees (47%).
Jérôme Ehui, who has been CEO of Versus
Bank since 2019, states, “Our investments
give and deliver a will to represent in our
industry through a different way of doingbanking. This state of mind drives us, and we
implement it for every new client. We havemade SME financing the core business, whichmeans that today in our global financing,
we devote 70% to SMEs.” Upon becoming
CEO, Ehui invited Versus executives totransform the focus of the bank to create
enhanced performance through five major
axes: customer, organisational, leadership& management, culture & communicationand training, which has resulted in a bankthat serves and supports small and medium
enterprises to energise the Ivorian economy.
While Versus Bank continues to offer a range of
products for individuals, their focus rests on the
powerhouse of the Ivorian economy. Ehui says,“We are a branch specialised in SME financing.
SMEs are really 80% of the Ivorian economy.
Our approach is what has made our success;we have gone beyond classic financing to help
SMEs structure themselves.” At the end of 2020,
Versus Bank signed an agreement with the SME
Credit Guarantee Fund which functions to provide
third-party credit risk mitigation to lenders byabsorbing a portion of loss on SME loans in theevent of default. This brings additional security
and confidence for SMEs as they enter themarket. Ehui continues, “Signing with the SME
Guarantee Fund gives us more capacity, knowingthat our capacity to intervene on the market
is linked to our own funds, is regulated, goesbeyond this threshold of own funds, and when
we make financing, that it is backed up by aguarantee like the one given by the SME Fund.
This attenuates the consumption of our own

8 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

funds and thus gives us more possibilities toaccompany SMEs much more.”
In addition to the SME Guarantee Fund,
Versus Bank has also signed the African
Solidarity Fund (ASF) based in Niamey, which
also provides counter-guarantees, as well asa recent agreement with FAGASE (Guaranty
Trust Bank), which also provides the bank withadditional financing lines. “Our objective is tocreate national champions,” says Ehui. “We
accompany SMEs by helping them to structure
themselves, so they can grow and competewith companies of different sizes.” In 2019,
Versus Bank intervened with about EUR 90
billion, but last year with EUR 128 billion andcontinued growth is projected for 2021.
Versus Bank’s unique approach to businessand dedication to the SME sector has resulted
in numerous recognitions and accolades,
including the 2017 and 2019 prizes, ‘La finances’engage.’ At the ninth edition for the Grand Pan
African Leaders Award (PADEL) 2021, Versus
Bank was also the proud recipient of three
awards: the Grand Pan African Leaders Award
for Excellence and Merit, the Grand Pan African
Leaders Award for Best Manager in the banking
sector and the Super Grand Bronze Pan African
Leaders Prize for Excellence and Merit, a special
jury prize awarded to Jérôme Ehui.
Versus Bank’s commitment from individuals
to SMEs to discerning investors as well as
its dedication to Côte d’Ivoire’s National
Development Plan in fostering inclusive andsustainable economic growth and attracting
investment by 2030 is undeniable. “We are
more committed to promote the businessclimate and to allow investors to be able tosecure precisely, and as a citizen bank, we aredeveloping all the means to accompany them,
It’s in our DNA, the availability, the innovation,
the responsibility and the team spirit. We try to
inculcate in our collaborators to be customer
oriented. The customer must be at the centreof the population.”

The General Directorate of Public Procurement (DGMP)

Facilitating Productive,
Socially Responsible Investments
Through a new system for public tender, the DGMP has renewed its activities
through streamlined operations and transparency, further promoting
public-private partnerships in Côte d’Ivoire.
The General Directorate of Public Procurement(DGMP, in French) operates with the objective toharmonise public procurement to secure efficient,judicious and economic use of state resourcesin Côte d’Ivoire. The DGMP works under an
exceptional standard to enhance economic impact
in Côte d’Ivoire, managing tenders that lead to large
investment projects in the country. Sansan François
Youl, Managing Director of DGMP, states, “High
performance is a personal ideal that has always
guided and accompanied the management strategy
I have applied to the different structures I managed.”
The DGMP has adopted a new Code for Public
Tenders that is making its operations moreaccessible, streamlined and transparent. “With the
new system, the DGMP is to give more credibility
to the Ivorian system by increasing control andorganisation; to augment the swiftness of tender
operations through the establishment of a systemof surveillance of the deadlines; and to increase
the use of technologies for information andcommunication when dealing with the files. Thisis done by implementing the management tools
such as the Electronic File Management (GED), thedematerialisation of the public tenders (SIGOMAP)
and the Database for Reference Pricing (BDPR).
There has been an organisational transformation bycreating specialised services in place of the system
for ministerial correspondence.” The Code of Public
Tenders has introduced numerous reforms and as
a result, the DGMP has experienced a reduction intender execution time, from 108.3 days in 2017 to
94.7 in 2020. Electronic tender execution should
enable a considerable reduction of this delay for the
coming tenders.
The new Code for Public Tenders takes into
consideration international standards and newmechanisms for the execution of public tenders,
all of which encourage investment. “These
are adapted to the achievement of importantinvestment projects, in order to support theactions of the government and facilitate the accessfor SMEs to public order. The institutional change
will considerably reinforce the performances of

the DGMP.” In support of these actions, the DGMP
has been certified with the norm ISO 9001, version
2015, a certification that enables the DGMP to
subscribe to normative requirements in terms ofmanagement, which creates an ease of creating
public-private partnerships.
Recovering from the COVID-19 crisis with renewed
purpose, Côte d’Ivoire is working toward the 2030
vision of H.E. President Alassane Ouattara, which
is designed to support the biggest economy of the
UEMOA zone. Youl says, “The 2030 vision of H.E.
President Alassane Ouattara is to make Côte d’Ivoire
an economic and industrial power.” The successof the 2030 vision relies on the achievementof objectives such as the creation of 8 million
jobs, poverty reduction, increasing education,
implementing large infrastructure projects,
increased scientific and technological specialisationand the development of modern and mechanised
agriculture. “These objectives will be translated
into big projects that will be conducted under publictenders,” says Youl. “As a structure of control for thesystem of public tenders, the contribution of the
DGMP will be to accompany the implementation of
the new Code for Public Tenders and the operations
related to these tenders.”
Indeed, as Côte d’Ivoire works toward
Vision 2030, the DGMP will no doubt play a criticalrole in its realisation. The successful development ofany prospective economy requires the appropriate
investment in key sectors to support its rapid
growth. Youl says, “The measures taken by thegovernment for foreign investors are present in
the Code for Investments and the Code for Public
Tenders, which enable international companies toparticipate in public tenders. The governance and theease of doing business are assets when investing inCôte d’Ivoire: it is about facilitating the proceduresof creating businesses to boost and promote
productive, socially responsible investments.” Côte
d’Ivoire is creating an environment where publicprivate partnerships can more easily be established,providing the nation with the appropriate tools andplayers to enjoy a prosperous future.

“The measurestaken by thegovernment forforeign investors
are present in
the Code forInvestments
and the Code forpublic tenders,which enableinternational
companies toparticipate inpublic tenders.”
SansanFrançois Youl,
Managing
Director of DGMP

Cité Financière Tour F, 21ème Etage
Plateau Abidjan - BP V 169. Abidjan
Tel: (225) 27 20 30 52 60
https://marchespublics.ci/accueil/home

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 9CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Investing In Côte D’Ivoire

Ecobank Côte D’IvoireCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Banking On The Bigger Picture

Diversifying and Making Banking More
Inclusive To Meet Modern-Day Demand
Providing SMEs with the sustenance to thrive while harnessing gender inclusion
through digital solutions, Ecobank Côte d’Ivoire is playing a pivotal role in driving
the nation’s economy through a wide range of financial opportunities and services.

“Fundamentally,
we believe in thenotion of diversity.
For us, it is betterto have a balanced
and diversified
business than an
unbalanced andundiversified one.”
Paul-Harry
Aithnard,
CEO of Ecobank
Côte d’Ivoire andRegional Executive
UEMOA

Ecobank Côte d’Ivoire
Avenue Houdaille Plateau
Immeuble Ecobank. Abidjan
Phone: +225 27 20 31 92 00

A full Pan-African bank, with an all-encompassingbanking suite, a member of the pan-African banking group, Ecobank Group provides wholesale, retail, investment and transaction banking services
and products to governments, financial institutions, multinationals, international organisations,
medium, small and micro businesses and individuals. “Côte d’Ivoire is one of Africa’s locomotives due
to its importance in the economies of West Africancountries,” explains Paul-Harry Aithnard, CEO of
Ecobank Côte d’Ivoire and Regional Executive
UEMOA in analysing the nation’s financial sector. “Over the past ten years, Côte d’Ivoire hasachieved a tremendous feat in terms of economic
performance. It is one of the countries with one of
the strongest growths on the continent, which was
confirmed by the last BB-credit rating upgrade we
had, which makes it one of the best credit ratings
on the continent. If we look at sub-Saharan Africa,
after South Africa, Côte d’Ivoire is the best destination for investors according to its credit score.”With the shifts and disruptions caused by
the COVID-19 pandemic, Ecobank was quick tounderstand the importance of localisation andregionalisation and the support SMEs requiredin order to ensure consistent national economic
growth.“We are going to have supply chains thatare going to be more and more regional and local
and these need to be developed,” clarifies Aithnard.
“To do this, as a bank, we must try to finance more
and more entrepreneurs who will be medium-sizedcompanies tomorrow, who will be large companies
the day after that and multinationals and global
challengers after that. We believe that the solutionthat can be offered is a multifaceted solution. I
believe that alongside financing, we must also offer
other solutions which are non-financial solutions.” In
May 2020, the Ecobank Group signed a partnershipwith the African Union’s New Partnership for Africa’s
Development (NEPAD) in order to train 100,000
Micro, Small and Medium Enterprises (MSMEs)
online across Africa in a bid to reposition, rebuild
and recover MSME businesses post-pandemic. “Wehave already started doing this in Côte d’Ivoire,”

10 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

continues Paul-Harry Aithnard. “About one hundred
SMEs have already been trained. Alongside thetraining we have developed a vertical line for thedigitisation of SMEs. In this way, we are able to help
SMEs offer their products on international markets,taking full advantage of e-commerce and payment
platforms.” The Bank has worked consistently toboost digital channels, such as Ecobank Omni Lite,in order to provide customers with the ease andcapacity to make payments remotely. Due to the
Bank’s quick wittedness and pioneering vision, theEcobank Group was also awarded 2021 African SME
Bank of the Year at the African Banker Awards.
Ecobank is also on the vanguard in the promotionof gender inclusion and support of female
entrepreneurs through innovative initiatives, suchas ‘Ellevate by Ecobank.’ Ellevate targets womenled and women-focused businesses across thecontinent, offering end-to-end partnership in
which they gain access to both financial and nonfinancial services such as financial education,
product information, networking and recognition.
“Fundamentally, we believe in the notion ofdiversity. For us, it is better to have a balanced
and diversified business than an unbalanced
and undiversified one. It is for this reason that
we created the Ellevate programme aimed atbusinesses run by women and businesses thatsell women’s products, with a funding programmeof CFAF 10 billion for this year in Côte d’Ivoire. In
addition, we train women and offer them digitalsolutions through partnerships with Microsoft and
Google which will allow them to digitise themselves
and to digitalise their way of selling.”
While promoting financial integration on thecontinent, Ecobank is also driving its potential
as a major player in the Ivorian economy. PaulHarry Aithnard claims the key to this lies in the
power of digitalisation in securing an inclusive
economy. “Thanks to technology, we can offer
24/7 services and partner with the government
in order to set up a real digital economy which inturn secures a true inclusive economy, as well astrue inclusive development.”

NSIA BanqueCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Transformative Banking Solutions

Elevating The Banking
Sector To Higher Levels
Financial inclusion, increased autonomy and added security are empowering
NSIA Bank to provide tailored solutions to its individual, SME and corporateclients and contribute to Côte d’Ivoire’s economic prosperity.

“When talking
about thedevelopment ofentrepreneurs
and SMEs, wemust have a
support system
at home sothat banks
can position
themselves asproviders ofsolutions.”
Léonce Yace,
Managing
Director of
NSIA Banque CI

www.nsiabanque.ci
nsiabanque.ci@nasiabanque.com

For more than 100 years, NSIA Banque CI has
built a trusting relationship with its clients while
offering banking products that meet international
standards, providing a high-quality banking
experience and contributing effectively to thedevelopment of Côte d’Ivoire. Léonce Yace,
Managing Director of NSIA Banque CI, explains how
the Bank continues to transform to meet financial
needs, stating, “We are in a transformation
process that is putting banking at high levels
after several important regulatory changes. I am
delighted to be able to do so with an involved anddedicated team. We are profoundly transforming
NSIA Banque CI.” This transformation elevates
NSIA Banque CI as it seeks to pursue financial
inclusion by allowing access to quality, adapted
and innovative banking solutions.
NSIA Banque CI is a subsidiary of NSIA Group,an African financial group present in both West
Africa, Central Africa and English-speaking,
French-speaking and Portuguese-speaking Africancountries, which, in many ways, sets them apartfrom competitors. Yace states, “We have made thealliance between insurance activity and banking
activity to finally diversify into all sectors offinance. We have a bank-insurer DNA, and for thisreason, we take care of finding financing solutions
as well as protection solutions. Working with NSIA
Group, the leading African financial group in banking
and insurance, means having the assurance ofcovering several areas and always finding attentive
collaborators capable of providing solutions.”
Recent projects in the West African Monetaryand Economic Union (UEMOA) zone, such as an IFCand CFI-backed securitisation, have permitted NSIA
Banque CI to offer banking solutions such as loans
and credit to valuable players in the economy. Yace
states, “The securitisation transaction is a significant transaction that was carried out last year tocontinue our activity. Securitisation is the mechanism by which we use our debt portfolio for bondassets using a vehicle called the common debt securitisation fund. This allows us to use the financial
market, and therefore attract investors. It was an

12 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

opportunity to show the confidence of important
players in the financial sector, and it has enabled us
to raise the necessary funding to continue our activity and to grant loans to SMEs, which are a priority for our establishment.” This operation stands out
as the first instance that a banking establishment
in the UEMOA zone has undertaken it, signalling its
possibility to other banking establishments.
As Côte d’Ivoire anticipates substantial GDP
growth in the coming year, NSIA Banque CI has
contributed by expanding its agencies within thenational territory over the past decade, from 26 in2011 to 84 in 2021. Yace says, “This accomplishment
is the result of a network development programmethat reflected the will to have greater inclusionand greater banking access by being close tocustomers. We are combining this with a digitaltransformation effort that allows us to promote
remote solutions and empower customers to havea more autonomous relationship with the bank.”
This objective also includes suitable financing offersthat allow the Bank to seize financing opportunities,
as well as specific financing programmes for
SMEs. Yace continues, “We have set up portfolio
guarantee mechanisms that allow SMEs to seek
financing with our help, without facing the difficultyof required guarantees. We have made it a priority
to place ourselves as a major player in the financingof SMEs.”
Through the development of a more inclusive
economy, Yace confirms that the private sector
plays an important role in the training of young
people entering the labour market. This, in turn,highlights the importance of NSIA Banque’srole in aiding SMEs and the private sector. Yace
states, “When talking about the development ofentrepreneurs and SMEs, we must have a support
system at home so that banks can position
themselves as providers of solutions.” Indeed, if
banks occupy this space, they will be able to havegreater banking services and access to financial
services for clients and companies, facilitating alarger impact in the government-led recovery anddevelopment effort of Côte d’Ivoire.

Baobab Côte D’IvoireCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Simple, Fast, Accessible Financial Solutions

Building A Financial Institution Of Trust
Microfinance leader Baobab offers
tailored financial services to underserved
entrepreneurs and SMEs in Africa.
Baobab Côte d’Ivoire is the leading microfinance group in West
Africa with a presence in seven countries in Africa as well as
China. In Côte d’Ivoire, the SME sector has a direct implicationon the nation’s GDP growth rate. For this reason, Baobab
maintains a strong presence in the country, assisting small
businesses with loans and services that empower them toreach their business potential.
Through the company’s values of integrity, simplicity,transparency and proximity, Baobab is a market leader. Managing
Director of Baobab, Ruben Dieudonné, says, “We are very close to
our customers and we develop products adapted to them. We are afinancial company that offers solutions to people who do not haveaccess to conventional financial services.” Through knowledge
and proximity to the customer, Baobab can offer credit solutions
to customers, including those who have no guarantee. “The mostimportant element is the relationship with the customer. We have an

14 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

institution that takes many risks. Baobab
offers a chance to people who are notso fortunate. For this reason, we are theleader in the microfinance market. We
have less risk of procuring because weknow our customers perfectly.”Company-wide, over one million
customers in 10 different countries trust
Baobab as their partner of choice. In the
coming years, Baobab has a particular
Ruben Dieudonné,
focus on Côte d’Ivoire. “Our goal is tobe the financial institution of trust inManaging Director
the area,” says Dieudonné. Indeed,of Baobab
Côte d’Ivoire is poised for inclusive andsustainable economic growth, aided even further by H.E. President
Ouattara’s Vision 2030, which is set to modernise the economy.
In pursuit of this goal, however, MSMEs must not be left out of theequation. Dieudonné says, “Today, at the market level, there is
emptiness in terms of institutions. MSMEs need financing. There
aren’t many institutions for smaller customers. We want to serve
this customer base because we realise that there is a lack of supply.
This customer base will be our priority in the coming years.”

BICICI

Banking Solutions Through Management Standards
BICICI consistently adapts to clients’ needs to meet national and international standards.
The Banque Internationale pour le Commerce et l’Industrie
The future goals of BICICI seek to increase and develop
de la Côte d’Ivoire (BICICI) is a renowned banking institution
itself as the benchmark bank in Côte d’Ivoire while
defined by its diverse product offerings, high-quality
respecting BNP Paribas standards. Kouassi adds, “Indeed,
services, professionalism and invaluable role in Côte d’Ivoire’s
this requires the perfect control of credit risk, complianceeconomic growth. Yao Kouassi, CEO of BICICI, states, “Thisand operational risk, but we have an economic modelbank has existed in Côte d’Ivoire since 1942. We differentiate
which consists in accelerating the development of theourselves from our competitors because we are subsidiaries
bank and we have made good progress at this level. Ourof BNP Paribas. We have values and an economic model ingoal is to become the trusted companion for the best
which management standards are recognised worldwide.”interest of the customer and society, especially through
BICICI continuously supports the private sector by
Yao Kouassi,
positive banking and sustainable finance.”
financing companies that represent an important partCEO of BICICIIn attracting new clients and empowering local
of Côte d’Ivoire’s economic wellbeing. Through theirbusinesses, BICICI is perfectly in line with H.E. President
expertise, BNP Paribas standards and diverse solutions, BICICI creates
Outarra’s National Development Plan. “This country has incredible
value and offers solutions to its clientele. Kouassi says, “We haveassets and natural strengths,” confirms Kouassi.“It has very gooda way of operating which allows us to differentiate ourselves from
economic conditions and robust energy production that increases
our competitors. If there are specific subjects on which there is no
economic growth.” Côte d’Ivoire and BICICI are both prepared to
local expertise, we find innovative and adequate solutions within theprovide for investors’ needs and expectations while continuing toGroup. These are qualities that you would not find elsewhere.”excel in products, services and quality.

Banque Populaire Côte D’Ivoire
Accessible Banking, Everywhere

Powering A Nation Through Access To Banking
Providing SMEs with financing while developing digital solutions.
After a profound restructuring process, Banque Populaire
felt that banks had high, inflexible interest rates. The
is looking to increase its market shares in retail and SME
goal of Banque Populaire is to bridge this gap between
segments while developing digital solutions to meet theSMEs and their bank. Fadiga says, “SMEs are important
ever-increasing demand for technical solutions locally.
for the growth of a country, therefore it is important for
Issa Fadiga, CEO of Banque Populaire says, “Banks cannot
the banking system to adapt and provide solutions thatdevelop without digitisation. We have a strong rural popucan match their funding needs. That’s where Banquelation and in those areas, banks are not eager to make thePopulaire is making the difference by offering solutions
necessary investments.” In addition to developing mobile/that are adapted to the reality of those SMEs.”
digital solutions, Banque Populaire has also taken the term
Fadiga adds that the Ivorian government has also
mobile banking more literally. As the only bank with mobile
Issa Fadiga,
facilitated funds for businesses, such as the SME
banking trucks, Banque Populaire reaches areas with low
CEO of Banque
Guarantee Fund. This initiative should boost the bank’s
to no financial inclusion. “These trucks allow us to go to Populaire Côte d’Ivoire abilities to finance SMEs over time. Fadiga says, “Thevery remote and unbanked areas for 3-6 months, assessgovernmental development plan for the period 2021their potential and profitability and decide if we want open branches.”
2025 has placed a huge emphasis on infrastructure development
According to Fadiga, from a macroeconomic perspective, SMEs
which gives an opportunity for local SMEs business growth.
represent more than 90% of companies in Côte d’Ivoire but contribute
Banque Populaire finances those SMEs and others in various
only to around 22% of GDP. In the past, banks saw SMEs as risky due
sectors, thus we are aligned with the government by contributing
to their informality, and inversely, small business owners often
to its achievement of economic growth.”
DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 15CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Accelerating Côte D’Ivoire’s Economic Development

Tourism Development Fund (FDT)CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Realising Untapped Tourism Potential

A Window
Of Opportunity In Tourism
Established to aid the development of the tourism sector, the Tourism
Development Fund is investing in training and the private sector to ensure thattravellers continue to experience the exceptional hospitality of Côte d’Ivoire.

“In the very
implementationof the Côte
d’Ivoire strategy,
it is clear that thelargest part ofthe investments
is made by theprivate sector.”
Marcel N’guettia,
CEO of Tourism
Development
Fund

Imm. Nour Al Hayat, 2nd Floor
BP V 184 Abidjan
Tel.: +225 20 23 05 23
info@fdt.ci • www.fdt.ci

The Tourism Development Fund (FDT) of Côte
d’Ivoire was created by decree in 2007 andoperates through the organs of the management
committee, the technical secretariat andthe coordination unit for tourism activities.
The missions of the FDT are to support thedevelopment of the Ivorian tourism sector
through the promotion of tourist investments, thefinancial contribution to studies of investment
projects, the facilitation of training and theimprovement of public sector agents in order toenhance the quality of products and services.
Marcel N’guettia, CEO of FDT, states, “The FDT isconcerned with the operations of rehabilitation,
extension, equipment of tourist establishments
and operators of the tourism sector and themarketing of their products. It is about theinspection, control and promotion of tourist
establishments and any actions that contributeto the development of all in Côte d’Ivoire.”
The FDT’s multifaceted operations ensurebalanced growth of the tourism sector, focusing
on financing, quality, classification andpromotion of tourist activities. N’guettia states,“Our role is a very important one. We have theprerogative to produce the statistics of theoccupancy of the hotels and all the services
rendered so as to continuously improve. We
must promote hotels, taking these factors
into account so that Côte d’Ivoire remains an
attractive country.” To ensure its success,several investment projects are underway,
including a training programme for young
Ivorians in the tourism sector. N’guettia states,“We send 50 students every year to train in
the field of tourism and we finance that so thatwhen they return, they can bring this experience
to Côte d’Ivoire. Tourism is the window of acountry.” Students currently study in Morocco
to gain training and experience, although plans
are in motion for scholarships that will open
similar opportunities in Dubai in the near future.
By investing in the training of young Ivorians,the private sector is empowered to positively

16 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

impact the tourist industry and realise thecountry’s flagship plan, “Sublime Côte d’Ivoire”.
N’guettia states, “The role of the private
sector must be a driving force for tourism
development. In the very implementation of the
Côte d’Ivoire strategy, it is clear that the largest
part of the investments is made by the private
sector.” To encourage the private sector, aconducive business environment has facilitatedwidespread development. For example, on theisland of Ule is the construction of the largest
amusement park in West Africa; Bingervilleis home to a privately invested animal park;
Abidjan is developing several hotel complexes;
and in Sorbonne stands the country’s largest
tower, “Tower of the Nation”. N’guettia continues,“We try to put the strategy in place to encourage
the private sector. We must help the private
sector to take off and not leave Ivorians behind.
We must create national champions, therefore
Ivorians, so that they can find financing.
Therefore, we also encourage the emergence ofnational companies in the hotel industry and in
the development of leisure space, to occupy an
important place in the national ecosystem.”
In addition to hospitality and political stability,
N’guettia says that Côte d’Ivoire is the engine of
the sub-Saharan African economy. “We havean incredible potential for tourism that has not
yet been exploited,” he says. Equipped with
infrastructural and energy capacities, Côte
d’Ivoire is prepared to welcome tourists fromevery corner of the earth and facilitate needs
for potential investors. N’guettia continues,“You must invest in Côte d’Ivoire because you
have the possibility of having all that you want.
There are easy conditions for investment thathave been so lightened that today, you have thepossibility to create your company in 48 hours.
If you want to invest in Côte d’Ivoire, you have
all the possibilities and everything you need.
Côte d’Ivoire is a corner of a virgin country,
where you must invest but above all where yourinvestments will be safe and well secured.”École Hôtelière de Grand Bassam (EHB)

Revolutionising The Spirit
Of The Avant-Garde Hotel Sector
Through training and education, the École Hôtelière de Grand Bassam isgenerating a high-level workforce, raising the bar for hotel professionalism,
luxury and leisure in the hospitality and tourism sectors.
École Hôtelière de Grand Bassam (EHB) is a schoolwith a specialisation in hospitality and catering.
Through its rigorous and innovative pedagogicalapproach, EHB ensures that its students enter theworkforce as high-level professionals, equippedwith the necessary skills and experience to assume
positions of responsibility in the hotel, restaurant,
service industries and management sectors.
Germain A. Ollo, Chairman of École Hôtelière deGrand Bassam, is a civil engineer by training but
has been in the hotel business for over 30 years.
Ollo states, “In 1987, we started with a small hotelwith 21 rooms, and we saw an opportunity to dobusiness and give added value to Côte d’Ivoire.”On the beginnings of EHB, Ollo states that overtime, the hotel trade became somewhat neglected and a degree of professionalism was lost. “Werealised that it was an avant-garde profession; we
revolutionised this spirit by providing professional
spaces, including well-equipped meeting rooms
and by enhancing professionalism in the hotelindustry. In 2014, we were nominated as the best
hotelier in Côte d’Ivoire.” The successful comeback
proved that Côte d’Ivoire has the human resources
and knowledge base to raise its hotel industry to
the next level. Ollo adds, “Ivorians are motivated tosucceed in this profession because, without motivation, you cannot succeed in the hotel industry.”
Seeing the potential in revolutionising thehotel sector led to the establishment of the École
Hôtelière de Grand Bassam in 2016, which isdesigned to create a professional standard in
the industry. EHB provides young people withprofessional skills related to the hotel industry, as
well as theoretical and practical knowledge throughworkshops, all taught by experienced professionals.
Boasting a high success rate among students, EHB
has recently expanded through partnerships with
École de Savignac in France, the École Hôtelièrede Genève in Switzerland and École Hôtelière deCasablanca in Morocco.
As Côte d’Ivoire aims to develop the Ivorian
tourism industry, the Ministry of Tourism
has debuted its flagship project, “Sublime

Côte d’Ivoire”, to expand sustainable tourism
infrastructure nationwide. Ollo confirms, “We areco-authors of the spirit of ‘Sublime Côte d’Ivoire’.
Our luck is that we are engineers, and we know how
to calibrate the hotel industry, calculate areas andapply the environment so that the hotel industry is
not a subject of excessive consumption of water,electricity, etc. We conduct Smart Hospitality
where we will be introducing agriculture and otherelements of the supply chain so that our garden
spaces will soon be apt for cultivation.” With agoal to be 100% eco-conscious, smart hospitality
will create a sustainable tourism and hospitality
sector for years to come.
With full government support, the hotel industry
is developing future projects focused on the luxury
and leisure hotel industry, and EHB is scheduled
to open their luxury hotel services by 2022. “Inour 2023 development plan, we will open thefirst thalassotherapy centre and a 360-degree
allrounders vocational training centre ensuring
apprentices acquire not only specialist but also
personal skills. By 2025, we plan to have anotherspace dedicated to sports hotels. For us, Sublime
Côte d’Ivoire is all of these things.” Côte d’Ivoire is
the first economy in the West African Monetaryand Economic Union (UEMOA) and has one of
the strongest economic growths in the world.
Ollo states, “For those who want to invest in
luxury, business, and sports hotels, we have theintelligence, the urban spaces, land and we areready for cooperation.”
Côte d’Ivoire’s National Development Plan,
led by H.E. President Alassane Ouattara, aims
to promote inclusive and sustainable economic
growth and attract investments by 2030. To fully
achieve its goals, Ollo says that one can only build
a developing country with the private sector. In
this respect, Ollo states, “Training and education
are the roots of all development. The president
welcomes schools of engineers, entrepreneurs
and architects. The State of Côte d’Ivoire creates
the business environment and has the tools inplace to support them.”“Ivorians are
motivated tosucceed in thisprofession
because, without
motivation, you
cannot succeedin the hotelindustry.”
Germain A. Ollo,
Chairman of
École Hôtelière deGrand Bassam

Rue Jean Baptiste Mockey
Grand-Bassam - Côte d’Ivoire
Tel.: (+225) 21 30 22 50 / 09 39 16 80
infos@ehb.ci

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 17CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Smart, Sustainable And Professional HospitalityCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

The Land Of Creativity And ChangeWith a healthy entrepreneurial ecosystem in place and a deep focus on facilitating ease of doing
business, Côte d’Ivoire is establishing itself as the most promising future innovation hub in
the region. From ICT to fashion design, Ivorian start-ups are gaining attention and paving theway towards success through the support of the nation’s digital strategy and creative vision.

Ersin Guney,
CEO ofUniwaxMoulayeTabouré,
CEO ofAfrikrea

Ali Badini,
CEO ofCredit AccessOthniel Kouadio,
GM ofEconyx Group“Uniwax is a company thatwas established in joint
venture with the Ivoriangovernment to create
beautiful designed African
wax print fabrics for theWest-African markets using
the raw materials andpotential the country has tooffer. Since its foundation,
Uniwax has been dressing
people, particularly
women, with its fabrics
and thousands of designs
and has become symbolicof African elegance. Its
colourful and uniquedesigns, printed using aunique wax technique, area means for self-expression
and delight and a true
vector for communication.”“We created Afrikrea tosupport Africa and African
entrepreneurs navigate
through the boom ofAfrican fashion. We export
African culture worldwide.
[...] Relocating to Côte
d’Ivoire was an organic
option because we wanted
to be closer to our sellers
and it is very easy tocreate a company here.
Besides quality of life isgood; there is local talent,good infrastructure, fastinternet and a great start-up
environment, in under twomonths we had settled
down into life in Abidjan.”“One thing is to havesignificant growth rates.
Another thing is to be able
to make these growth
rates inclusive and thisinclusion of growth rates is
not going to happen. If thehousewife, the craftsmanor the small trader do not
feel an increase in theirpurchasing power, they do
not feel an improvement intheir living conditions. And,for me, the institutions that
understand this philosophy
best are microfinance.”“Next year we will facilitate
the process by which morethan 7,000 people will
possess land. With Econyx,
price is not a barrier. At
the start of this project
we encouraged as many
people as possible to invest
and participate in it. We
launched the campaign anda lot of people signed up
for us. When subscribing
on our platform, there isa space where investors
follow all their investments.
Furthermore, we havea platform where we
communicate the actual
status of the project withsupporting images. Econyx
helps you to keep updated
on real estate investment.”

18 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

Glovo Côte D’Ivoire

Connecting Users And
Local Businesses For Societal Impact
Meeting Côte d’Ivoire’s rising demand for online shopping and deliveries
through its multi-category app, Glovo works hand-in-hand with local partners
and independent couriers for positive societal and economic impact.
The fastest-growing multi-category delivery
player in Europe, Western Asia and Africa, Glovo
gives everyone easy access to everything
in their city. Since it was founded in 2015,
the company has raised e890 million frominvestors and recently achieved unicorn
status as a start-up valued at over US$1
billion. A Barcelona-based tech company
enabling deliveries in food, grocery and justabout anything, Glovo currently operates in 23
countries, including Morocco, Uganda, Kenya,
Ghana, Côte d’Ivoire, Nigeria and Tunisia in
Africa, and is deeply committed to driving a
positive social impact in those countries.

Launched in 2019 in Côte d’Ivoire, today Glovois the leading multi-category app in the market
thanks to its best-in-class tech and the strengthof its service. “We are in 23 markets worldwide
but we adapt our operations to each locality;
working in emerging markets is part of our DNA,”says Maguelone Biau, General Manager of Glovo
Côte d’Ivoire. “There has always been a big focus
on working with and hiring the best local talent,people that understand the local landscape, theopportunities and challenges. We’re present
in a very diverse number of markets and ourhiring policies directly reflect those markets, it’s
been the key component for us in localising ourservices. Of our 200 employees in Africa, only
four are not from the continent.”Indeed, the key to Glovo’s success definitely
seems to lie in its ability to understand local
markets as well as its ability to quickly adapt tothe different needs and demands requested.
“Glovo is different than other companies dueto the culture and the values that we have,”says Biau, “which simplifies things and aids
collaboration.”
An important presence in Abidjan, Glovo
has also been launched in Grand Bassam,
Bouake, and Yamoussoukro and has plans
to continue to expand into a number of cities
in the country, such as San Pedro
and Korhogo. “Our vision is to giveeveryone access to everything in
the city,” says Biau. “We may havedifferent challenges to overcome toaccomplish this, but being present inevery city is our goal.”
Glovo’s vision is one that is
steeped in technology, innovation
and a focus on society’s needs. “Icame to Glovo with strong social
convictions and with a social
business background,” says Biau, “Istrongly believe that private sector
companies have a fundamental partto play in generating a strong social
impact in the places they’re present. It’s up toeach and every company to decide, of course,
but at Glovo, we are very focused on using
the platform for positive social impacts.” Biaubelieves that it is important for the public andthe private sector to work hand-in-hand inorder to guarantee this success. “Our aim is
to be able to reach everyone and this is madepossible thanks to the private sector. Thanks
to collaborations with the government andwith international institutions, we’ve beenable to have a positive impact both in termsof economic growth and societal impact in
the country.”“Glovo isdifferent thanother companies
due to the culture
and the values
that we have.”
Maguelone Biau,
General Manager
of Glovo
Côte d’Ivoire

Glovo Côte d’Ivoire
glovoapp.com/ci/en/abidjan-south

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 19CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Delivering Diversity And Inclusion To Côte D’Ivoire

ANSUTCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Reliable, Accessible ICT Development

Bridging
The Digital Divide

and other companies in this transformation.” By
identifying administrative processes that could bedigitised, ANSUT has helped to facilitate procedures
such as creating a business, applying for a birthcertificate or requesting a passport.
To make Internet technologies more readily
available, ANSUT has launched an infrastructure
deployment project of a fiber optic network. A 2009
As global economies begin their digitalstudy showed that 13,000 km of fiber would betransformations, ANSUT ensures that Côte
required for optimal marriage of the entire territory.
Soro-Kipeya states, “Given the resources available,
d’Ivoire is equipped with the infrastructure,
we could already start this project with half of theaccessibility and public administrationneeds. One of the major restructuring projects of
the agency is the deployment of 7,000 km of fiber
to make the digital future a reality.
throughout the territory. This sum is necessary
to have an optimal marriage but not an ideal one.
An invaluable player in the telecommunicationsWe have built 5,000 km of the 7000 km, there are
ICT sector in Côte d’Ivoire, the National Agency for2000 km left. This is a project that will need funding
the Universal Telecommunications-ICT Serviceof around CFAF 250 billion.” By fully establishing(ANSUT) is a state-owned company that was
the infrastructure, a competitive market will
established in 2012. ANSUT operates underbe generated and will offer, on one hand, betterthe technical supervision of the Ministry of
connectivity for all Ivorian citizens, and second, an
the Digital Economy, Telecommunications andauspicious investment opportunity in the ICT sector.
Innovation. Its missions are to provide citizens,With infrastructure and availability in place,businesses and administrations with a universal
ANSUT is focused on ensuring these services andtelecommunications service and contribute to the
products are available at competitive prices. Sorodevelopment of a digital economy. Euloge SoroKipeya says, “We have a free zone dedicated to new
Kipeya, CEO of ANSUT since 2013, says, “ANSUT’stechnology and biotechnology where we encourage
mission is to support our country
investors and companies to set
National Fiber Optic Backbone
up. To manufacture equipment“The role of in its transition from a traditional
network deployment status
to a digital economy. The role
here is to create jobs, to have
ANSUT is to help of ANSUT is to help the country
a production that is close to
the customer and adapted tothe country take take full advantage of ICTs and22%
all that digital technology can
the needs of the customer.
full advantage bring in terms of value andAccessibility is important whileof ICTs and all wealth creation. The goal iswaiting to have factories on site.”78%
tosuperviseandsupportthe
As part of their accessibility
that digitaldematerialisation of exchanges,
programme, ANSUT has set up
technology can prepare the environment fora project aimed specifically atCompleted
Unstartedcomputer science students
bring in terms this transition and ensure thatthe actors (natural and legal
with the support of Microsoft,of value and persons) have the appropriate attitudes to evolve inwhich makes its entire operating system and officesuite available to students, free of charge. Sorowealth creation.” this environment.” Indeed, as economies across theglobe embrace digitalisation, companies such as
Kipeya adds, “We are currently working on a major
Euloge ANSUT will prove to be invaluable to the streamlined
project called the National Digital Skills Certification
Programme in Côte d’Ivoire, which operates with
Soro-Kipeya, adoption of technology.
In achieving their digitalisation goals, ANSUT is
the goal to offer everyone the basics to move
CEO of ANSUT focused on several aspects of the transition, including
comfortably in this digital world.”
the digital transformation of public administration
Led by ANSUT, Côte d’Ivoire’s digital transition
operations. Soro-Kipeya says, “Our mission is to beis creating a wealth of opportunity for any
at the heart of digital transformation in Côte d’Ivoire.
discerning investor in the ICT sector. As ANSUT
We have put public administration at the heart of theworks to transform public administration, establish
digital transformation since it is at the crossroads
infrastructure and make ICT products and services
of interactions between individuals, companies andaccessible, the company ensures the new digitalorganisations.
Iftheadministrationistransformed,
future is embraced. As a result, Côte d’Ivoire offers a
RIviera, 30th district
all other stakeholders will change, align and interact,
potential market of US$300 million and has created a
AbidjanCôte d’Ivoire
and this will support the public and private sectors
business landscape that is ready for investment.
20 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

Société Nationale de Développement Informatique (SNDI)

Preparing Côte d’Ivoire
For A Digital Future
The SNDI seeks to modernise the
Ivorian public administration through theappropriate use of IT tools and technology.
Created in 1999, the Société Nationale de Développement
Informatique (SNDI), a state-owned company, functions withthe objective of supporting the government to develop efficient
e-government in Côte d’Ivoire. To do so, SNDI advises the Governmenton the adoption of new technologies, acquires or develops new
software applications for the public sector, provides IT services to theministries, the institutions and all state bodies. SNDI also trains public
sector workers on the proper use of IT services. Nongolougo Soro,
CEO of SNDI, says, “Our goal is to develop an efficient e-governmentin Côte d’Ivoire in order to boost the digital economy.”
To support its operations, SNDI has a R&D department thatdevelops software applications for the public sector, a network designand deployment department, a department that provides secure IT
services to Government agencies in Abidjan, on the countryside andeven in fifty Ivoirian Embassies through an Intranet that connects allthese states bodies. And to ensure the proper use of IT services, SNDI
has a training centre dedicated to the public sector workers.
Given its ambition to boost the digital economy in Côte d’Ivoire,
SNDI is currently realising several major IT innovation projects with the
Ministry of the Digital Economy. One those projects is the constructionof a new Data Centre capable of hosting
all the IT systems of the Government ofCôte d’Ivoire; this project is expected to becompleted within a year.
Current initiatives find the SNDI
pushing forward the dematerialisationof administrative service procedures,
which is being facilitated by various
projects such as digital inclusion inremote areas. “Through this very
important project, citizens in villages canuse digital services to better market theirNongolougo Soro,Managing Director
products, learn about what is happeningof SNDIin the world and obtain information
about their fields of activity,” explains
Soro. These efforts will allow the SNDI to use its expertise to better
serve the government and small businesses. Soro adds, “Fulfilling
our missions helps us to develop the local ecosystem in the digital
sector. We subcontract with local SMEs to help them gain skills,
market share and develop themselves. These SMEs will make a realcontribution to developing the digital economy in the country.”

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 21CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Developing The Digital Economy

Transport / InnovationCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Becoming A West African Logistics Hub

Transforming
The Nation’s Multimodal
Transportation
Côte d’Ivoire is investing heavily in its
transport infrastructure to ensure further
economic growth, boost productivity andimprove livelihoods in the region.
Côte d’Ivoire’s impressive GDP growth has led to rapid
urbanisation, highlighting a need for transport infrastructuredevelopment to ensure the country becomes a West African
logistics hub. Current infrastructure projects include the Port of
Abidjan and Air Côte d’Ivoire as well as the renewal of the vehicle
fleet, Abidjan’s metro system, road rehabilitation, enhancementof the railway system and the construction of Africa’s tallest
building: the 404 metres, 76-story F Tower in Abidjan. These
projects are set to reduce the time and cost of transporting
passengers and goods, enhance economic opportunities andimprove the quality of life in urban centres, all facilitated by

22 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

the private sector. Patrick Assi, General Manager of Logis “Theprivate sector will play its part and Côte d’Ivoire will develop. The
government is there to provide the framework.”
Following rapid economic growth in Côte d’Ivoire, the real estatemarket is also booming. As more investors come and Ivorians
move to urban centres, metropolitan areas have evolved with theestablishment of new international hotels, shopping malls andother major commercial infrastructure. For this reason, companies
like Econyx area addressing the need for affordable housing
projects. Othniel Kouadio, General Manager of Econyx, states,“Econyx is a corporate citizen specialising in the subdivision field.
We are passionate about our job. It’s an immortal pride, it marks
forever. This is what excites us the most.”
Strong transport infrastructure provides opportunities to boost
productivity; enables the formation and growth of commercial andresidential centres; and is essential for the efficient delivery of goods.
Continued investment by the government and international partners
is necessary to continue the quality of all transport systems. Bouaké
Méité, General Manager of Sotra, says, “When investors go to a
country, they watch over many things like infrastructure, hospitals,
schools, roads and digital telecommunications infrastructure. In
Côte d’Ivoire, those materials are available.” Indeed, the government
will continue its efforts to attract private investment to support its
infrastructure projects, and the continued presence of international
partners should assure private players that the country’s transport
sector is a worthwhile investment destination.

Paps

Empowering African economies
Through Smart Logistics
Building West Africa’s most reliable logistic service by combining technology,
capacity, organisation and care.
Paps is a business service that provides its users
with the opportunity to arrange warehouseservices, pickups and delivery from bikes to trucks
via a unique client facing solution. It is the first
on-demand and geolocated delivery company
in French-speaking Africa, with the biggest fleet
in West Africa, garnering the company withimmediate great prestige and attention, leading it
to win the fifth edition of Hub Africa. Furthermore,
the company has caught Google’s attention and,after being the only francophone company thatwent through the prestigious Google Launchpad,
it is now subject to Google’s investment, as well as
by Alibaba’s Global Initiatives and closing its Pre
Series A round.
By tapping into technology, Paps has
managed to revolutionise the distribution
service sector, targeting multi-site companies
with recurring collection or shipping needs,
such as financial institutions, pharmaceuticals,
telecommunications, retailers, merchants ande-commerce through a pay-for-use facility basedon distance and weight. “We came to Côte d’Ivoire
to help our clients in all their logistics issues, ourobjective is to be able to connect the big urban
areas to smalls villages in the rural areas at thebest price,” explains Bamba Lô, CEO and CoFounder of Paps. “We are the one-stop shop for
all company logistics. Today, we offer services
that range from warehousing to distribution anddelivery. From 2020 to 2021, Paps has carriedout three million deliveries in Senegal and Côte
d’Ivoire. There is a huge demand here and very
few integrated solutions; we have delivery
batches every day.”With warehouses, sorting centres, dispatch
centres and relay points, as well as a transport
section made up of a fleet of over 500 vehicles
ranging from scooters to trucks, Paps relies
on a number of partnerships with the likes of
AP Moller, DHL, Auchan, Eiffage, FedEx, Bank ofAfrica, Orange, Free mobile and Jumia, as well
as start-ups such as Djamo, Wave, Afrikrea and
Sokowatch. “We either succeed in formalising

our fleets or we create them via our academy.”
Paps academy aims to provide its employers,otherwise known as Papsers, with the educational
support and tools needed to guarantee excellent
customer service. “We train people on an ongoingad hoc basis and offer them benefits such asfuel reduction, insurance reduction, designformats for vehicles,” continues Bamba Lô. As
a consequence of its continuous investment in
its workers, in 2021, Paps just received the Best
Place To Work certification. “We are aware of theeffect we have as individuals and as a company,”says Bamba Lô. Indeed, Paps is deeply invested
in gender equality and women empowerment;
today, 60% of its managing team are currently led
by women and under its CSR initiatives.
It comes as no surprise that a company basedon abling logistics and focused on problemsolving, is now looking to expand its potential
for international competence and partnerships.
“We have a product that is ready for expansion
but we don’t have the necessary infrastructure
to do the job; so, we plan to build that by creating
delivery services with different countries,”
reveals Lô. Paps provides the operational
solutions required while the Papser application
will allow for the location of couriers to be tracked
in real time, while providing a dispatch of tasks
and customer feedback. Through an innovative
drive and by guaranteeing the most efficient andleast expensive services, Paps is on a mission toprovide a strong logistic network in the largest
cities of the region, which in turn will allow themto deliver and create local agencies, or hubs, forcollection.
Raising US$1,000,000 in 2019 alone, Paps
showed a staggering 150% growth between
2018 and 2019 and continues to move swiftly
along this growth trajectory. While Paps looks to
become an enabler to e-commerce giants, suchas Amazon, its vision to becoming the largest
logistic service in French-speaking Africa by 2025
is being tracked via real-time and is ever moreclose to becoming a reality.

“We are theone-stop shop
for all company
logistics. Today,
we offer services
that range fromwarehousing to
distribution anddelivery.”Bamba Lô,CEO and
Co-Founderof Paps

Tel.: +221 78 120 30 20+221 77 675 16 65
https://paps.sn/

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 23CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

The Logistic Solution For French-Speaking Africa

Road Transport Development Fund (FDTR)
CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

The Road To Economic Prosperity

Aiding The Government ThroughRoad Transport Enhancement
While maintaining Côte d’Ivoire’s road infrastructure, safety and fluidity,
the Road Transport Development Fund’s automobile renovation pact ispushing the government’s Vision 2030 forward.

“The pursuit ofenhanced roadinfrastructure andindustrialisation
creates a
sector that willcontribute to
the creation ofnational wealth.”
Dr Mohammed
Kouyaté,General Directorof the FDTR

Fonds de Développement
du Transport Routier (FDTR)
located in Deux Plateaux Vallons,
rue J 93, not far from theAfrican Union liaison office.
06 BP 1660 Abidjan 06
Tel: (+ 225) 22 41 15 72
https://fdtr.ci/

The Road Transport Development Fund (FDTR) isa public establishment with a mission to supportand mobilise resources for the development of roadtransport in Côte d’Ivoire. In addition, the FDTR also
structures the establishment of loans in favour oftransport companies to maintain the health of thesector. These efforts are in complete alignment with
President Ouattara’s Emergence of Côte d’Ivoire
Vision to further improve Ivorian living and working
conditions. Even more, the focus on road transport
produces a ripple effect across the entire Ivorian
economy, enabling other sectors to improve theiroperations and ensuring that Côte d’Ivoire reaches
its ultimate potential.
In its ambition to realise these goals andsupport the government’s vision for Côte d’Ivoire,
the FDTR has put into motion the renewal of the
Ivorian Automotive Fleet, which consists of threemajor components, the first of which involves theobjective to inject more automobiles onto Ivorianroadways. Dr Mohammed Kouyaté, General Directorof the FDTR, explains, “At the present time, almost
1,000 vehicles have been implemented; by the endof the year, we hope to reach a total of 3,600.”
An additional component of the renewal of the
Ivorian automobile fleet is to place an averageof 500 to 1,000 taxis into circulation annually.
Kouyaté says, “In terms of profitability, taxis alone
form a business model which is 50,000 francs on
average per day. To date, we have already put 500
taxis into service, and we have ramped up with thepartnership of the World Bank and the IFC to acquire
2,000 additional taxis.” The FDTR’s efforts pushforward the government’s agenda by providing
reliable transportation options for its citizens,creating jobs and ensuring that the economy
remains on an upward growth trend.
The third component of the automobile
enhancement initiative consists of three major
projects with the World Bank and the IFC. Kouyaté
explains, “We have the PAMOSET project, theTransport Sector Assistance and Modernisation
Programme and the PMUA, the Abidjan urban
mobility project. These projects work to withdraw

24 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

older vehicles from circulation and replace themwith new ones, including the 2,000 taxis and 1,500
minibuses called Gbakas that will soon be acquiredwith the World Bank.” The initiative will also energise
the industrial fabric of the Côte d’Ivoire, where newmeasures will increase the local production ofvehicles at affordable prices.
Other important FDTR projects include
maintaining road safety and fluidity, combating
environmental pollution, building road infrastructure
and attracting investment. Kouyaté says, “We
not only put the financing in place but provide
our expertise and assistance to all development
actions. The sector is already attractive in terms of
profitability, GDP growth, job creation, technology
transfer and improvement of transport conditions
for the population.” In terms of investment potential,
Kouyaté says, “Urban mobility must be boosted
in terms of affordability and better quality offers
adapted to the living conditions of transport ofthe population. There is significant talk of several
modes of transport combined into one platform.”
Multi-modal transport unites the road, maritime,
metro and air transport system seamlessly tocreate a chain between the different modes oftransport.
In its pursuit of road transport enhancement,
Côte d’Ivoire represents an important bridge toother economies. Kouyaté states, “Côte d’Ivoire
has an entry for numerous countries in the
UEMOA zone Once we receive the vehicles here,
they are present in these countries at the sametime.” Côte d’Ivoire has many advantages that
impact the transport sector and the central
economy status for the UEMOA countries, andthese advantages will be further utilised as the
FDTR works in conjunction with H.E. President
Ouattara’s administration and vision. Indeed, theFDTR is working toward a greater future, preparing
its transport sector for the explosive growth of its
sectors and the livelihoods of its people. Kouyatésays, “The pursuit of enhanced road infrastructure
and industrialisation creates a sector that willcontribute to the creation of national wealth.”

SOTRA

Transforming Abidjan Through Clean Transport
SOTRA’s clean public transport solutions are restructuring how Ivorians travel.
SOTRA Group is a major player in the
integrated Multimodal Transport System ofCôte d’Ivoire and is transforming Abidjan
into a city with diverse means of transport.
Bouaké Méité, General Manager of SOTRA,
says, “Multimodal means: bus, lagoontransport, transport in full BRT site, metro.”
Its aim is to allow connections between
the different modes of transportation andto restructure how Ivorians and tourists
commute in Abidjan and beyond. Méité states, “Our ambition
is to serve all the lands of Greater Abidjan.”
SOTRA also aspires to serve inner cities, with the plan to open
the Bouaké network in September to serve Bouaké city. “The Africa
Cup of Nations in 2023 will provide SOTRA with the opportunity to
do pilot experiences in several cities and install urban transport
networks to ensure the movement to and from the stadium,” says
Méité. This will allow SOTRA to test the transport environment tofurther develop means to settle in nearby cities.

Most importantly, SOTRA’s public transportenhancements comply with Côte d’Ivoire’s
goals as a signatory to the Paris Climate
Agreement. Méité states, “Commitments havebeen made at the highest level. Transport incities contributes significantly to air pollution
and for that, it was necessary to renew thebuses to reduce greenhouse gas emissions.
It shows the commitment of Côte d’Ivoire, it
sets an example and encourages others touse clean energy transport, as well” So far, SOTRA has released
100 clean energy buses with more planned in the future.
SOTRA’s contributions will greatly impact inclusive andsustainable development in Côte d’Ivoire, which will also
attract foreign investment. “If companies come to settle
in a metropolis like Abidjan, mobility must be assured. In
2011, there were 90 buses. By the end of the year, we will
have about 2,000 to ensure the mobility of employees andinvestors.”

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 25CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Connecting Côte D’Ivoire

MiningCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

The Ivorian Mining Sector

Exploring Côte D’Ivoire’s Mining Potential
Ignited by the modern and favourable
Mining Code of 2014, the Ivorian mining
sector is growing swiftly and rapidly,
capturing the attention of the global
mining industry.
Although home to rich deposits of metals and minerals such as
gold, diamonds, iron, manganese, cobalt, nickel, natural gas andpetroleum, as well as abundant offshore hydrocarbon reserves,
the Ivorian mining sector has been relatively unexplored. To
reverse this trend, the government and mining entities suchas EPC Groupe have worked to encourage the developmentof the mining industry and highlight key mineral resources.
Jean-Jacques Koua, CEO of EPC Group, says, “We have enabled
the country to move forward in terms of infrastructure andwe have also contributed to the development of the mining
sector.” Through these efforts, the Ivorian mining sector has
experienced massive upward growth for almost a decade.
In 2014, the Ivorian government implemented one of
the most favourable mining codes on the continent, which

26 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

introduced greater transparency, the extension of exploration
permits to ten years, strengthened local development
and enhanced mining investment, particularly in the gold
sector. As a result, mining activities increased 43% in 2019,
generating a revenue of US$1.3 billion and creating almost
55,000 jobs. To this effect, training the local workforce
is critical to the continued growth of the mining sector.
Abdoulaye Diallo, Group General Manager of SFTP MIning, isproud to be a part of this initiative that improves the lives of
Ivorians. Diallo says, “SFTP mining operations are sustainable
and provide a position between the communities and thestakeholders. We train the local community in order to haveinternational standards skills.”
As a result of the government’s enhanced focus, the mining
sector in Côte d’Ivoire continues to scale into one of the mostproductive mining destinations in Africa. The nation’s improved
regulatory framework is helping to put Côte d’Ivoire firmly on
the radar of international mining companies and is bringing in
more FDI. Indeed, Côte d’Ivoire has an incredible potential forvalue addition through the mining sector and diversification.
The combination of new investment and a transparent andcompetitive regulatory framework is sure to fast-track mining
activity in the near future.

SFTP Mining (Société de Forages et Travaux Publics S.A.)

Mining With
Local Communities At HeartThrough technical expertise, local knowledge and global standards,
SFTP Mining is building a long-term and sustainable mining businessto diversify African economies.
As pioneers in the mining sector since 2002, SFTP Mining
quality service to mining operators and to specialise in mine(Société de Forages et Travaux Publics S.A.) has enjoyedconstruction, mining operations, drilling and civil engineering.
impressive growth in its mission to provide a better future
Moving forward, SFTP Mining will be known as Corica, a mining
for Africans across the continent. What began with a single
operation company with technical expertise, global standards
excavator and truck soon transformed into a powerhouse in
and international standard skills with the local community.
West Africa’s mining sector in eight countries across the region,
Part of Corica’s success is due to its sustained investment inincluding Mali, Burkina Faso, Senegal and Côte d’Ivoire. In only 19
human capital, both within its business philosophy and the local
years, the Diallo family, including CEO Seydina Diallo and his son,communities in which it works. From its modest beginnings
Abdoulaye Diallo, as Group General Manager, has establishedin 2002, SFTP (now Corica) has transformed into a regionala family- and African-owned company with the strength,
contractor with the power to make a difference: hiring over 2,000
reputation and technical expertise
people, sponsoring mentorshipto maintain West Africa’s mining
programmes and helping local“We are bigger than aindustry and assist strong local
businesses and communities
company; we’re part ofcontent development across thewhile striving to be the best
an African community
region’s entire mining value chain.
mining company in West Africa.
SFTP Mining branched out
where everyone matters.” As a result, Corica brings people
into Côte d’Ivoire in 2011 where
together as they give back to
Abdoulaye Diallo,
it continued to build a positive
the African people more thanGroup General Manager
reputation that was based on
any other mining company.
local knowledge, global standards,
This objective allows Corica toof SFTP MIning
service and results. Soon SFTP
address the operational andMining became an invaluable resource in West Africa as a key playersocial licensing risks of their projects, but most importantly,
in most mining and civil construction development operations,permits the company to pave the way for a better future for all.
ultimately accounting for 80% of total mining production in Burkina
As Corica seeks to solve the problems that others can’t, its values
Faso and Mali alone, with these numbers in Côte d’Ivoire quickly
hold true that to overcome challenges in the mining sector, its
rising. As a result, the company has established a prospering
people are the most important asset of all.
business and successfully positioned itself as a leader andIn Côte d’Ivoire, the favourable mining codes and untouchedcompetitor in the mining and civil construction sector.
mining potential have ensured that the country is a mining
In regard to its explosive growth in less than two decades,
exploration goldmine in West Africa. Foreign investment,
SFTP Mining has major contracts with international resources
undoubtedly, has made a positive impact on these endeavours,
companies and its services have expanded to include openallowing the Côte d’Ivoire to more than double its output andpit mining, load and hall, long-distance haulage and road/trainrise to the levels of its high-producing neighbours, Ghana, Mali
haulage, drilling and blasting, grade control drilling, road andand Burkina Faso. In addition to gold, Côte d’Ivoire has massivemine infrastructure construction, equipment hire and rental,
reserves of bauxite, nickel, iron ore and diamonds. Moreand mine reclamation and land rehabilitation. SFTP Mining also
importantly, the government’s solid dedication to making Côte
has the capability to work with bigger contractors to assist
d’Ivoire the largest minerals producer in Africa has facilitated FDI
with site access infrastructure, earthworks, water and dam
and laid the foundation for a promising future of opportunities
infrastructures and concrete and aggregate supply. Its vast
for companies like Corica.
number of services ensures that SFTP can meet an extensive
array of client’s needs.
In conjunction with its rapid growth, SFTP Mining is currently
undergoing a rebrand to reflect its evolution as a company
info@corica.com
of positive growth and its continued objective to provide
www.corica.com
DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 27CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Providing Mining Solutions, Together

National Office for Drinking Water (ONEP)CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Guaranteeing Access To Drinking Water For All

Côte D’Ivoire’s Drinking
Water Supply And New Opportunity
ONEP’s dynamic multidisciplinary team proudly takes up the challenges of access todrinking water in Côte d’Ivoire for the well-being and future of the Ivorian population.
Created in 2006, the Nationalterm to address the problems
Office for Drinking Water (ONEP)of access to drinking water
is a public company whose
throughout the country. Forrole is to assist the State andthis reason, we must now
local authorities to ensure
invest in the water sector inaccess to drinking water for
Côte d’Ivoire.” In 2006, an
the entire Ivorian population.
estimated CFAF 1,300 billion
ONEP ensures the control,
were needed to fill the drinking
protection and monitoring ofwater gap in an acceptable way.
water resources and defends
ONEP achieved this target, but
the interests of drinking water
15 years later, rapid population
users. Ibrahiman Berté, Director General of ONEP, said: “ONEP’s
growth has led to new estimates that show the equivalent of
mission is to enable the Ivorian population to have regular access
1,000 billion CFAF francs is still needed.
to drinking water, in quality and quantity. I am always guided byDrinking water is fundamental to the continued growth andthis desire to implement the government’s strategic vision of
economic expansion of Côte d’Ivoire. In conjunction with theensuring access to drinking water for all.”
Vision 2030 of H.E. President Alassane Ouattara, ONEP
Under the supervision of the Ministry of Hydraulics,
is working to ensure the continued development of
ONEP has carried out several drinking water supply
Côte d’Ivoire. Berté says: “Drinking water, energy
projects with significant investments, including
and roads are development levers that are part ofthe project to supply drinking water to the towns of
the Vision 2030 to make Côte d’Ivoire an emerging
Gagnoa, Sinfra and surrounding localities at a cost of
country. This vision will lead to an increase in industrial
CFAF 73 billion and the reinforcement of the drinking
and domestic activities with a consequent increase inwater supply to Adzopé and its surrounding localities
drinking water consumption. The supply of drinking
at a cost of CFAF 19 billion. ONEP’s community impact
water to the Ivorian population remains a priority in
is vast, forever changing the daily reality of Ivorians
the government’s extensive programme.”
across the country.
In the mission to supply the nation with drinking
According to Berté, the completion of these water
Ibrahiman Berté,
water, the structuring programmes, such as theinfrastructure works will have a visible impact onManaging Director‘Water for All’ project, the Unité Compacte Degrémont
the living conditions of the population and will thusof ONEP(UCD) projects, the reinforcement and extension
make it possible to reduce the deficits observedof the network are all actions that will allow Côte
in households. “We are trying to be as close as possible tod’Ivoire to reach a development threshold like that of thethe instructions of the Minister of the Budget and the State
major industrialised countries. For these reasons, continued
Portfolio and by putting in place governance tools. We areinvestment in Côte d’Ivoire is not only vitally important but
good corporate citizens who contribute to the development ofalso demonstrates incredible potential. According to Berté, thethe water sector and support the Ivorian economy. Ensuring
drinking water sector is a vast undertaking. “Many localities still
the availability of drinking water has a direct impact on the
do not have access to drinking water despite all the investments
economy, leads to healthy citizens and reduces health budgets
already made. For Côte d’Ivoire, urban and rural areas constitutefor water-related diseases. In rural areas, accessibility means
an important crucible for investment in the drinking waterthat women and mothers no longer have to fetch water andsector. It must be supported by the construction of new water
can devote themselves to income-generating activities.”
infrastructure, engineering and the strengthening of upstream
Côte d’Ivoire currently has a drinking water coverage rateand downstream project support measures.”of about 80%. While this is a significant achievement, Berté
Cocody Les II Plateaux Vallon
acknowledges that much remains to be done to achieve 100%
Tel: +225 27 22514300
coverage for the Ivorian population. He says: “This is why
Fax: +225 27 22412628
www.onepci.net
important steps continue to be taken in the medium and long28 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022

UNACOOPEC-CI

Unifying Through Financial Inclusion Initiatives
Helping rural populations gain access to financial services and creating community.
UNACOOPEC-CI Côte d’Ivoire is a mutual microfinanceA large part of their social mission in promoting
institution and financial community that has offeredfinancial inclusion involves supporting individuals
quality financial and non-financial services andwith training, financial education and community
solutions to its members for 45 years. With a special
building. Savané says, “Our work with young people
focus on youth and women in urban, semi-urban
provides them with social anchorage in different
and rural areas, their financial services range fromregions of Côte d’Ivoire. The focus needs to be on
savings to credit, money transfer activities to microsocial cohesion and helping people obtain finance,
insurance and salary transfer. Financial education
but this finance must be useful for the region andand support for the creation of income-generating
the villages. Our social commitment and economic
activities are also priorities.
solidarity programmes leads us to improve social
UNACOOEC-CI boasts 136 service points on national
Issiaka Savané,
performances every day.”territory, more than one million members and 1,600
Acting Director
While Côte d’Ivoire has experienced a sustained
employees, which allow it to realise its financialof UNACOOPEC-CI
growth of 8%, Savané confirms that maintaining theand social mission to reach local populations in theinformal sector and taking into account the informal
financial sector. Issiaka Savané, Acting Director of UNACOOPECsector in financial inclusion will have an economic impact on
CI, says, “Thanks to this strong presence, we are closer to thevillages and rural areas. “Once this transformation takes place,
Ivorian population and we are closer to rural society. These
SMEs will be able to pay taxes and create other wealth, we mustelements make up the real difference: we have the capacity to
not forget that agriculture can create many direct and indirectcontribute to financial inclusion.”jobs. There will be more jobs for young people and for women.”

DECEMBER 2021 / JANUARY 2022 • FORBES AFRICA | 29CÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Cohesive, Accessible Financial SolutionsCÔTE D’IVOIRE - A Shining Ivory Of Opportunity

Made In Côte D’Ivoire

Adding Dimension
To Drive Development
Côte d’Ivoire is revitalising its economy, upgrading its agro-industry
and promoting its ‘Made in Côte d’Ivoire’ label while ensuring job
creation and enhanced quality of life to all Ivorians.

H

ost to UNESCO sites such as the Biosphere Reserve, the
Comoé National Park, the Grand Bassam historic town, thebreathtakingly beautiful Mount Nimba Strict Natural Reserveand the richly bio diverse Tai National Park, Côte d’Ivoire is anation brimming with variety in its beach resorts, rainforestsand quirky architectural landmarks such as La Pyramide and
St. Paul’s Cathedral. “Côte d’Ivoire is a tourist and businessdestination,” explains Daniel Karbownik, Regional Director
West & Central Africa, Accor. “Developing a tourist destination
creates direct and indirect jobs and promotes economic
development and prosperity of the country.”

CEO of Tourism Development Fund (FDT) reiterates theimportance of channelling employment to the nation’s youth.
“We finance 50 students every year to train in the field of
tourism so that when they return, they bring their experience
to Côte d’Ivoire.” It is estimated that upon completion of its
first phase, tourism will contribute to 8-10% of the country’sGDP, ranking it fifth biggest tourism destination in Africa.
“We are co-authors of the spirit of Sublime Côte d’Ivoire,”states Germain A. Ollo, Chairman of École Hôtelière de Grand
Bassam. “Our luck is that we are engineers and we know how
to calibrate the hotel industry, calculate areas and apply theenvironment so that the hotel industry is not a subjectof excessive consumption of water, electricity, etc.”“The country is diversifying its sources
With a focus upon Green Tourism and carbon
of income and needs to rely on the expertise
neutrality, Côte d’Ivoire’s government is well awareof the importance of boosting sustainability andand understanding of local contractors suchcreating supply chains. Over the last two decades, theas SFTP Mining.”
world’s largest cocoa bean producer and exporter, has
Abdoulaye Diallo,
expanded its range to the cultivation of cashew nuts
Group General Manager of SFTP MIning
with impressive results. Today, it is one of the world’s
leading countries in the crop’s production, with theadded bonus of restoring forest cover in savannah
areas that had been subject to deforestation. As part
“Developing a tourist destinationof the government’s National Development Plan, thecreates direct and indirect jobs andnation is now looking to process its crops so as topromotes economic development
harness a new source of income and promote the‘Made in Côte d’Ivoire’ label. “We have great agriculturaland prosperity of the country.”
potential in the country.” declares Issiaka Savane,
Daniel Karbownik,
Interim Administrator of UNACOOPEC-CI. “If we want
Regional Director West & Central Africa, Accor a dynamic and strong growth, we must participate
in the transformation of agricultural products.”
Indeed, agricultural transformation is well underway
With a view to this, in 2018, the government launchedin Côte d’Ivoire and on October 1, 2021, the Cashew Nut
its ‘Sublime Côte d’Ivoire’ flagship tourism project. DueInnovations and Technologies Centre (CITA) was launched.
for completion in 2025, Sublime’s initial phase looks toWith a processing line of 6,000 tonnes per year, CITA will boost
transform the tourism landscape via a number of projects
production by 10% in a bid to reach the government’s goaland schemes and the creation of 700,000 new jobs aimedof 50% production by 2025. Similarly, many companies areat its youths. The government’s commitment to over CFAF
carrying out projects in which industrial units are set up to
3.2 billion in investments and projects include setting up
transform raw materials through local cooperatives, proof that
tourist attractions on 6,000 hectares of land reserve andthe potential for socioeconomic development is huge. Indeed,creating a new Standards and Practices tourism code as well
the Cotton and Cashew Council of Côte d’Ivoire (CCA) has foundas a bank of tourism-sector projects and tools to support
for every 10,000 tonnes of processing the country implements,
tourist operators. Furthermore, the government also aims
12,000 factory jobs and 10,000 other jobs will be created.
to advance security and health care strategies, develop the
Côte d’Ivoire’s economic prospects are vast as it looks toaviation sector and boost airport passenger flow to threeunlock the potential of its location while opening itself up tomillion while providing advanced training relevant to thethe world and all the opportunities inherent in an experience
industry to over 230,000 professionals. Marcel N’guettia,
Made in Côte d’Ivoire.

30 | FORBES AFRICA • DECEMBER 2021 / JANUARY 2022