Côte d’Ivoire calls for a new African financing architecture to accelerate industrialization

Facing persistent financing challenges, Côte d’Ivoire's Minister of Trade, Industry and Handicrafts, Ibrahim Kalil Konaté, has called for "a genuine African architecture for financing industrialization," built on mobilizing domestic savings, strengthening African financial institutions and capital markets, attracting private investment, and expanding public-private partnerships (PPPs).

The minister made the appeal on Thursday, July 23, 2026, at the Sofitel Hôtel Ivoire in Abidjan during the African Union's joint ministerial meeting held as part of the 9th Joint Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration and the 5th Specialized Technical Committee on Trade, Tourism, Industry and Mineral Resources.

The opening ceremony was chaired by Minister of Economy, Finance and Budget Adama Coulibaly, representing Prime Minister Robert Beugré Mambé. The meeting brought together African ministers, representatives of the African Union Commission, regional and international financial institutions, technical and financial partners, and delegations from across the continent under the theme: "Financing Industrialization in Africa for Sustainable Development."

"No African country can meet this challenge alone," Konaté stressed, calling for a collective, coordinated response based on stronger African solidarity.

He emphasized the urgency of accelerating the continent's industrial transformation, stating that "Africa has no other choice but to resolutely embark on the path of industrialization."

Drawing on Côte d’Ivoire's experience, Konaté highlighted the reforms and investments undertaken under the leadership of President Alassane Ouattara to make industrialization and the local processing of raw materials key drivers of economic growth, job creation, and economic diversification.

This ambition lies at the heart of the country's 2026–2030 National Development Plan (PND), which aims to mobilize more than CFA 114.8 trillion (approximately US$205 billion) in investments, with 70.2% expected to come from the private sector. The plan seeks to increase the industrial sector's contribution to nearly 25% of Gross Domestic Product (GDP) by 2030.

The ministerial meeting serves as a strategic platform to explore innovative financing mechanisms capable of mobilizing greater resources to support Africa's structural economic transformation and accelerate the continent's industrialization.