Economic Performance: Fitch Ratings Maintains Côte d'Ivoire's Rating at BB, with a Stable Outlook

On Friday, January 31, 2025, the financial rating agency Fitch Ratings confirmed Côte d'Ivoire's rating at BB, accompanied by a stable outlook.

According to the financial rating agency, this rating reflects "solid growth, stringent budget management, and well-established macroeconomic policies," characterized by low inflation and a close partnership with the IMF.

Fitch believes that economic reforms should continue uninterrupted, with policies being maintained in the long term.

The country's estimated economic growth of 6.1% in 2024 is expected to accelerate to 6.5% in the medium term, significantly exceeding the median growth rate for BB-rated countries, which stands at 3.8%. This growth is driven by ambitious public investments, increased diversification in the gold and oil sectors, as well as a stable macroeconomic policy.

Fitch also praised the efforts of the Ivorian government in fiscal consolidation. For 2024, the budget deficit is estimated to be 4% of GDP in line with national targets, thanks to increased revenue mobilization. The tax/GDP ratio is expected to increase by 0.5 percentage points annually until 2028, supported by fiscal reforms such as the rationalization of exemptions and improved tax administration.

The strengthening of international reserves by the BCEAO, which increased by USD 15.9 billion by the end of 2023 to reach USD 21.4 billion by December 2024, is seen as a positive indicator by Fitch. This growth, aided by IMF initiatives and rising cocoa prices, contributes to enhancing Côte d'Ivoire's economic resilience.

It is worth noting that in March 2024, Moody's raised Côte d'Ivoire's rating to Ba2, positioning the country as the second-highest rated sovereign in sub-Saharan Africa, alongside South Africa.