Mining Attractiveness: Côte d’Ivoire Reclaims West African Leadership (Fraser Institute)

Driven by the dynamism of its gold industry, Côte d’Ivoire is reaping the benefits of a mining policy considered favorable to investment. However, the West African leader still faces the challenge of continental competition, where Botswana and Morocco maintain an edge.

After losing the top spot to Ghana in 2024, Côte d’Ivoire regained in 2025 its position as the most attractive mining jurisdiction in West Africa, according to the annual ranking published on February 26 by the Fraser Institute.

The country owes its return to leadership to a score of 60.92/100 on the Investment Attractiveness Index, a significant increase compared to the 55.70/100 recorded in 2023, the year of its previous sub-regional leadership.

The Fraser Institute ranking is based on survey results collected through questionnaires sent to executives of mining companies. The final score attributed to each jurisdiction (68 in total in 2025) relies on two main criteria: the perception of mining policies (Policy Perception Index – PPI) and the perception of national mineral potential. On both fronts, Côte d’Ivoire recorded improved scores compared to 2024, reflecting an overall strengthening of its performance.

In West Africa, Ghana (55.21) and Guinea (52.16) rank second and third respectively. Mali (46.58) and Burkina Faso (35.29) complete the list of West African countries included in the ranking.

Côte d’Ivoire’s progress is not an isolated development. It extends a trend observed in recent years, in a context where the country is regularly highlighted for the quality of its business environment, considered conducive to mining investment, particularly in the gold sector.

At the 2025 edition of Africa Down Under, Justin Tremain, Managing Director of Turaco Gold, stated that there is “no better place in the world” than Côte d’Ivoire to develop a gold mine. A view shared by Adam Oehlman, head of African Gold, who emphasized the speed of discoveries recorded in the country. Both companies are active in Côte d’Ivoire, respectively on the Afema and Didievi gold projects.

Continental Leadership Still Out of Reach

While these positive signals reinforce its position in West Africa, Côte d’Ivoire does not yet rank among the very best in Africa in terms of mining attractiveness. The country stands 5th on the continent and 47th globally. This reflects continuity with previous editions, generally marked by the dominance of Botswana and Morocco, ranked 1st and 2nd in Africa in 2025. They are followed by Zambia and Tanzania, completing the continental top five.

Beyond its continental position, this edition also saw Botswana re-enter the global top 10, rising to 7th place after being absent from that circle in 2024. More broadly, Africa’s overall performance remains mixed, as the continent continues to account for the highest number of jurisdictions among the bottom ten globally—four in total.

At the global level, the most attractive mining jurisdiction is the U.S. state of Nevada.

Although the annual Fraser Institute ranking is widely regarded as a benchmark indicator within the mining ecosystem, its results should be interpreted with caution. They are based on perceptions from a limited sample of industry players and tend to favor investor-friendly policies, which may reflect specific contexts and priorities unique to each jurisdiction.