Ivory Coast’s mining industry is currently experiencing a remarkable surge in activity, driven by foreign investments and the discovery of valuable mineral deposits. The government, however, is now shifting its focus towards ensuring that a greater share of the profits from this booming sector benefits local businesses and communities.
Known primarily for being the world’s largest cocoa producer, Ivory Coast has recently diversified its economy with significant findings of oil, gas, gold, and other minerals. In the past decade alone, gold production in the country has quadrupled, and reserves of coltan, an essential material for electronics, have been identified.
Mining Minister Mamadou Sangafowa Coulibaly has called for changes to the mining code, which is set to be revealed in the coming weeks. The aim of these changes is to prioritize fairness and ensure greater local involvement in the industry’s growth.
Over the last decade, Ivory Coast has tripled its mining permits, leading to a substantial increase in gold production from 13 tonnes in 2012 to 51 tonnes in 2023. The mining sector now contributes 4% of the country’s GDP, up from 1.5% ten years ago. Tax revenues from mining have also seen a significant surge, reaching 250 billion CFA francs ($400 million) in 2023.
Total investments in the sector exceeded 500 billion CFA francs last year, underscoring its vital role in the national economy.
The government has already taken steps to involve Ivorian companies in the industry, particularly through a 2022 law that focuses on oil and gas. This legislation gives priority to local firms in public tenders and mandates certain activities to be carried out by them, such as slickline operations in oil wells.
Mining Minister Coulibaly has also announced plans for a digital platform aimed at streamlining administrative processes for licenses and tenders, with the goal of fostering greater local participation in the sector.
Despite these positive developments, local businesses still face significant financial challenges. Faustin N’Dri N’Guessan, the manager of infrastructure firm Kuyo Pipeline, has called for the creation of state-backed funding mechanisms to support Ivorian companies, as current investments heavily rely on foreign or private initiatives.
To address these challenges, the Professional Association of Miners of Ivory Coast (GPMCI) has announced the establishment of an investment fund to support local businesses and provide training for workers in the sector.
With these reforms and initiatives, Ivory Coast is taking deliberate steps to ensure that its mining boom benefits not only international stakeholders but also its own citizens and economy.
