Ivory Coast’s mining industry is experiencing a surge in activity, fuelled by foreign investment and the discovery of valuable deposits. However, the government is shifting focus to ensure a greater share of the profits benefits local businesses and communities.
The West African nation, known primarily as the world’s largest cocoa producer, has seen its economy diversify with substantial discoveries of oil, gas, gold, and other minerals. Over the past decade, gold production has quadrupled, and the country has identified reserves of coltan, a vital material for electronics.
Mining Minister Mamadou Sangafowa Coulibaly has called for changes to the mining code, set to be unveiled in the coming weeks, to prioritise fairness and ensure local involvement in the industry’s growth.
Ivory Coast has tripled its mining permits over the past decade, with gold production increasing from 13 tonnes in 2012 to 51 tonnes in 2023. The sector now contributes 4% of the country’s GDP, up from 1.5% a decade ago. Tax revenues from mining have surged 20-fold, reaching 250 billion CFA francs ($400 million) in 2023.
Total investment in the sector exceeded 500 billion CFA francs last year, highlighting its importance to the national economy.
The government has already taken steps to involve Ivorian companies through a 2022 law focusing on oil and gas. This legislation prioritises 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 also announced plans for a digital platform to streamline administrative processes for licences and tenders, aimed at fostering local participation in the sector.
Despite these advancements, local businesses face significant financial hurdles. Faustin N’Dri N’Guessan, manager of infrastructure firm Kuyo Pipeline, called for the creation of state-backed funding mechanisms to support Ivorian companies, as investments currently rely on foreign or private initiatives.
The Professional Association of Miners of Ivory Coast (GPMCI) is stepping in to address these challenges, announcing the establishment of an investment fund to support local businesses and provide training for workers.
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.
