Ivory Coast Seeks Bigger Share Of Booming Mining Industry

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.