Infrastructure spend saving grace for African economies
Despite facing headwinds, owing to lower oil prices, softening commodity prices and the slowdown in the Chinese economy, Côte d’Ivoire has managed to achieve consistent gross domestic product growth of about 9% since 2011.
During a panel discussion at the EY Strategic Growth Forum Africa 2015, on Wednesday, Côte d’Ivoire Budget Minister special adviser Youssouf Fadiga said the growth was achieved mainly as a result of the country’s unremitting investment in infrastructure.
He noted that, following President Alassane Ouattara’s election in 2011, goals were established to develop strategic investment plans for the country to become an emerging market by 2020.
“The country invested heavily in infrastructure, water and electricity, as we are an agriculture-driven economy, while we also invested more in our telecommunications sector to give everybody access to Internet. Information technology is one of the economic drivers of the future,” Fadiga said.
Further, he pointed out that one-third of the country’s entire budget, which tripled between 2011 and this year, was allocated to its investment programmes.
Meanwhile, Standard Chartered Bank Africa research MD Razia Khan told delegates that African countries easily fell into a debt trap while trying to build their economies.
She pointed out, though, that through quality spending this could be avoided.
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