The potential in mining for Côte d’Ivoire seems highly prosperous; over a third of West Africa’s Birimian Greenstone Belt is situated within its borders. The Greenstone Belt is a huge, mineral-rich geological creation expanding from Ghana to Senegal. Out of the entire belt’s gold production, Côte d’Ivoire accounts for less than
Since liberation Côte d’Ivoire’s economy has depended on agriculture where farming has remained as the sole provider for the region; over two-thirds of the population is involved in agriculture-related undertakings.
Now mining seems to be a factor that could vastly enable development for Côte d’Ivoire. President Alassane Ouattara became the country’s leader in 2011 and promised to branch out the Ivorian economy. Plans to triple gold production in the next 4 to 6 years was publicised by the minister of mining. Currently the government is in the process of compiling a reviewed mining code to substitute the existing form. After last year’s wobbly start regarding debates between the government and the industry, momentum has finally risen with expectations to wrap up before the end of 2013.
There is a fair amount of optimism surrounding the compilation of the new mining code as it is said to offer investors the security of ownership they seek in their licensing contracts with the government. Just to indicate how serious the government is about expanding the mining industry, over the last month the government has approved 13 new mining licenses. When we look back at last year, the gold production rose by more than 20%, so it seems as though gold production for this region is on a heavy and constant rise that is not going to slow down any time soon.
For Côte d’Ivoire the symbolic implications are enormous. A lot of investors are still wary concerning the country following its 2010-11 civil conflict. It also tolls miserably in the World Bank’s “Doing Business” directory. A newly-attractive mining sector plus slight star power from one of the world’s most well-known athletes could just lend some welcome shine to Côte d’Ivoire’s investment goal.