Despite reforms efforts in it's cocoa sector, the World Bank forecasts mixed reviews of their impact in reducing poverty in rural areas of the world leading producer.

COCOA-(Ivory Coast,World Bank).

 

 

The World Bank today published its ninth report on the economic situation in Côte d'Ivoire entitled "in the country of Cocoa. How to transform Côte d'Ivoire" during a ceremony held at the Prime minister's Auditorium. In attendance, the Director of Operations of the World Bank Coralie Gevers, the Minister of Economy and Finance, Mr Adama Koné and his counterpart of Agriculture and Rural Development, Mamadou Sangafowa Coulibaly. 

Accordind to Jacques Morisset, Macroeconomics Sector Coordinator for Côte d'Ivoire, Benin, Burkina Faso and Togo, the report confirms the good trends recorded last year. 

This diagnosis stems from the strengths and weaknesses of the cocoa sector after 60 years of development. According to the report presented, despite strong growth in national production and reforms undertaken in recent decades to improve management of the sector, finding remains mixed as to its impact on the reduction of poverty in rural areas and on the natural capital of the country. 

For a more inclusive and responsible cocoa sector in Côte d'Ivoire, the World Bank is proposing the launch of a technological revolution to increase yields in order to promote reforestation and improve farmers' incomes. It then calls for the establishment of tracking systems to guarantee responsible cocoa to consumers. Finally, the report wants an emphasis on developing local cocoa processing industry to meet local demand, develop a more attractive label of origin for consumers and take advantage of growing Asian demand for intermediate products. 

This report also notes that the success of the Ivorian economy will depend in part on the performance of its agricultural sector. For the World Bank, in order to increase the contribution of agriculture to its objectives of economic growth and poverty reduction, Côte d'Ivoire must promote productivity gains and encourage greater agricultural diversification. 

This report also shows that the Ivorian economy continues to remain dynamic at the beginning of 2019, with GDP growth projected at around 7.2% in 2019, after reaching 7.4% in 2018. 

The report also notes that the outlook remains positive, with GDP growth expected to remain around 7% over the next 4 years. According to the document, the Ivorian economy is not subject to major external shocks and the political environment remains calm as the presidential elections are scheduled for October 2020. 

On behalf of the Prime Minister, Adama Koné, Minister of Economy and Finance announced that the government is resolutely engaged in promoting and producing and sustainably processing cocoa. 

He argued that the challenges identified in the 9th Report9th report prove the accuracy and relevance of government action in this sector.