On October 25, the West African nation of Côte d’Ivoire will hold a presidential election that is likely to see incumbent Alassane Ouattara seek a controversial fourth term. The vote takes place in a tense political environment, but amidst a strong economic record of uninterrupted growth. This period of expansion builds on Côte d’Ivoire’s long-standing role as the economic powerhouse of Francophone West Africa, which it has maintained despite political turbulence. While uncertainties surround the political outcome, what is certain is that Côte d’Ivoire will remain the economic hub of Francophone Africa. This stems from multiple factors, including its strategic geographic position, its centrality in global supply chains, and its dominance in regional finance. In this context, as the United States continues to emphasize commercial engagement in its Africa policy, Côte d’Ivoire’s importance as a partner will remain critical regardless of the election results or their aftermath.
The country is a terminus of the Lagos–Abidjan economic corridor. The corridor is amongst the fastest growing and most integrated urban stretches in the world that will be home to 75 million people in a decade. Moreover, the country’s largest city, Abidjan, is built around a lagoon, allowing for expansion with less congestion. This is complemented by the built infrastructure of the country, making it integral to regional trade. Côte d’Ivoire has two deep-water seaports, one in Abidjan and the other in San Pedro, with the former being amongst the top five by trade volume and size on the continent. In 2024 alone, the Port of Abidjan handled over 40 million tons of cargo, similar to the Port of Dublin. They have proven their agility, as was evidenced by the near-total stoppage of trade during the 2011 post-election crisis, only to rebound thereafter. Beyond domestic commerce, the port is responsible for the bulk of trade for Côte d’Ivoire’s landlocked northern neighbors. These trade routes, including those by both road and rail, have continued despite political tensions.
Moreover, Côte d’Ivoire is integral to global commodity markets, supplying agricultural inputs that cannot be commercially grown in the United States. Most notably, the country consistently produces around 40% of the world’s cocoa, which is needed to meet growing demand for chocolate and cosmetics. Beyond exporting raw cocoa beans, the country has rapidly expanded its processing capabilities, with 2024 seeing a 16.1% rise in grinding. Currently, 42% of cocoa is processed domestically, demonstrating a permissible and supportive operating environment. In the United States alone, the Cocoa market will grow from $4.30 billion today to $8.67 billion by 2034, a demand that will be impossible to meet without imports from Côte d’Ivoire. Côte d’Ivoire is the second largest exporter of cashew nuts globally. Cashews are used in many food products, but cannot be grown commercially in the United States. While most Ivorian exports are raw, the government is working to incentivize domestic processing as it has with cocoa. With demand for plant-based foods surging, cashew consumption will grow beyond its current rate of 4%. Côte d’Ivoire is integral to meeting future consumer demand.
The fiscal and financial realities of the region also ensure Côte d’Ivoire will remain the dominant. Beyond hosting the African Development Bank, it is the largest economy of the West African Economic and Monetary Union (UEMOA). UEMOA is a bloc of mainly Francophone West African countries that use the CFA franc (XOF) currency. While politically controversial, it’s pegged to the euro, and users experience less fiscal volatility as a result. Côte d’Ivoire represents around 40% of UEMOA’s GDP, more than double that of its closest competitor. The country is also a financial hub, and UEMOA’s stock exchange is headquartered in Abidjan. Beyond regional financial institutions, Abidjan is the banking center of Francophone West Africa. This concentration of financial services has fueled growing Private Equity (PE) and venture Capital (VC) investment in Côte d’Ivoire across a diverse portfolio. The strength of regional and private financial institutions in Côte d’Ivoire gives its economy both depth and stability, allowing it to be a reliable trading partner with countries that have strong buying power for imported goods. With the country’s middle class consistently expanding, this underscores the importance of the Ivorian market not only as an entry point to Francophone West Africa for financial institutions, but also as a destination for exports.
Regardless of the outcome of the upcoming presidential election in Côte d’Ivoire, the country presents an opportunity for the Administration to advance its priorities on increasing trade with Africa. To do so, the Trump Administration should engage bilaterally with the Ivorian government to secure a trade arrangement that exempts Ivorian commodities from levies, particularly important with the expiration of the African Growth and Opportunity Act (AGOA). Moreover, it should leverage financing mechanisms such as the U.S. International Development Finance Corporation (DFC) to strengthen Côte d’Ivoire’s financial ecosystem by continuing its record of investments in private equity and venture capital funds, enabling the country to play a greater role in international financial markets. Finally, efforts should be made to directly connect American buyers with Ivorian commodities, especially cocoa and cashews, to bypass intermediaries, ensuring greater profits for suppliers and lower costs for consumers. Doing so will unlock a commercial partnership with the dominant economic power of Francophone West Africa, to the benefit of both Americans and Ivorians alike.
R. Maxwell Bone is an analyst of African affairs, currently working in commercial diplomacy at Busara Advisors. Previously, Bone led West Africa programs at the International Republican Institute. His analysis of African political economy has appeared in Foreign Policy and World Politics Review.
