Venture Capital in Africa: Economic growth through local enterprise in the Ivory Coast
The Ivory Coast (Côte d’Ivoire) is Africa’s fastest-growing economy according to research by the International Monetary Fund (IMF) conducted in 2016 — the IMF predicts that the country’s GDP will increase by 7.4% between 2017 and 2020. The governments National Development Plan (NDP) has been in effect since 2016, where donors contributed US$15.4 billion to help kick start the country’s economy.
The Second Ivorian Civil War (2010–2011) and numerous political conflicts did little to improve the country’s economy and may have negatively impacted investor confidence. Much of the turbulence is now beginning to fade; the new Budget Minister, Abdourahmane Cissé, seeks to demonstrate that the Ivory Coast is stable in a bid to attract more Foreign Direct Investment (FDI). As we enter 2018, the Ivory Coast is still Africa’s fastest growing economy, and there are no signs that it is slowing down. However, even as Africa’s fastest-growing economy, more than half of the population still live in poverty, and 20% of residents in the country’s capital, Abidjan, live in slums. Wealth from such economic growth hasn’t done much to target financial inequality; seemingly, such wealth is collating towards the wealthiest sections of society. Geneviève has recently partnered with the Ivory Coast government to address these inequalities and has pledged to invest in 150 small business to promote the growth of local economies. The venture capital firm will be launching a token crowdsale seeking to raise investment to further such ambitions.