COTE D’IVOIRE Trends and Developments Contributed by: Assemian Kouakou, Innocent Kouakou, Francky Lukanda and Lamine N’Diaye, Ofori Conseils Africa LLP
Overview of Côte d’Ivoire and the Latest in Insurance and Reinsurance Regulation A changing market Côte d’Ivoire continues to assert itself as the most dynamic economy in WAEMU (West African Econom- ic and Monetary Union) in terms of GDP (40%) and one of the major poles of attraction for investment in French-speaking Africa. Thanks to sustained growth (GDP growth of 6.1% in 2024 and an estimate of around 7% for the year 2025), ambitious structural reforms and a gradual moderni- sation of its regulatory framework, the country is attracting national and international investors. However, the legal and regulatory environment is com- plex, articulating national law, OHADA ( Organisation pour l’harmonisation en Afrique du droit des affaires – Organisation for the Harmonisation of Business Law in Africa) law, WAEMU regulations, CIMA ( Conférence Interafricaine des Marchés d’Assurances – Inter-Afri- can Conference of Insurance Markets) standards for insurance and BCEAO (the Central Bank of West Afri- can States) texts for financial activities. Understand- ing and anticipating this multi-normative framework is now essential to secure operations and optimise regional expansion strategies. Economic climate and investment dynamics Côte d’Ivoire remains one of the most resilient econo- mies in the region, with sustained growth despite an uncertain global context. Economic diversification, massive investments in infrastructure and the mainte- nance of relative political stability create a favourable environment for companies and investors. Foreign direct investment (FDI) increased in the ener- gy, agribusiness, digital, real estate and financial ser- vices sectors. Public–private partnership (PPP), con- cessions and structured finance projects are on the rise, requiring advanced legal and financial expertise. The country is also attracting innovative companies, particularly in fintech and digital services. In 2024, Côte d’Ivoire attracted USD3.8 billion in FDI, according to official data. This level places it behind Egypt and Ethiopia, but ahead of African economies
that are traditionally in the leading pack, such as Morocco, Nigeria and South Africa. The new Investment Code that came into force in 2018 (Ordinance No 2018-646 of 1 August 2018 on the Investment Code) provides for investment incen- tives for all private investments made in Côte d’Ivoire, excluding investments eligible for specific assistance plans under the tax code or specific laws. There are two investment regimes: the declarative regime and the approval regime. The former applies to invest- ments focused on activity creation, with benefits granted exclusively during the exploitation phase. The latter covers both activity creation and develop- ment. Benefits under this scheme are granted during the implementation phase (customs, and temporary suspension of VAT) and the exploitation phase. Legal and regulatory reforms The Ivorian legal system is based on several intercon- nected normative levels: national law, OHADA Uniform Acts, WAEMU community directives and regulations, CIMA regulations for insurance, BCEAO texts for financial activities and, to some extent, the ECOWAS (Economic Community of West African States) regula- tions. This plurality guarantees greater legal certainty but requires investors to navigate a complex environ- ment. Recent reforms, particularly those relating to commer- cial companies and financial operations, strengthen transparency, shareholder protection and compli- ance with international standards. Companies need to integrate these requirements into deal structuring, governance, compliance and taxation. It is worth noting that OHADA is an international organisation created by the Treaty of Port Louis on 17 October 1993, aimed at harmonising business law in French-speaking African countries. It currently includes 17 member states, including Benin, Burkina Faso, Cameroon, and Côte d’Ivoire. OHADA aims to adopt simple and modern common rules, adapted to the economic realities of its members, in order to promote legal integration and economic development.
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