Behind the growth, Ivory Coast's debt fuels debate

The Ivory Coast team, winners of the 2024 African Cup of Nations , and supporters on the Alassane Ouattara bridge in Abidjan in February. Photo: Sia KAMBOU / AFP/FileAbidjan's soaring Alassane Ouattara bridge lit up at night in the colours of the national flag is Ivory Coast's jewel in the crown after years of investment.

Named after the president, the cable-stayed bridge, inaugurated last year, was the last in a string of major construction projects. Its hosting of the Africa Cup of Nations at the beginning of the year also prompted more spending on infrastructure.The rampant development, however, has not masked stark inequality.

Poor districts with insanitary housing are still commonplace, although some have been demolished to make way for new infrastructure. "Out of the 2023 budget, nearly 42 percent is own resources, all the rest is financed by debt infusion," added Don Mello, who is also deputy head of the opposition Party of African Peoples-Ivory Coast.Current debt -- owed principally to Western lenders and China -- represents 58 percent of GDP, up from 38 percent in 2019.Blaise Makaye, an economics researcher at Bouake university, said the recommended ratio of debt to GDP was between 60 and 70 percent.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

'Renard was behind Ivory Coast's AFCON 2023 win, not Fae''Renard was behind Ivory Coast's AFCON 2023 win, not Fae'
Source: KickOffMagazine - 🏆 36. / 51 Read more »

Record heat rots cocoa beans threatening Ivory Coast agricultureThe leaves on the trees usually provide shade for the pods, but the sun 'is drying them up and they are falling' off the trees.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Four Arrested in Lubango for Possession of Ivory TeethFour citizens were arrested in Lubango, southern Huíla Province, for possession of two ivory teeth weighing seven kilograms. The suspects were detained in the Mutundo informal market while attempting to sell the product. They claimed that the ivory was given to them by a friend from Namibia.
Source: allafrica - 🏆 1. / 99 Read more »

Zimbabwe: Govt Stockpiling U.S.$700 Million Ivory Due to Cites Ban On Ivory Trade - MP Calls for Increased Hunting Quotas to Feed Hungry VillagersThe Government of Zimbabwe is sitting on ivory stocks worth over US$700 million due to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) ban on trade in the resource.
Source: allafrica - 🏆 1. / 99 Read more »

Internet crisis: SA-based cable repair ship will only reach Ivory Coast by end of next weekInternet crisis: SA-based cable repair ship will only reach Ivory Coast by end of next week
Source: News24 - 🏆 4. / 80 Read more »

Algeria should provide stern test for BafanaWhile Hugo Broos' Bafana exceeded expectations at the AFCON in the Ivory Coast, picking up a bronze medal, Algeria had a dismal tournament.
Source: TheCitizen_News - 🏆 6. / 75 Read more »