Cote d'Ivoire Banking & Financial Services Report Q3 2018
In terms of size, the nominal gross value added USD worth of Côte d'Ivoire's financial services sector still lags significantlybehind those of its key Sub-Saharan African peers, such as South Africa, Nigeria, Kenya and Ghana. There is significant opportunityfor the country to emerge as a Francophone West African financial services hub, as the Ivorian banking and financial services sectorshold substantial potential for growth over the coming decade. Given that we forecast the Ivorian economy to be one of thestrongest performers in Sub-Saharan Africa over the coming years this will mean that its consumer base is expected to widensignificantly as a result. This is exemplified by the strong individual growth rates forecast for the banking and insurance sectorsbetween 2018 and 2022, and therefore there are increasing opportunities for banks, insurers and asset managers as a result. We dohighlight several risks to this positive growth outlook, such as that the political situation in the country is still quite precarious as the2020 presidential elections draw nearer, especially given the significant impact the 2011/2011 political crisis had on the bankingsector. Additionally, we expect that credit growth will decelerate in the coming quarters as cocoa production and processing is hit byseveral headwinds, reducing credit demand in a key part of the Ivoirian economy. Larger fiscal deficits and ambitious capitalspending plans will also see government borrowing grow over the coming years, meaning that bonds will increase as a share of totalbanking sector assets.
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