Côte d'Ivoire's first three rounds of duty cuts for European Union goods under the Economic Partnership Agreement cost more than 28.4bn FCFA (€43.3mn) in customs revenue to September 2025, against an initial forecast of 120.69bn FCFA (€184mn), Finance Minister Adama Coulibaly told the National Assembly's finance committee on November 4, news site Koaci reported. The committee unanimously approved the bill for the fourth phase, which covers 1,074 more tariff lines.
Analysis: The minister attributed the gap to low use of the agreement, putting the rate of recourse at 13.5% in 2025 without defining it. The fourth phase, in force since January 1, brings the total to 4,459 duty-free lines and is expected to cost 45.44bn FCFA (€69.3mn) in 2026, or 1.4% of projected customs revenue, by our calculation. In plain terms, European goods become cheaper only for importers that claim the preference, so local manufacturers face that competition gradually. A fifth and final phase is due in 2029. The bill is scheduled for examination in plenary on December 16, according to the parliamentary calendar.
Source: Koaci (Abidjan-based news site), Koaci, 'Côte d'Ivoire : Les députés valident deux réformes stratégiques pour les banques et le commerce avec l'UE', November 4, 2026, To September 30, 2025 and 2025 and Fourth phase (in force January 1, 2026) and 2026; Gouvernement de Côte d'Ivoire (Porte-parole du Gouvernement), Government communication centre CICG via Abidjan.net, 'Accord de partenariat économique entre la Côte d'Ivoire et l'UE : la quatrième phase du démantèlement tarifaire comporte 1074 lignes tarifaires', August 6, 2026 (Council of Ministers of August 5), Phases 2019–2029; Agence Ivoirienne de Presse (state news agency), AIP, 'Assemblée nationale : le budget 2027, la réforme électorale et les fonds publics au menu de la 2e session', October 22, 2026, Second ordinary session 2026; Direction Générale du Budget et des Finances, Ministère des Finances et du Budget, DGBF, Bulletin mensuel d'information sur l'exécution du budget, août 2026 (BMIEB 2026/08, dated September 20, 2026; posted October 7, 2026), 2026 (outlook)
Gross bad loans at banks and financial institutions in Côte d'Ivoire rose 23.1% from a year earlier to 1,134.5bn FCFA (€1.73bn) at the end of September 2026, lifting their share of gross loans to 7.5% from 6.5%, the regional central bank BCEAO said in its monthly statistics bulletin published November 6. Provisions fell 2.4% to 650.4bn FCFA (€992mn) over the same period.
Analysis: Provisions have not kept pace. Banks held 650.4bn FCFA against 1,134.5bn FCFA of gross bad loans in September, leaving 484.1bn FCFA (€738mn) unprovisioned, up 67% in a year. Coverage fell to 57.3% from 72.4%. Bad loans grew 3.3 times as fast as lending, which rose 6.9%, by our calculation. Côte d'Ivoire's ratio is still the second-lowest of the eight West African Economic and Monetary Union (WAEMU) members after Benin, 2.8 points below the regional average of 10.3%. NSIA Banque and Ecobank Côte d'Ivoire both cited higher provisions in their nine-month results. The BCEAO's October bulletin, due in early December on its usual schedule, will show whether the rise continues.
Source: BCEAO (regional central bank, Dakar), BCEAO, Bulletin mensuel des statistiques – septembre 2026 (published November 6, 2026), September 2026; BRVM, NSIA Banque Côte d'Ivoire, Rapport d'activité au troisième trimestre 2026 (filed on BRVM October 30, 2026), January–September 2026
Reserves held by banks in Côte d'Ivoire at the regional central bank exceeded the required minimum by 1,760.4bn FCFA (€2.68bn) in the maintenance period to September 15, 2026, down from 2,661.2bn FCFA (€4.06bn) in the period to April 15, the BCEAO said in its monthly statistics bulletin published November 6. Banks held 2,333.1bn FCFA (€3.56bn) against required reserves of 572.7bn FCFA (€873mn).
Analysis: Ivorian banks still hold about four times the reserves they must, but the cushion is shrinking. The surplus fell 34% from its April peak and 16% in the latest period alone, faster than the 27% drop across the West African Economic and Monetary Union (WAEMU), by our calculation. That returns it to near its October 2025 level of 1,700.3bn FCFA (€2.59bn). At the same time, interbank loan volumes in Côte d'Ivoire rose 36.5% from July to an average of 313.9bn FCFA (€479mn) a week in September. The BCEAO gave no reason for the decline. Its October bulletin, due in early December on its usual schedule, should show whether the drawdown continues.
Source: BCEAO (regional central bank, Dakar), BCEAO, Bulletin mensuel des statistiques – septembre 2026 (published November 6, 2026), Maintenance period 16/8/26 – 15/9/26 and Maintenance period 16/8/26 – 15/9/26 (previous: 16/7/26 – 15/8/26: 2,096,042; 16/6/26 – 15/7/26: 2,326,645; 16/9/25 – 15/10/25: 1,700,306) and Maintenance period 16/3/26 – 15/4/26 and Maintenance periods 16/8/26 – 15/9/26 and 16/3/26 – 15/4/26 and September 2026 (weekly average); July 2026 comparison
New vehicle sales in Côte d'Ivoire rose 7.5% to 16,328 units in the first half of 2026 from 15,185 a year earlier, market leader CFAO Mobility Côte d'Ivoire said in its half-year report filed with the regional stock exchange BRVM on October 30. Its Suzuki brand led with 2,688 vehicles, or 16.5% of the market, ahead of Toyota with 2,444.
Analysis: The market grew, but the leader did not profit from it. CFAO kept a 38% share, about 6,200 vehicles by our calculation, yet its revenue rose only 0.7% and net profit fell 27% to 3.96bn FCFA (€6.0mn). The operating margin fell to 6.3% from 8.2%, and the company did not explain the squeeze in the report. BYD, which CFAO also distributes, sold 74 vehicles, a 0.5% share. The market figure comes from the company, not from an official registration count. CFAO said its order book points to good second-half prospects, barring major events, and has set no date for full-year results.
Source: BRVM, CFAO Mobility Côte d'Ivoire (CFAO Motors CI), Rapport d'activité premier semestre 2026 (filed on BRVM October 30, 2026), January–June 2026
Côte d'Ivoire's new mining and energy policy aims to double the two sectors' contribution to the economy within 15 years, with investment estimated at 38,000bn FCFA (€57.9bn), 88% of it from private investors, Mines, Petroleum and Energy Minister Mamadou Sangafowa-Coulibaly said when presenting it in Abidjan on November 9, state news agency AIP reported.
Analysis: Spread over the policy's 15-year horizon, the investment would come to about 2,533bn FCFA (€3.86bn) a year, by our calculation, though AIP gave no timetable for the spending. That equals 13.7% of the draft 2027 state budget of 18,466.1bn FCFA (€28.2bn). The 12% public share would be about 304bn FCFA (€463mn) a year, or 1.6% of that budget. The policy also aims for a place among Africa's five largest oil producers by 2035. AIP gave no current output or share of GDP, so the baseline for doubling is not public. Five reform and project programs will follow, AIP reported. No date has been set.
Source: Agence Ivoirienne de Presse (state news agency), AIP, 'La PIRME vise à doubler en 15 ans la contribution des secteurs minier et énergétique à l'économie ivoirienne (ministre)', November 9, 2026, No period given for the investment (policy's doubling target is 15 years; presented November 9, 2026) and Targets to 2035, 2040 and about 2041; Fraternité Matin (state daily), Communiqué du Conseil des ministres du mercredi 14 octobre 2026 (reproduced by Fraternité Matin), FY2027
Chart of the week
Ivory Coast five-year Treasury bond yield at auction, %, UMOA-Titres, March 24–October 27, 2026
7.3
7.1
7.1
7.2
7.1
7.1
7.1
7.0
7.0
Auction of March 24, 2026Auction of May 5, 2026Auction of June 2, 2026Auction of June 30, 2026Auction of July 21, 2026Auction of August 18, 2026Auction of October 6, 2026Auction of October 20, 2026Auction of October 27, 2026
Weighted average yield at each auction where Ivory Coast sold five-year Treasury bonds, so the points are not evenly spaced and other auctions in the period are not shown. Source: UMOA-Titres auction documents, except March 24 as reported by APA and October 6 and 27 as reported by Le Journal de l'Economie Sénégalaise. At the November 3 auction, which is not shown on the chart, the yield was 7.05%.. Source: Various, APA News (25 Mar 2026), relaying UMOA-Titres results of 24 Mar 2026, Auction of March 24, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, Annonce au MTP – État de Côte d'Ivoire, émission simultanée de BAT et OAT du 5 May 2026, Auction of May 5, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, Annonce au MTP – État de Côte d'Ivoire, émission simultanée de BAT et OAT du 2 June 2026, Auction of June 2, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, Annonce au MTP – État de Côte d'Ivoire, émission simultanée de BAT et OAT du 30 June 2026, Auction of June 30, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, Annonce au MTP – État de Côte d'Ivoire, émission simultanée de BAT et OAT du 21 July 2026, Auction of July 21, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, Annonce au MTP – État de Côte d'Ivoire, émission simultanée de BAT et OAT du 18 August 2026, Auction of August 18, 2026; Various, Le Journal de l'Economie Sénégalaise via AllAfrica (7 Oct 2026), relaying UMOA-Titres results of 6 Oct 2026, Auction of October 6, 2026; Agence UMOA-Titres (with BCEAO hosting), UMOA-Titres, 'Compte rendu d'adjudication de bons et d'obligations assimilables du Trésor', État de Côte d'Ivoire, October 20, 2026, Auction of October 20, 2026; Various, Le Journal de l'Economie Sénégalaise via AllAfrica (28 Oct 2026), relaying UMOA-Titres results of 27 Oct 2026, Auction of October 27, 2026.
Tender of the week
Drinking water supply works for Vavoua, Zuénoula and nearby localities, phase 1 (two lots)
Buyer
National drinking water office ONEP, for the water ministry's PASEA program
Scope
Lot 1: floating pumping station of 280 cubic meters an hour with 800 meters of DN 300 polyethylene pipe; lot 2: treatment plant of 250 cubic meters an hour, 500-cubic-meter ground tank and booster station; World Bank request for bids open to eligible firms and consortiums.
Value
Not published
Funding
World Bank (IDA credit 7562-CI)
Closes
Friday, November 27, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Ivory Coast's deficit shrinks by half as public investment falls
15 stories with workings, from EU tariff cuts, banks and public debt to car sales, energy, gold mining, packaging and the 2026 budget
Four key figures (inflation, the five-year bond yield, the cocoa farmgate price, Abidjan airport passengers) and every open tender in our records
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
