Ivory Coast Bets on Local Firms for Economic Boost

The government of Ivory Coast is backing select local companies, termed “national champions”, to drive economic growth and support small to medium enterprises. After a period of instability, Ivory Coast has experienced strong economic growth over the past fifteen years.

Officials hope these firms will set examples of responsible and sustainable business practices. Kaera, a natural cosmetics company founded in the late 2000s, now employs 600 people and distributes its products across more than two dozen countries in West Africa, Paris, and Dubai.

However, Kaera’s CEO, Fode Yattabare, notes differing regulations between African nations create obstacles for expansion. The country recently secured $80 billion in international public financing for its 2026 to 2030 National Development Plan, with an additional $150 billion anticipated from private sector investment. The success of these national champions is tied to the implementation of the African Continental Free Trade Area and standardized regulations.