On the sidelines of the 22nd Extraordinary Session of the West African Economic and Monetary Union (WAEMU), held on 3 and 4 December 2019 in Dakar, the President of the Republic, Alassane Ouattara indicated, during a high-level panel, that the percentage of Ivorian debt on its Gross Domestic Product (GDP) is now 48%, compared to 66% in 2011, which is sustainable.

"Côte d'Ivoire's debt percentage is 48% of its Gross Domestic Product (GDP), up from 66% in 2011 before debt cancellation under the Heavily Indebted Poor Countries (HIPC) Initiative," said President Alassane Ouattara, during a high-level panel on the debt risks of African countries.

The Ivorian Head of State who had as co-panelist, the Senegalese President, Macky Sall and the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, stressed that the issue of indebtedness depends on the economic capacity of a country, but also its governance. Good governance, he stressed, minimizes the risk of indebtedness, since debt contracts under advantageous conditions and investment is made in sectors with socio-economic impacts.

The Ivorian President also noted that a good use of the debt contracted under favorable conditions (investment in sectors with socio-economic impacts) contributes to creating more wealth, and to boosting national development. "With its debt ratio of 48%, Côte d'Ivoire has been able to achieve an average economic growth rate of 8% per year for 8 years," Ouattara said. However, he insisted, the country's option is the mobilization of private investment, i.e. Foreign Direct Investment (FDI) and National Investment (IDN).

This inclusive economic growth has enabled the State to invest massively in basic social services, to promote people's access to drinking water, health care and electricity, both in urban and rural areas. Not to mention the sectors of education, roads and rural tracks. A government social program (PSGouv), costing 1,000 billion FCFA, was launched in 2019 to strengthen the gains and address existing challenges, he added.

It also referred to universities and other schools built in large numbers over the past eight years.

Alassane Ouattara also indicated that in its debt strategy, Côte d'Ivoire prioritizes the sustainability of its debt. Thus, the government has set itself the goal of not reaching a debt ratio of 50% before 2020, and 55% before 2025. It also decided that the repayment of the Ivorian public debt oscillates at most between 17 and 20% of tax revenues, in order to allow the State to have room for manoeuvre to meet operating and investment expenses.