Ivory Coast Ends 2023 Fiscal Year with Surplus of $63.7 Million
Budget Results: A Significant Surplus
Côte d’Ivoire ended 2023 with a budget surplus of 38.6 billion FCFA ($63.7 million), a performance praised at the Council of Ministers on October 16. This surplus is explained by a strong mobilization of resources and controlled management of public spending, despite a tense international context.
Adjustments and Mobilization of Resources
The initial budget, set at 11,694.4 billion FCFA, was revised during the year to reach 12,612.9 billion FCFA, to better meet the financial needs of the State. Revenues finally reached 11,831.2 billion FCFA, corresponding to a recovery rate of 93.8%, while expenditures amounted to 11,792.6 billion FCFA, with an execution rate of 93.5%.
Improving Program Execution
The rate of achievement of program targets has improved from 73.7% in 2020 to 85.4% in 2023, a sign of greater efficiency in the use of public resources.
Deficit Financing and Cash Management
Despite these good results, Côte d’Ivoire observed a negative balance of 3110.7 billion FCFA compared to its own resources. This deficit was financed by treasury operations which resulted in a net balance of 3149.4 billion FCFA.
Deficit Reduction Strategy and Growth Targets
Towards a Reduction of the Deficit to 3% of the GDP
The Ivorian authorities continue to aim to reduce the budget deficit to 3% of GDP, in line with UEMOA recommendations. To achieve this objective, the government is focusing on improved tax revenue collection, streamlined management of operating expenses, and targeted investments in key sectors.
Reform Programs and Growth Forecasts
Côte d’Ivoire is also engaged in economic and climate reforms supported by a $4.8 billion program financed by the International Monetary Fund (IMF). This program focuses on increased revenue mobilization to ensure economic stability, strengthen essential social spending, and ensure security.
Growth Prospects
According to the 2025-2027 multi-year budget programming document, Côte d’Ivoire projects an average annual GDP growth of 7.4%, supported by better revenue mobilization and strategic investments.
Conclusion: Reassuring Budget Management for the Future
Côte d’Ivoire’s 2023 fiscal year demonstrates economic resilience in the face of international challenges and controlled management of public finances. These performances encourage a positive trajectory for the years to come, with ongoing reforms aimed at strengthening economic stability, supporting sustained growth and reducing inequalities. The country appears well on the path to a sustainable and inclusive economy, ready to meet the social and economic challenges of tomorrow.
