Ivory Coast’s new commodities exchange to elevate West African agric sector

The exchange, slated to be headquartered in Abidjan, the country’s commercial capital, will initially facilitate trading in kola nuts, cashew nuts, and corn (maize), with cocoa, the region’s primary crop, to be included at a later stage, CNBC Africa reports.

Amenounve while highlighting the ongoing efforts to finalize operational mechanisms, particularly in terms of the information system remarked "We hope that we will start this year." Once all preconditions are in place, the commodities exchange will commence operations, he added.

Cote d’Ivoire, one of Africa's fastest-growing economies, is forecasted to achieve a growth rate of 6.5% in 2024, moderating slightly to 6.4% the following year, according to the International Monetary Fund. As the world's largest exporter of cocoa, agriculture serves as the backbone of the Ivorian economy, contributing approximately 22% to the gross domestic product.

"Côte d’Ivoire is the lead in our region, and the economic growth in Côte d’Ivoire has averaged 7% over the last 10 years. For the entire region, we are seeing around 6% GDP growth. With oil and gas discoveries in Côte d’Ivoire, Senegal, and Niger, as well as mining activities in Burkina Faso and Mali, we believe that the fundamentals are robust, and investors can continue to explore opportunities in the West African region,” he said.

Currently, South African investors hold approximately 5% of the BRVM, a share that Amenounve aims to expand, given the region's promising economies. While acknowledging the Johannesburg Stock Exchange (JSE) as a formidable competitor and leader in the market, he emphasized the potential for African stock exchanges to collaborate through entities like the African Securities Exchanges Association, to foster collective growth and prosperity.