Ivory Coast to Review its Budget Figures Upward
14th July 2014 Ivory Coast has reason to beat its chest with pride after announcing that it will be reviewing its budget figures upward. Ventures Africa shares that the country has announced sustained and unprecedented rapid economic growth, and has subsequently revised its 2014 budget upward by nearly 4 percent. Projections reveal that the country is expecting higher earnings from cocoa, natural gas and the country’s ports. The Country also announced a surprise first-quarter budget surplus after state revenues, resulting largely from improved tax collection, beat expectations by around 31 percent.
Government spokesman Bruno Kone said following a cabinet meeting that the cabinet adopted a finance bill revision that brings the 2014 state budget to 4,41 trillion CFA francs up from an initial 4,23 trillion CFA francs.
Ivory Coast is the world’s top cocoa grower and the largest economy of French-speaking West Africa. Since the end of its decade of instability in 2011, the economy as shown excellent progress, growing by around 9% last year, with the same expected this year.