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The mining sector of Ivory Coast contributes to 13% of the country’s exports annually and accounts for 5% of the GDP. The industry has historically centered on the extraction of gold.
Côte d’Ivoire’s mining industry is undergoing a dynamic transformation, fueled by government-led initiatives to boost gold production, develop local talent, and promote sustainable practices.
New measures include increasing artisanal mining permits to attract both local and foreign investments. However, the rapid expansion of informal mining operations presents challenges, such as environmental degradation and regulatory gaps.
The mining sector of Ivory Coast contributes to 13% of the country’s exports annually and accounts for 5% of the GDP. The industry has historically centered on the extraction of gold.
As part of the Ivorian government’s strategic action plan to diversify the country’s economic output, mining activities over the last decade have been steadily increasing. In September 2021, a large oil deposit was discovered in the Ivory Coast. This was followed by two more discoveries in July 2022 and February 2024.
These discoveries are leading the country to explore its potential as an oil and gas producer. The number of mining permits and projects has tripled since 2012, from nine to 28. Research permits have also increased from 120 to nearly 200 over the same period. Tax revenue from mining activity has increased 20 times since 2012, standing at 372 billion CFA francs (USD 620 million) in 2023.
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Ivory Coast’s gold output hit a record high in 2023 at 51 metric tons, up 6% from 48 tons in 2022. It is expected to hit 56 metric tons in 2024. The expansion of gold exports has been driven by the discovery of new gold deposits and the opening of new mines. In May 2024, the country’s largest deposit of gold was discovered in the West, with the potential to be the third-largest gold deposit in West Africa. The government aims to make mining the second largest driver of growth in the Ivorian economy, after agriculture, with a target of 8% of the GDP by 2030.
