Africa Reports 2023


Côte d’Ivoire Report 2023

At least in the three-year outlook, Côte d’Ivoire will remain one of the fastest growing markets in Africa, boosted by an increasingly diversified economy. Oil, metals, and agricultural exports are balanced by imports of refined petroleum and processed goods, although Côte d’Ivoire is also building up its services and tourism economy, while adding more value to its exports to mitigate against external shocks.


Guinea Report 2023

Guinea’s transitional government has proven to be resilient and politically capable since the military intervention in 2021. Regional body ECOWAS has agreed a timeline for a transition to return to civilian rule that kicked off in early 2023.


Kenya Report 2023

Kenya is emerging from the economic impact of the COVID-19 pandemic, the war in Ukraine and global monetary policy tightening. Kenya’s government is implementing subsidy cuts, broader austerity measures, and tax increases, as part of bold IMF-backed fiscal and monetary policy changes that are aimed at slowing inflation, cutting the budget deficit, and bringing public debt to more sustainable levels.


Senegal Report 2023

Senegal’s fiscal outlook and economic profile will change dramatically from 2023, when its hydrocarbons sector is poised for take-off, as several major projects approach completion. The West African country will become one of the primary beneficiaries of foreign direct investment into Africa. During this tight timeline for transition, Senegal’s state companies will require credit support solutions to finance both imports and exports, in anticipation of future revenues from the oil and gas sectors.


Ghana Report 2023

The IMF programme supports Ghana’s balance of payments and underpins policy anchorage to facilitate other multilateral and development financing commitments. Together with a partial domestic debt exchange and restructuring agreement for concessional and bilateral loans, Ghana’s debt sustainability outlook has markedly improved since late 2022 when it defaulted on commercial loans and international bonds.


Benin Report 2023

Benin is one of West Africa’s remarkable success stories due to its relative political stability, benign investment climate, and increasingly diversified economy, as well as sound fiscal and monetary policy management. The government of President Talon has created a politically stable and business-friendly environment for foreign investors, despite concerns over northern insecurity and potential unrest in the three-year outlook. Going forward, the economic outlook for Benin is promising, with an average of 6 percent GDP growth projected until at least 2025, as well fresh opportunities emerging in industries outside of the core agricultural sector.