The Ivory Coast has ambitions to sell chocolate made in the West African country around the world as the major cocoa exporter aims to increase revenue from its main commodity.
Speaking to The National in Davos on Monday, on the sidelines of the World Economic Forum annual meeting, Prime Minister Patrick Achi said relatively high prices for cocoa on international exchanges would not, on their own, support the development of Ivory Coast’s economy, including creating millions of jobs needed to meet the needs of a young population.
“For the past 30 years, we've been the [world’s] first producer of cocoa; actually, we are producing more than 2 million tonnes [a year],” he said.
“But at the end of the day, we also realise that whatever price you will be given, it will never be enough — not only for the country, but also for the hard labour of the people … because you are selling raw material.
“So, at the end of the day, transforming this raw material is the real challenge, you know, because you need added value, because you need to create jobs, to generate more revenue.”
“As far as cocoa is concerned, the whole value chain, going … from the farmer all the way to consumer is $105 billion. Now, the producer just gains $5bn of this. So, as long as you will be selling [only the] raw material, you never get there.”
The global chocolate market is forecast to grow to $200.4bn by 2028, from $138.5bn in 2020, according to research by Fior Markets.
“The main issue is, in any field or any sector in which you are, if you are not integrated into the world value chain, then you are losing,” said Mr Achi.
“Whatever quantity you are doing … that will not help you develop, nor having your people get a fair share of the revenue they deserve.”
The Ivory Coast is currently looking for investors to support its plans to become a chocolate producer.
“That is why our relationship with the Emirates is very important … we [will] be talking with our friend [Sheikh] Shakhbout [bin Nahyan, Minister of State] and officials in the emirates, not only to see investments from the country come to Ivory Coast to invest in the transformation and produce chocolate, but also to be able to have Dubai as a key strategic logistics export hub toward the Middle East and Asia,” Mr Achi said.
At the end of the day, transforming this raw material is the real challenge, you know, because you need added value, because you need to create jobs, to generate more revenue
Patrick Achi,
Prime Minister of the Ivory Coast
Issues related to the cocoa industry’s levels of sustainability in the country, including deforestation, are being addressed, he stressed.
“We have to be able to sustain our own agriculture, but also demand that you have out there in the world, shows a very important awareness of consumer, that will want to consume green foods, foods that are really free of deforestation, free of the worst form of child labour and sold at a price that is fair for the producer — all these key issues have to be taken into account.”
Mr Achi said the country is also looking to other commodities for future economic growth. The Ivory Coast recently announced the discovery of major oil and gas finds.
The successful exploration for and production of about 1.5 billion to 2 billion barrels of oil and about 1.8 trillion to 2.4 trillion cubic feet of gas would depend on a number of factors.
However, access to more hydrocarbons would be very important for both domestic consumption and international exports.
“Gas is very useful for electricity production, even though we are moving more and more to solar or to biomass, to have a better mix,” he said.
“Oil, yes, because that generates revenue that we need to invest, not only in basic infrastructure, but also in other social needs for our people.”
Investments are critical for the population of about 26 million, particularly in the north of the country, where there has been concern that conflict with militants in the Sahel could spill over this year and could increase.
“The best defence is through the population and your own people who don't want to see that happen and [conflict] spread out. And that comes from good training, access to basic needs — food, security, health, education. And, as I say, access to jobs,” he said.
“Jobs [are] the major challenge that we have. When you have a country where 77 per cent of the population is aged under 35, then you realise that if you are not able to find a job for these people, then you are creating big issues. By 2030 … I’ll have eight million kids on my hands. If I am not able to insert them in the economy, [and] work life, then I am into jeopardy.”
There has been an increase in incidents since 2020 related to the Sahel fight against ISIS and Al Qaeda. France has been training the Ivory Coast’s security forces and the US has also been working with the country.
Mr Achi expects this co-operation to continue.
“We see increasing co-operation, with all our friends and allies that are fighting against terrorists over the world, because, you know, you cannot let this spread out,” he said.
“And it is a threat, not only for the [African] continent, [it] is a threat for the world, wherever it happens … So, whoever can help to stop that, is welcome. So, we welcome all friends who want to help.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Mohammed bin Zayed Majlis
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Tewellah by Nawal Zoghbi is out now.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
UAE currency: the story behind the money in your pockets
FOOTBALL TEST
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Understand What Black Is
The Last Poets
(Studio Rockers)
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
