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Change in commodity futures prices YTD May 8, 2020: Cocoa (-4.8%); Wheat (+3.7%); Maize (-17.5%); ICE Natural gas (-55%); Gold (+12.1%); Soyabeans (-23.1%); Cotton (-18.2%); Rough rice (+27.2%); Platinum (-18.5%); Arabica coffee (-15.1%); Brent crude oil (-53.3%); Copper (-14.6%); Sugar (-23.3%);     Whilst Africa's growth in 2020 could fall to its lowest since the 2008/9 global financial crisis, the asymmetric nature of shocks facing the region, coupled with increasing investment and cross-border trade, should help the region recover speedily.

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May 10, 2021

Côte d’Ivoire is a cut above the rest according to Moody’s


Moody’s Investors Service has rated the long term debt of the Government of Côte d’Ivoire at Ba3, stable. Structural reforms and investment in infrastructure are supportive of strong economic growth in Côte d’Ivoire according to the ratings agency, which also notes that while the country’s institutional strength remains low, it has shown real and marked progress, surpassing forecast expectations. Projected medium-term growth is at approximately 8%, a number which is significantly higher than the average for Sub-Saharan countries. Despite the current commodity downturn Cote d’Ivoire’s mining as well as hydrocarbon sector possess significant growth potential. Furthermore, the country’s participation in the West African Economic and Monetary Union (WAEMU), and its relatively developed regional financial sector has been able to absorb an increasing share of government debt. Coupled with this, the country has comparatively strong fiscal fundamentals and sustainable debt levels, supported by substantial donor support and debt forgiveness over the last few years.

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