IPS Africa

By Fulgence Zamblé

ABIDJAN, Aug 1 (IPS) – The Ivorian government has begun compensating small and medium-sized businesses for damages suffered during the post-election crisis, in order to relaunch the economy.

The government allocated 13 million dollars to this task on Jul. 15, prompted by the fact that the private sector in Côte d’Ivoire is dominated by micro-enterprises and a vast informal sector, according to the Finance Ministry. A further 74 million dollars of support for the country’s banks was announced a few days later by Finance Minister Charles Diby Koffi, in order to allow financial institutions to support businesses with loans.

The ministry estimates the contribution of small and medium-sized enterprises to the country’s gross national product at around 18 percent; SMMEs together account for around 23 percent of formal employment.

Alassane Ouattara‘s victory in presidential elections in the West African country in November 2010 was challenged by the incumbent, Laurent Gbagbo; a lengthy standoff followed, brought to a close when the Ouattara-aligned Republic Forces of Côte d’Ivoire marched from their strongholds in the north of the country to seize the economic capital, Abidjan, in April 2011…Read more.