Obama reinstates Ivory Coast economic benefits

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President Barack Obama has provided the Ivory Coast economy with a serious boost by re-reinstating the benefits for the country under the African Growth and Opportunity Act.

The country has lost eligibility due to what was seen as an ‘undemocratic’ recent change of government. However, having completed a free and fair presidential election since then, their rights have been reinstated.

It is a timely boost for an economy which has been on its knees in the last decade.

The Ivory Coast president recently called for urgent international intervention to prevent the country’s economy from losing further economic ground.

Speaking at a press conference last month, Alassane Ouattara suggested that due to ongoing political conflicts, he expects the nation’s economy to contract by 7%.

“Our main task after reconciliation is reconstruction because the country has been destroyed”, said Outtara after a meeting with UN secretary Ban Ki-Moon.

“In the past ten years there was no investment except in public money to buy arms and ammunitions.

This year because of the post-electoral crisis our economy will drop by seven percent so this needs massive support”, continued Outtara.

Although no specific figure has been requested, some reports suggest that the country will need approximately $25 billion worth of investments to rebuild the economy.

Hopefully, the reinstatement of benefits from the African Growth and Opportunity Act should contribute towards the rebuilding job.

Transfer money to the Ivory Coast

If you are looking to invest in the Ivory Coast, think carefully about how you will be transferring money to the Ivory Coast. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to the Ivory Coast, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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