Editor’s Note: May 06, 2019

Côte d’Ivoire is betting big on tourism

Côte d’Ivoire has approached the African Development Bank forsupport in raising $5.8bn to finance an ambitious tourism development plan.

The country hopes to join the likes of South Africa, Kenya and Egypt as one of Africa’s leading tourist destinations by 2025 through investment in infrastructure and capacity. This includes a new airport, the development of its 500km coastline, the training of 230,000 workers, and a new convention centre.

It’s a good idea.

Africa’s tourism sector is buzzing. According to the World Tourism Organization international arrivals on the continent rose 8.6% in 2017 to 62.7m – the fastest globally – bringing in $37.3bn in receipts. In Kenya arrivals jumped 37.3% in 2018.

Fueling this is growing demand from traditional source markets like Europe, and Asia – particularly China.

This is going hand in hand with surging investment by the hospitality industry. Major hotel chains including Marriott and Hilton are expanding aggressively in anticipation of future demand.

Now is the time for positioning if countries hope to take advantage of this growth. 

Côte d’Ivoire is showing foresight by betting big on the sector. If the plan gets funded, and is properly executed, the pay-off could be considerable.

From The Continent

Algerian authorities have arrested the brother of former president Abdelaziz Bouteflika - who stepped down in April due to mass protests - as well as two former intelligence chiefs.Their detention is part of a purge of high profile figures during his 20-year rule, led by the military. More: Al Jazeera


Zambia has said the country will proceed with the introduction of a new non-refundable sales tax this year, despite opposition from mining groups active in Africa’s second-biggest copper producer. The country is pushing tax reform as it tries to rein in mounting debt. More: Reuters

The Daily Stat

$700m

The value of emergency support the World Bank is dedicating to cyclone-hit Mozambique, Zimbabwe and Malawi. More: World Bank

The Global Perspective

ISIS-affiliated jihadist group Islamic State West Africa Province (ISWAP) has claimed it killed 10 Nigerian soldiers in an attack on a base in the country’s northeast on Saturday. It is the latest in a string of attacks by the group, amid growing international concern about Islamist militancy in West Africa’s Sahel region. More: Reuters

Texas-based Occidental Petroleum has agreed to sell the assets of Anadarko Petroleum in Algeria, Ghana, Mozambique and South Africa to France’s Total for $8.8bn. The deal is part of a $38bn takeover bid of Anadarko by Occidental. More: Bloomberg

The Daily Follow