Expat financial advisor in Ivory Coast part 1

Expat financial advisor in Ivory Coast part 1 – that will be the topic of today’s article.

I will compare some of the options available locally, alongside more portable, online, and international options like what we offer.

For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via the WhatsApp function below.

It makes sense to have a portable option as an expat, as opposed to a localized one, and that is something we specialize in. 

INTRODUCTION

Cote d’Ivoire, a country located on the coast of West Africa. The actual capital is Abidjan; the administrative capital (since 1983) is Yamoussoukro.

Expat financial advisor in Ivory Coast

Côte d’Ivoire got a strong and stable economic growth from 2012 but has slowed down in 2020 due to the COVID-19 crisis. Nevertheless, the country remains the economic center of Francophone West Africa and exerts significant influence in the region.

Côte d’Ivoire’s score on the World Bank’s Human Capital Index (0.38) improved slightly in 2020 compared to 2019. Poverty rates fell sharply from 46.3% in 2015 to 39.4% in 2020, but this decline was limited to urban areas as rural poverty rates rose by 2.4% over the same period.

The country must include the most vulnerable groups in its economic recovery strategy, further integrate women into the economy and develop its human capital to better meet the needs of the labor market.

Political context

The parliamentary elections held in early March 2021 were won by the ruling RHDP party. The elections were deemed broadly inclusive, with the participation of the country’s main political parties, including former President Henri Conan Bedier’s PDCI and the coalition backing Laurent Gbagbo, who boycotted the October 2020 presidential election. Official records indicate 87 people have died in violent clashes that prevented Alassane Ouattara’s re-election for a third consecutive term in 2020.

President Ouattara appointed Patrick Achi as prime minister in March 2021 to replace Hamed Bakayoko, who passed away earlier this month. Achi was tasked with continuing political dialogue for national reconciliation, especially with the parties of former presidents Henri Conan Bedier and Laurent Gbagbo.

Following the decision of the Appeals Chamber of the International Criminal Court (ICC) to confirm the acquittal of Laurent Gbagbo, who was prosecuted by the ICC for eight years for crimes against humanity and war crimes committed during the 2010-2011 post-election crisis, Gbagbo announced his intention to return to Côte d’Az. ‘Yvoire and participate in the political life of the country.

Economic situation

Expat financial advisor in Ivory Coast

Before the global shock caused by the pandemic, Côte d’Ivoire had one of the most resilient economies in Africa and in the world and has grown at an average rate of 8% per year since 2012. However, the global health situation has negatively affected the Ivorian countries. households and businesses and slowed growth to 1.8% in 2020. Strong domestic demand and stable exports are expected to spur economic recovery in the country in 2021.

While the construction sector and public investment were the main drivers of growth in 2019, the manufacturing sector, services, and exports are expected to support the economic turnaround in 2021.

The main challenge remains to implement a reform agenda that promotes sustainable economic recovery and more inclusive growth by supporting the private sector to create better jobs, improve the business environment, provide access to finance for SMEs and the WSE, build capacity in the agricultural sector, and in particular, the development of human capital.

Advantages. Well-developed agriculture; important producer of cocoa (first place in the world) and coffee (fourteenth place in the world). Relatively good infrastructure. Growing oil and gas industry, significant foreign investment. Favorable redistribution of debts.

Weaknesses. Instability. Lack of investment in education. Strong dependence on cocoa and coffee (about a quarter of the country’s GDP comes from the export of cocoa beans and coffee), heavy illegal child labor on plantations.

On average, the country’s economy over the past years has been showing steady economic growth of 2.5-3% per year (after deducting inflation), and GDP per capita in Cote d’Ivoire in 2009 was $ 1.7 thousand. which is quite high by the standards of Black Africa (15th in the region). Below the poverty level – 42% of the population (in 2006).

Agriculture employs about 70% of the country’s active population; the products of this sector of the economy provide more than 60% of export earnings to the budget. Côte d’Ivoire is Africa’s largest exporter of palm oil and natural rubber. In addition to coffee and cocoa, the main export crops are bananas, cotton, sugar cane, and tobacco. The cultivation of coconut palms and peanuts is also developed.

Currently, Cote d’Ivoire is one of the main exporters of pineapples to Russia. In the forests, valuable species of wood (including black (ebony) wood) are harvested, hevea sap is collected (for the production of rubber). Sheep and goats are raised for agricultural purposes; commercial fishing is underway.

Oil and gas are produced mainly on the continental shelf. In addition, deposits of nickel, manganese and iron ores, as well as bauxite, diamonds and gold are being developed.

French capital is of great importance in the country’s economy. Among the largest French corporations in Côte d’Ivoire are Total (oil production and refining), Électricité de France (energy), Michelin (tire production), Lafarge (construction materials production), Transdev / Cetao and Bouygues ( construction), France Télécom (telecommunications), Castel Group [en] (beer and beverage industry), BNP Paribas, Credit Agricole / Credit Lyonne and Société Générale (financial services).

There are also American companies ExxonMobil (oil production), Citibank and JPMorgan Chase (financial services); British companies Royal Dutch Shell (oil production), Unilever (food and household chemicals) and Barclays (financial services); Swiss companies Nestlé (coffee production) and Holcim (construction materials production); Indian companies Tata Steel (metallurgy) and Oil and Natural Gas Corporation (oil production).

In case you move to Ivory Coast and have a few financial needs to be met, you can easily contact a financial advisor, who will help you to reach them. If you are looking for a advisor, check this form and apply if needed.

Expat financial advisor in Ivory Coast

Who is a financial advisor?

Financial advisors are experts in personal money management. They do everything from developing an emergency fund plan to putting together complex investment portfolios. They also play the role of educators, introducing their clients to the financial products available in the market.

In addition, financial advisors charge a small fee for their services. For people unfamiliar with the market or lacking sufficient time to manage their investments, financial advisors can help.

A financial advisor plays several roles, from planning and building a portfolio to constantly monitoring it. In addition, financial advisors use their market knowledge to create a suitable portfolio that meets the requirements and goals of their clients. They do everything from savings and insurance planning to investment and tax planning. They also follow up on clients’ investments in order to check the portfolio regularly.

Financial advisors familiarize their clients with the market and financial products available in the market. First, they tend to talk about lighter topics like savings and budget.

Financial advisors often use financial questionnaires. This is necessary in order to know what the assets, liabilities, financial liabilities, income and expenses of your clients are. Thus, using the questionnaire, they conclude about the client’s ability to take risks. Based on this, financial advisors advise their clients.

Personal financial advisors typically do the following:

  • Set up meetings with clients in person to discuss their financial goals.
  • Answer and educate clients about investment options and potential risks
  • Help clients plan for specific circumstances, such as spending on education or retirement.
  • Track customer accounts and determine if changes are needed to improve account performance or adapt to life changes such as marriage or having children.
  • Research investment opportunities

While most financial advisors offer advice on a wide range of topics, some specialize in areas such as retirement or risk management.

After investing, the client should receive regular investment reports prepared by his financial advisor. They monitor a client’s investment and meet with each client at least once a year to inform them of a potential investment. They may adjust the financial plan during this time due to changed circumstances of the client or due to changes in investment options.

Some financial advisors are licensed to directly buy and sell financial products such as stocks, bonds, insurance, and other securities. Depending on the agreement they have with their clients, consultants may have the clients’ permission to make decisions about buying and selling stocks and bonds.

Pained by financial indecision? Want to invest with Adam?

Financial Planner - Adam Fayed

Adam is an internationally recognised author on financial matters, with over 336.6 million answers views on Quora.com and a widely sold book on Amazon

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