Gold, Growth and Green Energy Across the Region
West Africa’s economies showed strong momentum in October 2025, with notable progress in mining, energy, and public finance. Côte d’Ivoire led with €1.7 billion in public enterprise revenue, while Senegal advanced key infrastructure projects. Cap-Vert expanded its solar capacity through a debt-for-climate deal, and Togo launched a national tech startup alliance. These highlights are drawn from the Brèves Économiques – Afrique de l’Ouest Nº604, published by the Service Économique Régional d’Abidjan on 30 October 2025.
Côte d’Ivoire: Public Sector Power and Energy Expansion
Côte d’Ivoire continues to demonstrate fiscal resilience and industrial momentum. Public enterprises posted a consolidated revenue of €1.7 billion in the first half of 2025, exceeding targets by 9%. Key contributors include the Port Autonome d’Abidjan, PETROCI, and BNI.
In the energy sector, crude oil production surged 50% year-on-year to 16.1 million barrels, largely due to the Baleine field coming online in late 2023. Meanwhile, natural gas output dipped slightly, and electricity generation rose 4.3%, with thermal sources dominating at 75.1%.
Turaco Gold’s Afema project also saw a 14.4% increase in estimated gold resources, now totaling 115.1 tonnes.
Senegal: Infrastructure Wins and Investor Jitters
Senegal’s government announced upcoming reductions in electricity, fuel, and gas prices under the Pacte national de stabilité sociale. While aimed at easing household burdens, the move triggered investor concerns, reflected in falling Eurobond prices.
On the infrastructure front, French group NGE secured two major contracts: the final phase of the Hann Bay depollution project and coastal protection works on Gorée Island, a UNESCO World Heritage site.
Cap-Vert: Solar Modernization and Water Security
Cap-Vert is scaling up its renewable energy ambitions. The Palmarejo solar plant will expand from 4.4 MWc to 10 MWc, saving 5,125 tonnes of fuel and avoiding 18,750 tonnes of CO₂ emissions annually. This is the first project funded under the debt-for-climate agreement with Portugal.
Additionally, Toyota Tsusho will build two desalination plants on Santiago Island, backed by $100 million in financing from Japan.
Guinea-Bissau: Banking Reform in Motion
The government finalized its exit from the Banque de l’Afrique de l’Ouest (BAO), transferring shares to Mauritania’s Holdfin group. This recapitalization aims to restore regulatory compliance and revive operations in the country’s largest banking network.
Liberia: Dual Energy Strategy
Liberia signed a power purchase agreement for a 40 MW thermal plant in Monrovia, to be built by SGTPL. A second agreement is expected with Release Utilities Africa for a 23.75 MW solar plant and 10 MWh battery system.
Burkina Faso: Sugar and Gold
The government increased SOSUCO’s capital to €17.7 million, making it a majority state-owned enterprise. Plans include plantation rehabilitation and refinery modernization.
Orezone Gold reported $68.7 million in Q3 revenue from its Bomboré mine, despite weather-related delays. Production is expected to ramp up in Q4 and reach 3.3–3.7 tonnes in 2025.
Niger: Uranium Ambitions
Global Atomic raised CAD 37 million to advance its Dasa uranium project. The company is negotiating with a U.S. development bank for additional financing, with plant commissioning slated for late 2026.
Sierra Leone: Fertilizer Access and Inflation Eases
The BAfD approved $2.3 million for the FOSTER project to improve fertilizer access for 126,000 farmers. Inflation fell to 5.4% in September, down from 5.9% in August, with notable declines in housing, health, and transport costs.
Togo: Digital Ecosystem Emerges
TogoTech, a new alliance of 15 startups, launched in Lomé with support from GIZ and Vivendi Africa. The platform aims to position Lomé as a regional tech hub, with startups active in logistics, fintech, and cybersecurity.
Regional Outlook: IMF Forecasts
According to the IMF’s October 2025 World Economic Outlook:
• Top GDP growth performers: Benin (7.0%), Guinea (7.2%), Niger (6.6%)
• Lowest inflation rates: Côte d’Ivoire (1.0%), Cap-Vert (1.5%), Senegal (2.0%)
• Highest public debt: Senegal (122.9% of GDP), Cap-Vert (106%), Guinea-Bissau (76.2%)
From gold mines to solar panels, West Africa’s economic landscape is evolving rapidly. While public investment and energy reforms fuel optimism, fiscal discipline and investor confidence remain critical. As the region navigates global headwinds, its resilience and innovation offer promising signs for 2026 and beyond.