Côte d’Ivoire plans to devote 37.7% of its 2027 state budget to debt principal repayments and financing costs, compared with 25.1% for public investment. Finance Minister Adama Coulibaly presented the breakdown to lawmakers on Tuesday, 10 November, revealing the weight of debt obligations in a draft budget totaling CFAF18,466.1 billion.
Principal amortization alone accounts for 27.4% of the budget, while interest and other financing charges take a further 10.3%. The combined amount works out to approximately CFAF6,962 billion, against CFAF4,638 billion for investment, leaving a gap of roughly CFAF2,324 billion. That gap is smaller than in the initial 2026 budget, when the two debt items amounted to approximately 38.5% and investment represented 24.1%.
In Share of overall budget, %
Source: Côte d’Ivoire Finance Ministry, initial 2026 budget; AIP, 2027 draft presentation on 10 November 2026.
| Principal and financing charges | Public investment | |
|---|---|---|
| 2026 | 38.5 | 24.1 |
| 2027 (draft) | 37.7 | 25.1 |
Principal repayments outweigh interest charges
Within the proposed debt envelope, principal repayments account for approximately CFAF5,060 billion, based on the 27.4% share announced for 2027. Financing charges come to about CFAF1,902 billion. The former covers the capital falling due to creditors, whereas the latter reflects interest and associated borrowing costs. The overall state budget therefore brings together government expenditures and treasury financing transactions that serve different purposes.
The comparison with 2026 also shows a shift toward capital spending. That year’s initial budget included CFAF4,916 billion in principal amortization and CFAF1,757.9 billion in financing charges, a combined CFAF6,673.9 billion, alongside CFAF4,187.7 billion in investment. Under the 2027 proposal, planned debt payments and charges rise by approximately CFAF288 billion, while investment grows by more than CFAF450 billion. The difference between their shares narrows from about 14.3 to 12.6 percentage points.
Even with this shift, the repayment calendar remains a major call on available cash. Côte d’Ivoire must mobilize substantial liquidity to meet maturities while also financing investment and day-to-day government operations. The weight of debt-related transactions helps explain why an expanding overall budget does not automatically translate into a similar percentage increase in funding for new infrastructure.
A larger budget with sizable financing requirements
The proposed 2027 budget exceeds its 2026 counterpart by CFAF1,115.9 billion, a 6.4% rise. It follows an increase in initial budget totals from CFAF15,339.2 billion in 2025 to CFAF17,350.2 billion in 2026. The government’s medium-term financial framework projects CFAF20,485.3 billion for 2028 and CFAF22,315.8 billion for 2029. Those later amounts are forecasts, while the 2027 bill itself is still undergoing parliamentary scrutiny.
In CFAF billions
Source: Government Secretariat, 2025 initial budget; Finance Ministry, 2026; government 2027 draft and 2028–2029 medium-term projections.
| Overall budget | |
|---|---|
| 2025 (initial) | 15,339.2 |
| 2026 (initial) | 17,350.2 |
| 2027 (draft) | 18,466.1 |
| 2028 (forecast) | 20,485.3 |
| 2029 (forecast) | 22,315.8 |
Of the CFAF18,466.1 billion in the draft, the government identifies CFAF9,385.4 billion in budget revenues, CFAF7,399.1 billion in treasury resources and CFAF1,681.6 billion linked to special Treasury accounts. Treasury resources make up approximately 40.1% of the total, illustrating the importance of financing flows in the overall budget structure. They cover a broader category than tax receipts alone.
The government assumes economic growth of 6.6% in 2027, compared with an expected 6.2% in 2026. It also aims to reduce the fiscal deficit from 3.8% to 3.5% of gross domestic product, with a 3% target for 2028. These assumptions underpin projected revenues and the room available for additional financing.
Capital spending under the national development plan
The proposed budget would mobilize CFAF4,963.7 billion toward the 2026–2030 National Development Plan. The sum includes the CFAF4,638 billion in investment already counted under budgetary capital spending, plus approximately CFAF326 billion in Treasury-related operations. It is therefore not a separate pool of entirely additional investment money.
The minister’s presentation allocates 21.3% of expenditure to education, training and research, and 22% to the mission covering infrastructure and public facilities. These policy-area allocations follow a different classification from the accounting categories for debt, personnel and investment. Personnel costs, meanwhile, account for 16.9% of the overall budget.
Among specifically costed projects, the draft assigns CFAF185.1 billion to the urban railway and CFAF80 billion to strengthening primary education. The ministry also reports that achievement of programme performance targets rose from 73.7% in 2020 to 92.3% in 2025, providing lawmakers with an additional benchmark as they examine the proposed allocations.