Côte d’Ivoire has regained its position as West Africa’s most attractive destination for mining investment, according to the latest annual survey released by the Fraser Institute.
The 2025 survey shows Côte d’Ivoire overtaking regional peers after briefly losing the top position to Ghana in 2024, underscoring growing investor confidence in the country’s mining policy environment and mineral development prospects.
Côte d’Ivoire recorded an Investment Attractiveness Index score of 60.92 out of 100, up significantly from 55.70 in 2023 — the previous year it led the sub-region. The improvement reflects stronger performance across the survey’s two core indicators: the Policy Perception Index (PPI), which measures regulatory and governance conditions, and mineral potential assessments.
The annual survey, based on responses from global mining executives, evaluated 68 mining jurisdictions worldwide in 2025, ranking countries according to investment climate, geological attractiveness, and policy stability.
Within West Africa, Ghana ranked second with a score of 55.21, followed by Guinea at 52.16. Mali placed fourth with 46.58, while Burkina Faso recorded the lowest regional score at 35.29.
Analysts say Côte d’Ivoire’s improved ranking reflects sustained reforms aimed at simplifying licensing procedures, strengthening investor protections, and expanding exploration activity, particularly within the gold mining sector, which has become a major driver of economic diversification.
Industry executives have increasingly highlighted the country’s favourable operating climate. Speaking at the Africa Down Under Conference in 2025, Justin Tremain described Côte d’Ivoire as one of the most attractive jurisdictions globally for developing gold projects. Similar views were expressed by Adam Oehlman, who pointed to rapid exploration success and discovery timelines in the country.
Their companies are advancing major gold developments, including the Afema and Didievi projects, reinforcing Côte d’Ivoire’s emergence as one of Africa’s fastest-growing gold exploration hubs.
Despite reclaiming regional leadership, Côte d’Ivoire remains short of continental dominance. The country ranked fifth in Africa and 47th globally in the 2025 survey.
Southern African nations continue to dominate the continent’s mining investment rankings, with Botswana and Morocco retaining the top two African positions, followed by Zambia and Tanzania.
Botswana also returned to the global top 10 mining jurisdictions, ranking seventh worldwide after dropping out of the elite group in 2024 — a performance widely attributed to regulatory stability and long-standing investor confidence.
Globally, the U.S. state of Nevada maintained its position as the world’s most attractive mining jurisdiction, benefiting from strong infrastructure, predictable regulation, and extensive mineral endowment.
While the Fraser Institute’s survey remains one of the mining industry’s most closely watched benchmarks, analysts caution that the rankings largely reflect investor perceptions rather than comprehensive economic or social outcomes. The methodology relies on executive opinions, which tend to favour jurisdictions with investor-friendly regulatory frameworks and may not fully capture environmental, community, or governance challenges on the ground.
Nonetheless, Côte d’Ivoire’s return to the top spot in West Africa signals intensifying competition among regional mining economies seeking to attract exploration capital amid rising global demand for gold and critical minerals.
For West African economies, the results highlight the growing importance of policy consistency, security conditions, and transparent regulation in securing long-term mining investment flows.
