The municipality of Bouaké has just received a BBB rating. The announcement was made on Monday, January 20, 2025, in Abidjan-Plateau by the financial rating agency Bloomfield Investment. According to Stanislas Zézé, Chairman and CEO of this rating agency, by obtaining this rating, Bouaké is now able to mobilize alternative financing resources on the capital market, notably the Regional Stock Exchange (BRVM), without any guarantee, to support the development of its infrastructure projects.
Providing context on this rating, Stanislas Zézé explained that financial rating is a tool that helps establish the credibility of local governments while also facilitating the implementation of profitable projects. Regarding Bouaké, he stated that this rating assessed the municipality’s ability to meet its credit obligations and determined its risk category. « At the end of this evaluation, the municipality of Bouaké obtained a BBB rating with a stable long-term outlook and an A3 rating with a stable short-term outlook. This is a moderate-risk rating with no guarantee for raising funds, which is a positive outcome for a first-time evaluation », he said.
Following his remarks, Soraya Diallo, Senior Vice President of Bloomfield Investment, emphasized that this tool promotes good governance, enhances transparency, and builds investor confidence.
Launched in June 2024, this rating highlights both the strengths and weaknesses of the evaluated local government in terms of impacts and benefits. On the positive side, it has revealed that thanks to the new vision driven by the "New Bouaké" project, operational revenues are increasing. However, regarding fragility factors, the rating has highlighted, among other things, that the municipality's governance framework needs improvement, as does the municipal wage bill, which accounted for 64% of operational revenues between 2019 and 2021 and 49% in 2023, whereas the standard is 30%.
For his part, the Minister-Mayor of Bouaké, Amadou Koné, explained the motivations behind this initiative. According to him, it aims to address investment needs in the social sector, especially in a context where the financial resources allocated by the state to local governments are insufficient.
« This initiative stems from our determination to act for the implementation of several economic infrastructures and investment needs in the social sector. As we all know, municipal financial resources are very limited. They mainly come from municipal taxes and collected duties. These revenues barely cover the municipality’s operational expenses », he stated.
Furthermore, the Minister-Mayor pointed out that these ratings enable the Bouaké Municipality to borrow on the financial market without state guarantees. He also welcomed the rating obtained and promised to address the areas of weakness identified in the evaluation.
It should be noted that, like Bouaké, other local governments, including Odienné and the South Comoé region, have begun their financial rating process. The Minister-Mayor of Bouaké, who is also the President of the National Union of Cities and Municipalities of Côte d'Ivoire (UVICOCI), hopes that many other municipalities will follow Bouaké’s example.
Dr. Eugène Aka Aouélé, President of the Economic, Social, Environmental, and Cultural Council of Côte d'Ivoire, honored the ceremony with his presence. For him, alternative resources are essential to drive the development of local governments.
