Country Private Sector Diagnostic

Creating Markets in Cabo Verde

March 3, 2024

Download: Executive Summary (English) | Full Report (English) | Executive Summary (Português) | Full Report (Português)

An Archipelago of Opportunity: Pathways to Foster Sustainable Private Sector–Led Growth

Cabo Verde has experienced remarkable development over the last three decades and has embarked on a new development plan that seeks new, sustainable drivers of growth to propel the economy toward new frontiers. After the COVID-19 pandemic crippled the economy in 2020 — the second-worst economic contraction in Sub-Saharan Africa — the government is committed to complementing its heavy reliance on all-inclusive tourism and with more inclusive, resilient, and sustainable economic pathways.

This Country Private Sector Diagnostic (CPSD) highlights opportunities to meet these objectives by diversifying tourism offerings, advancing the development of blue economy value chains, and nurturing the growth of the country’s emerging digital services sector. The CPSD also provides recommendations on how to address bottlenecks on growth in the enabling sectors of transportation, logistics, and energy, pinpointing areas of the economy where state interventions may be restricting market competition and growth. The CPSD aims to assist the Cabo Verdean government in leveraging its tangible and intangible endowments, as well as its strategic geographic position between Africa and Europe, to better mobilize private capital and leverage its private sector to accelerate sustainable growth. (Português)