Posted by: Martin | March 30, 2011

Abidjan calling

Sending money to Yop – No problem!

I’ve been talking to a few Ivorians in the diaspora here in Europe.  They all complain that everybody is calling from Abidjan to ask them for money all the time. Since the crisis started even releatives they haven’t heard from in years are calling.

I tell them: “but look, since all the banks are closed, and Western Union isn’t working, you can’t send money to Abidjan anyway”.   They respond “They ask me to send it to neighbouring countries. Do you know Ivorians? When it comes to fetching money, a war is not going to stop them.”

And then they have these amazingly strong social networks. Within the Dioula community there are many involved in transport, and they have been making boatloads of money  transporting people out of Abidjan at many times the ordinary price.

In Europe there are many dioula Ivorians with a stake in the transport business, so what they do is they take money from an Ivorian in Europe wanting to send money, and then they ask their transport guy in Abidjan to hand it over.   This way money can be transferred from Europe to deepest Yopougon in hours.

I knew it was a good buy

Anyhow, it looks like all of this will soon be history as the fall of Gbagbo looks to be coming up soon.  The Ivory Coast US dollar government bond is up more than 7% today, trading at close to 43 cents on the dollar:

 

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