Ivory Coast’s economy will probably grow at a slower pace next year than previously forecast as investors hold back before presidential elections scheduled in October, Commerce Minister Jean-Louis Billon said.

The economy of the world’s largest cocoa producer will probably expand 7.9% in 2015, Billion said by phone on Dec. 24 from the commercial capital, Abidjan. That’s down from 10 percent projected by the Budget Ministry this month.

“It will be an election year, and they’re generally marked by hesitancy among investors,” Billon said.

The biggest economy in francophone West Africa emerged from a decade of conflict and political instability in 2011 with a new president, Alassane Ouattara. He has boosted spending on building roads, a hydroelectric dam and this month completed a 270 million-euro ($336 million) bridge spanning the Abidjan lagoon that will ease congestion in the city. Ouattara, a former banker, said last year he will seek a second term in office.

Large infrastructure investments, favorable crops and investments in agriculture pushed the growth rate to 8.7 percent this year, Billon said. That was offset by oil and mining output, which didn’t perform as well as expected, he said.

“The drop in international prices slowed down investments in exploration and research,” he said.

The International Monetary Fund is forecasting growth of about 8 percent in 2015.

Ivory Coast returned to international debt markets in July, less than four years after defaulting on $2.3 billion of notes, and sold $750 million of 10-year Eurobonds. The yields have risen 34 basis points since they were sold to 6.01 percent.

Bloomberg