Three hotels in the beach resort city of Grand-Bassam were raided by gunmen on Sunday, killing over 16 people, officials said. A source told Ventures Africa it is confirmed that this was a terrorist attack where about 22 people died; 14  civilians including 4 Europeans, 6 terrorists and 2 military men.

Though it is still unclear who is behind the attack, in a recent statement posted on a social media account linked to Al Qaeda in the Islamic Maghreb, the group claimed responsibility for the attacks.

There have also been strong threats over the past few months from jihadist groups in terms of the growth of the economy.

Ivory Coast’s macroeconomic outlook has been showing impressive recovery since the end of the 2011 crisis. In a 2015 report, the International Monetary Fund (IMF) predicted that the once war torn country would grow by 7.9 percent in 2015 and by an average of 7.6 percent in 2016 and 2017. However while Ivory Coast’s macroeconomic outlook is positive certain risks remain. Poor weather could affect agricultural output and power production while any more attacks on the French-speaking nation may affect the economy and scare investors.

As the authorities of the West African nation investigate the fatal shooting, the U.S. and France have pledged assistance to Ivory Coast.