It says "cosmetic lightening and hygiene creams... that de-pigment the skin... are now forbidden".
Whitening creams have been popular for years among young women - and some men - across Africa, who believe they make them more beautiful.
But medical experts say they may cause cancer, diabetes, severe skin conditions and other diseases.
"The number of people with side-effects caused by these medicines is really high," Christian Doudouko, a member of Ivory Coast's pharmaceutical authority, was quoted as saying by the AFP news agency.
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British consultant dermatologist Justine Kluk told the BBC the major concern was over unregulated products, which may contain ingredients such as mercury or excessive amounts of steroids.
"If one thinks about steroids being present in these products, they're often present in much higher quantities than we would prescribe," she said.
She said the creams can cause a variety of health issues, such as "acne, thinning of the skin, glaucoma or cataracts if applied near the eyes".
"Or if applied liberally to the whole body, [they can] cause high blood pressure, diabetes, osteoporosis, weight gain, mood disturbance due to absorption of large amounts of steroids," she said.
However, analysts say the ban may not stop people buying the products.
They are still used in The Gambia despite a ban.
South Africa has the world's toughest laws against skin lighteners, having prohibited the most active ingredient - hydroquinone, but a University of Cape Town study found that more than a third of South African women still buy them.
The use of whitening creams in Africa is most widespread in Nigeria - where more than 75% of women buy them, according to a 2008 UN Environment Programme study.

He said he hoped the treaty would help prevent the transfer of weapons to "warlords, human rights abusers, terrorists and criminal organisations".
The deal also bans arms supplies if this promotes war crimes or genocide.
So far 60 nations have ratified the accord, but not the US - the world's top arms exporter.
Washington signed the agreement in 2013, but now it requires approval by the Senate, where opposition is believed to be strong.
Other major weapons traders - like China, Russia, India and Pakistan - are yet to put their signatures under the deal.
In a statement, UN Secretary General Ban Ki-moon said the treaty "marks the opening of a new chapter in our collective efforts to bring responsibility, accountability and transparency to the global arms trade".
"Ultimately, it attests to our collective determination to reduce human suffering by preventing the transfer or diversion of weapons to areas afflicted by armed conflict and violence."
Mr Ban also called on all countries to join the agreement "without delay".
Other leading campaigners for a tighter regulation of the arms trade - such Amnesty International and the Control Arms Coalition - urged world governments to strictly adhere to the treaty's principles.
The accord has been signed by nearly 130 nations, and five of the world's top 10 arms producers - Britain, France, Germany, Italy and Spain - have already ratified it.
The accord regulates cross-border transfers of conventional weapons ranging from small firearms to tanks and artillery.
The global business is estimated to generate up to $85bn (Â£55bn) every year, although some analysts say the figure is even higher.
Ivory Coast has banned skin-whitening creams because of health concerns, the health ministry says.
[NEXT_CONCEPT]
A global arms trade treaty regulating the multibillion-dollar business has come into force - a move hailed as "a new chapter" by UN chief Ban Ki-moon.