Bakayoko, who was undergoing cancer treatment, died on Wednesday, just a few days after his 56th birthday.
Following the sudden death of his predecessor, Amadou Gon Coulibaly, he was appointed Prime Minister in July.
Mr Bakayoko was described by President Alassane Ouattara as a "great statesman, an example to young people and a man of exemplary loyalty".
Mr Bakayoko was flown to France for medical tests in February, but due to his declining health, he was later transferred to Germany.
He was a former media executive who turned to politics in the first decade of the century, and he was a central mediator in the Ivory Coast's civil war.
Patrick Achi was named interim prime minister, and Tene Birahima Ouattara, the president's younger brother, was named interim defense minister.