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Economic Overview

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

In recent years, Burkina Faso experienced strong economic growth, driven by gold and cotton production. However, the coronavirus crisis and then political and security issues negatively impacted this dynamic. After recovering from the pandemic in 2021 (reaching 6.9%), GDP growth slowed down to 2.5% in 2022 due to political uncertainty and deteriorating security conditions (IMF revised estimates). A rebound is expected in 2023 (4.8%) and 2024 (5.2%) with the opening of new mines and efforts to improve security conditions (IMF).

In 2022, the economic recovery was interrupted by two military coups, justified by its perpetrators by the government's inability to contain the jihadist insurgency. In addition, rising food prices as a result of the war in Ukraine worsened the food crisis and weighed on the budget. Inflation increased from 3.9% in 2021 to 14.2% in 2022, and it is expected to fall to 1.5% in 2023 and 1% in 2024 due to declining global oil and food prices (IMF). High current transfers and investment in security-related equipment have contributed to the widening of the fiscal deficit from 7.5% GDP in 2021 to 10.3% GDP in 2022 (IMF). Overall fiscal deficit is expected to remain large in 2023 (around 8% GDP), due to elevated security spending and subsidies (IMF). The deficit will be financed by bilateral and multilateral loans, international grants and recourse to the regional bond market (Coface). Public debt increased from 52.4% GDP in 2021 to 59.6% GDP in 2022, and is expected to decrease marginally to 59.3% GDP in 2023 and 58.5% GDP in 2024 (IMF). The 2023 budget is mainly focused on strengthening security, through the deployment of 3,000 additional soldiers and the purchase of new military equipment (Coface) ; and addressing the substantial social needs related to the humanitarian crisis. In February 2023, IMF staff and the Burkinabé authorities have reached a staff-level agreement for about USD 80 million in emergency financing through the IMF’s Food Shock Window of the Rapid Credit Facility. This agreement will help support measures to provide urgent assistance to households in acute food insecurity conditions (IMF). Besides, the National plan for economic and social development is channelling public investments in road infrastructures and construction. Burkina Faso's economy is hampered by its faulty infrastructure, including electrical infrastructure. The country is also vulnerable to the volatility of oil import prices as well as gold and cotton prices. In the medium term, the country will have to modernize its public affairs management, readjust public finances, reform the financial system and improve the business climate. Burkina Faso is considered to have a high risk of over-indebtedness, as it is extremely dependent on foreign aid.

According to the World Bank, more than 40% of the population still lives below the poverty line of USD 1.25 a day. In recent years, the country has made considerable progress in the area of education. Nevertheless, insecurity and terrorism are taking a heavy toll in several regions of the country, negatively affecting the education sector. More than 1.5 million persons have been internally displaced, 2.6 million people are in acute food insecurity and by May 2022, more than 16% of educational institutions were closed because of the insecure environment (World Bank, IMF). In 2021, the unemployment rate in the country was at 5.2% (ILO estimate).

 
Main Indicators 202020212022 (E)2023 (E)2024 (E)
GDP (billions USD) 17.9619.7519.5721.0822.65
GDP (Constant Prices, Annual % Change) 1.96.92.54.95.9
GDP per Capita (USD) 834892860900941
General Government Gross Debt (in % of GDP) 44.948.254.358.060.2
Inflation Rate (%) 1.93.914.11.52.3
Current Account (billions USD) 0.74-0.08-1.01-0.76-0.62
Current Account (in % of GDP) 4.1-0.4-5.2-3.6-2.7

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

The economy of Burkina Faso is mainly based on agriculture, but the country is Africa's 5th largest producer of gold. The agricultural sector accounted for an estimated 17.5% of Burkina Faso’s GDP in 2021. About 26% of the population is engaged in subsistence farming and cotton is the main cash crop (World Bank). Other cash crops are groundnuts, shea nuts and sesame. Staple crops are pearl millet, sorghum, maize, and rice.

The industrial sector is dominated by State-owned corporations, and contributed to 32% of GDP in 2021. It employs 25% of the total workforce of the country (World Bank). Gold accounts for 77% of the country’s total exports (Comtrade), thus making Burkina Faso really sensitive to the fluctuations in the price of this commodity.

The services sector accounted 42.1% of the GDP in 2021, and employed 49% of the total workforce - almost 30% of these jobs were generated in the financial system. The banking sector – which is very dense, with the three largest banks holding almost 60% of total financial sector assets, is one of the economy’s pillars.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 26.2 25.2 48.6
Value Added (in % of GDP) 17.5 32.0 42.1
Value Added (Annual % Change) -5.8 8.7 10.6

Source: World Bank - Latest available data.

 
Monetary Indicators 20162017201820192020
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 593.01582.09555.72585.90575.59

Source: World Bank - Latest available data.

 

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Foreign Trade

Burkina Faso is open to foreign trade which represents 59% of the country’s GDP (World bank, latest available data). As part of the West African Economic and Monetary Union (WAEMU), Burkina Faso has regulated its tariff structure. Goods produced in the Union are exempt from import tax. While customs duties (apart from oil) have been reduced from 200% to 43.8% (WTO), they continue to account for around 13% of total tax revenue (World Bank). However, internal and external crisis (in neighboring Mali), as well as the actions of radical groups in the Sahel, have had a negative impact on trade and the industrial outlook. The future railway linking Burkina Faso and Ghana is expected to strengthen trade between the two countries.

Gold is the greatest export (77.4% of its total exports). Burkina Faso is one of the largest exporters of cotton in West Africa, and its production of cotton has quadrupled in the past ten years. However, the commodity has seen its share in the exports decrease from 15.8% of total exports in 2016 to 9% in 2021 (Comtrade). The country’s main imports are petroleum oils (22.8%), vehicles (4.4%), drugs (4.2%), cement (4%), electrical energy (3.1%), and petroleum gas (2.5%). Burkina Faso mainly exports to Switzerland (72.7%), India (9.6%), Singapore (3.8%), Ivory Coast (3.6%), and Mali (1.6%); while imports come chiefly from China (13.9%), Ivory Coast (8.5%), France (7.8%), the USA (6.9%) and Ghana (5.9%) (Comtrade).

Burkina Faso’s trade balance is structurally negative, but trade deficit has been decreasing gradually over the past years due to increased gold and cotton exports and lower imports. The balance of trade turned positive during the pandemic due to reduced imports. According to WTO data, in 2021 exports of goods rose to USD 5.04 billion, while imports of goods increased to USD 4.61 billion. Services exports generated USD 573 million while services imports cost the country USD 1.51 billion (WTO). In 2022, trade deficit amounted to FCFA 640.4 billion (INSD).

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 3,8954,3014,2844,1174,614
Exports of Goods (million USD) 2,8753,2543,2394,3725,043
Imports of Services (million USD) 1,3541,4971,4551,5721,508
Exports of Services (million USD) 456507491413573

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 57.959.360.658.7n/a
Trade Balance (million USD) -1-52903661,330
Trade Balance (Including Service) (million USD) -796-898-656-555577
Imports of Goods and Services (Annual % Change) 7.310.18.58.6n/a
Exports of Goods and Services (Annual % Change) 2.68.515.2-1.9n/a
Imports of Goods and Services (in % of GDP) 32.032.832.531.0n/a
Exports of Goods and Services (in % of GDP) 25.926.528.127.6n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 1.54.05.54.73.6
Volume of imports of goods and services (Annual % change) -0.31.63.44.64.4

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Burkina Faso is a member of WTO since 1995. The country is also a member of the West African Economic and Monetary Union (WAEMU), the Economic Community of West African States (ECOWAS) and the International Labour Organization (ILO).
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Switzerland 72.7%
India 9.6%
Singapore 3.8%
Ivory Coast 3.6%
Mali 1.6%
See More Countries 8.7%
Main Suppliers
(% of Imports)
2021
China 13.9%
Ivory Coast 8.5%
France 7.8%
United States 6.9%
Ghana 5.9%
See More Countries 57.1%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President (transitional): Capt Ibrahim TRAORE (since the military coup of 30 September 2022)
Prime Minister: Albert OUEDRAOGO (since 3 March 2022)
Next Election Dates
Presidential: 2024
National Assembly: 2024
Main Political Parties
The main political parties in Burkina Faso are:
ADF/RDA (Alliance pour la démocratie et la fédération/Rassemblement démocratique africain) - liberal
CDP (Congrès pour la démocratie et le progrès) - left-wing; it is the party of the ex-president Roch Marc Christian Kaboré
CPD (Parti pour le développement et le changement)
Le Faso autrement - center/liberal
Executive Power
The executive power is vested in the President, who is the Head of State and embodies and ensures national unity. The President is the guarantor of the constitution, national independence, integrity of the national territory, state continuity, and respect for international agreements (art. 36 of the constitution). The President is elected for 5 years and can be re-elected only once (art 37). He/She nominates the Prime Minister, who is then approved by the Parliament.
Legislative Power
The legislative power is attributed to the National Assembly (“Assemblée nationale”), whose members are elected through direct universal suffrage (art 80) for a five-year term (art 81).
 

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COVID-19 Country Response

COVID-19 epidemic evolution
To find out about the latest status of the evolution of the COVID19 pandemic and the most up-to-date statistics on the COVID19 disease in Burkina Faso, please visit the Burkina Faso Ministry of Health platform containing official data. The platform provides a daily epidemiological update, which includes key national figures.
For the international outlook you can consult the latest
situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country.
Sanitary measures
For the latest public health situation in Burkina Faso and the current sanitary measures in force, please consult the Ministry of Health's platform, including the up-to-date information on the containment measures put in place and public health recommendations.
Travel restrictions
The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. All travelers need to pay close attention to the conditions at their destination before traveling. Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.
It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.
The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.

The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings.
Import & export restrictions
Information on all the measures applicable to movement of goods during the health emergency due to the COVID-19 outbreak (including possible import and export restrictions, if applicable) is available here.
For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Burkina Faso on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan
Information on the economic recovery scheme put in place by the Burkina Faso government to address the impact of the COVID19 pandemic on the country's economy, is available here.
For a general overview of the main economic policy measures (fiscal, monetary and macroeconomic) taken by the government of Burkina Faso to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Burkina Faso in the IMF’s Policy Tracker platform.
Support plan for businesses
Information on the local business support programme established by the Government of Burkina Faso to help small and medium enterprises cope with the economic impact of the COVID19 epidemic on their activity, is available here.
For a general overview of international SME support policy responses to the COVID-19 outbreak, please refer to the World Bank's Map of SME-Support Measures in Response to COVID-19.
Support plan for exporters
Official government sources do not provide information on specific programmes for exporting companies following the coronavirus epidemic outbreak.
 

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