Burkina Faso is a landlocked, fragile and conflict-affected low-income country in Western Africa, facing a multitude of crisis and shocks, including acute food insecurity and security threats, exacerbated by climate change and food price shocks. Gold and cotton are major exports, and Burkina is a member of the West African Economic and Monetary Union (WAEMU). In March 2023, the Burkinabè authorities received IMF emergency financing to help address food insecurity; and in September 2023, a 48-month ECF-supported program was approved by the IMF’s Executive Board, with the objectives of ensuring macroeconomic and fiscal sustainability, including through domestic revenue mobilization, and wage bill and energy subsidy reforms, while creating fiscal space for priority spending needs and strengthening fiscal governance and transparency.
Key Indicators |
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| Population in millions, 2022 | 22.8 | |
| GDP per Capita, U.S. dollars, 2022 | 832 | |
| GDP Growth, percent, 2022 | 1.5 | |
| Inflation, CPI average, change in percent, 2022 | 14.1 | |
| General Government Debt, percent of GDP, 2022 | 58.3 | |
| Source: WEO, October 2023 | ||
Mining Sector
- Under-exploited reserves and a mining code among the most attractive and Africa;
- Development of the mining sector is recent (2008) but its growth has been spectacular;
- In addition to the 11 mines in operation and others under construction, there are unexploited reserves of manganese, zinc, copper, limestone, phosphates, and bauxite;
- Private sector investment is welcome in a totally liberalized sector.
Transport Sector
- Construction of the rail link between Tambao (manganese reserves) and Ouagadougou via Kaya and Dori;
- Construction and management of a new international airport at Ouagadougou-Donsin;
- Creation of a dry port at Ouagadougou;
- Management concession for the services at all international airports in the country.
Energy
- Major solar power resources with radiation of 5.5 KwH per square meter and per day in the context of total liberalization of the power generation sub-sector;
- Construction and exploitation of large-scale power plants (notably solar and thermal);
- Creation of assembly units for photovoltaic modules;
- Construction of oil pipeline between Ferkessedougou (Ivory Coast) and Ougadougou;
The solar power plant at Zagtouli:
- Construction of a solar power plant of 33 MWc at Zagtouli was the first experience with diversifying the sources of electricity generation in Burkina Faso;
- The extension project will increase production by 22.5 MWc while improving the national energy mix.
Information and Communication Technology
- 85% of the population own a mobile phone but only a few have access to high-speed internet; the network needs improvement and computer skills need to be developed (2017);
- Expansion of fiber optic network and cell phone towers;
- Creation of a virtual university and establishment of 13 digital centers in the regions;
- Establishment of technopoles and incubators;
- 7 university technopoles;
- 3 technopoles for pharmaceuticals, agri-business and energy;
- One ICT technopole at Ouagadougou;
- Development of e-health and e-agriculture;
- Development of mobile banking.
Agro-Industrial Sector
- A leader in the production of cotton, sesame and meat; good potential in fruit and vegetables;
- A presence of specialized institutions.
- Transformation of cotton (spinning, textiles, clothing), agricultural marketing, and the existence of special economic zones offer attractive investment opportunities.
- Creation of industrial units for the manufacture and essembly of agricultural equipment (tractors, power tillers), and the transformation of agricultural products and bi-products;
- Installation and operation of modern factories for the meat, milk and other livestock products.
- Two aprogoles already being implemented in Sourou and Samendeni, in addition to the one at Bagre (Bagrepole) to increase and diversify agricultural production and improve food security for the local population;
- Development of two sepcial economic zones at Ouagadougou and Bobo-Diolasso.
