| BURKINA FASO |
Economy:
Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports
for revenue. The country has few natural resources and a weak industrial base. About
90% of the population is engaged in subsistence agriculture, which is vulnerable to
periodic drought. Cotton is the main cash crop. Since 1998, Burkina Faso has embarked
upon a gradual privatization of state-owned enterprises and in 2004 revised its investment
code to attract foreign investment. As a result of this new code and other legislation
favoring the mining sector, the country has seen an upswing in gold exploration and
production. By 2010, gold had become the main source of export revenue.
GDP (purchasing power parity):
$19.99 billion (2010 est.)
country comparison to the world: 126
$18.9 billion (2009 est.)
$18.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$8.781 billion (2010 est.)
GDP - real growth rate:
5.8% (2010 est.)
country comparison to the world: 56
3.2% (2009 est.)
5.2% (2008 est.)
GDP - per capita (PPP):
$1,200 (2010 est.)
country comparison to the world: 206
$1,200 (2009 est.)
$1,200 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 30.1%
industry: 20.7%
services: 49.2% (2009 est.)
Exports - commodities:
cotton, livestock, gold
Exports - partners:
Singapore 16.76%, Belgium 12.78%, China 7.59%, Ghana 6.89%, India 6.36%, Denmark
5.76%, Niger 5.13%, Thailand 4.52% (2009)
Imports - commodities:
capital goods, foodstuffs, petroleum
Imports - partners:
Cote d'Ivoire 24.31%, France 19.48%, Togo 6.42% (2009)
Executive Summary extracted from IMF report - Second Review Under the
Three-Year Arrangement Under the Extended Credit Facility and Request for
Modification of Performance Criteria (August 2011)
Burkina Faso’s economy recovered from the 2009 downturn. Economic growth was robust
and higher than anticipated, driven by strong activity in agriculture, mining, and services
sectors, while inflation remained low. The external position strengthened thanks to better
terms of trade and a significant increase in gold production. In the financial sector, credit to
the economy rose substantially, consistent with the rebound in economic activity.
There was a wave of unrest in the first half of the year. Riots, demonstrations and lootings
from various groups, including sporadic unrest among the military disrupted economic
activity. The authorities’ response included consultations with stakeholders, and social
measures estimated at about 0.5 percent of GDP. Consequently, the authorities request a
modification of performance criteria on the overall fiscal deficit for June and December
2011.
The short-term outlook remains promising despite downside risks. Continued buoyant
activity in agriculture, cotton, and mining sectors is expected to support growth in 2011.
There are risks to the outlook, however, related to the volatile social environment, and
rising global fuel and food prices that may lead to higher expenditure and inflationary
pressures, as well as revenue shortfalls, thus limiting the scope for fiscal policy’s support
to economic growth.
Click here to view full report
Banking
The formal financial sector is under-developed in Burkina and dominated by banks as
shown in the table below. To date, Burkinabe banks mobilize nearly 68 % of the
assets of the formal financial sector and about 85% of deposits.
Stock Exchange
Founded in 1998, the Bourse Régionale des Valeurs Mobilières SA ("West African
Regional Stock Exchange") or BRVM, is a regional stock exchange headquartered in
Abidjan, Cote D'Ivoire, serving the following west African countries: Benin, Burkina Faso,
Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.
Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports
for revenue. The country has few natural resources and a weak industrial base. About
90% of the population is engaged in subsistence agriculture, which is vulnerable to
periodic drought. Cotton is the main cash crop. Since 1998, Burkina Faso has embarked
upon a gradual privatization of state-owned enterprises and in 2004 revised its investment
code to attract foreign investment. As a result of this new code and other legislation
favoring the mining sector, the country has seen an upswing in gold exploration and
production. By 2010, gold had become the main source of export revenue.
GDP (purchasing power parity):
$19.99 billion (2010 est.)
country comparison to the world: 126
$18.9 billion (2009 est.)
$18.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$8.781 billion (2010 est.)
GDP - real growth rate:
5.8% (2010 est.)
country comparison to the world: 56
3.2% (2009 est.)
5.2% (2008 est.)
GDP - per capita (PPP):
$1,200 (2010 est.)
country comparison to the world: 206
$1,200 (2009 est.)
$1,200 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 30.1%
industry: 20.7%
services: 49.2% (2009 est.)
Exports - commodities:
cotton, livestock, gold
Exports - partners:
Singapore 16.76%, Belgium 12.78%, China 7.59%, Ghana 6.89%, India 6.36%, Denmark
5.76%, Niger 5.13%, Thailand 4.52% (2009)
Imports - commodities:
capital goods, foodstuffs, petroleum
Imports - partners:
Cote d'Ivoire 24.31%, France 19.48%, Togo 6.42% (2009)
Executive Summary extracted from IMF report - Second Review Under the
Three-Year Arrangement Under the Extended Credit Facility and Request for
Modification of Performance Criteria (August 2011)
Burkina Faso’s economy recovered from the 2009 downturn. Economic growth was robust
and higher than anticipated, driven by strong activity in agriculture, mining, and services
sectors, while inflation remained low. The external position strengthened thanks to better
terms of trade and a significant increase in gold production. In the financial sector, credit to
the economy rose substantially, consistent with the rebound in economic activity.
There was a wave of unrest in the first half of the year. Riots, demonstrations and lootings
from various groups, including sporadic unrest among the military disrupted economic
activity. The authorities’ response included consultations with stakeholders, and social
measures estimated at about 0.5 percent of GDP. Consequently, the authorities request a
modification of performance criteria on the overall fiscal deficit for June and December
2011.
The short-term outlook remains promising despite downside risks. Continued buoyant
activity in agriculture, cotton, and mining sectors is expected to support growth in 2011.
There are risks to the outlook, however, related to the volatile social environment, and
rising global fuel and food prices that may lead to higher expenditure and inflationary
pressures, as well as revenue shortfalls, thus limiting the scope for fiscal policy’s support
to economic growth.
Click here to view full report
Banking
The formal financial sector is under-developed in Burkina and dominated by banks as
shown in the table below. To date, Burkinabe banks mobilize nearly 68 % of the
assets of the formal financial sector and about 85% of deposits.
Stock Exchange
Founded in 1998, the Bourse Régionale des Valeurs Mobilières SA ("West African
Regional Stock Exchange") or BRVM, is a regional stock exchange headquartered in
Abidjan, Cote D'Ivoire, serving the following west African countries: Benin, Burkina Faso,
Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.
Background:
Burkina Faso (formerly Upper Volta) achieved
independence from France in 1960. Repeated
military coups during the 1970s and 1980s
were followed by multiparty elections in the
early 1990s. Current President Blaise
COMPAORE came to power in a 1987 military
coup and has won every election since then.
Burkina Faso's high population density and
limited natural resources result in poor
economic prospects for the majority of its
citizens. Recent unrest in Cote d'Ivoire and
northern Ghana has hindered the ability of
several hundred thousand seasonal Burkinabe
farm workers to find employment in neighboring
countries.
Government type:
parliamentary republic
Capital:
name: Ouagadougou
time difference: UTC 0 (5 hours ahead of
Washington, DC during Standard
Time)Independence:
5 August 1960 (from France)
National holiday:
Republic Day, 11 December (1958)
Constitution:
approved by referendum 2 June 1991; formally
adopted 11 June 1991; last amended January
2002
Legal system:
based on French civil law system and
customary law; has not accepted compulsory
ICJ jurisdiction
Suffrage:
18 years of age; universal
Government:
Chief of state: President Blaise COMPAORE
(since 15 October 1987)
head of government: Prime Minister
Luc-Adolphe TIAO (since 18 April 2011)
cabinet: Council of Ministers appointed by the
president on the recommendation of the prime
minister
elections: president elected by popular vote for
a five-year term (eligible for a second term);
election last held on 21 November 2010 (next
to be held in 2015); prime minister appointed by
the president with the consent of the legislature
election results: Blaise COMPAORE reelected
president; percent of popular vote - Blaise
COMPAORE 80.2%, Hama Arba DIALLO 8.2%,
Benewende Stanislas SANKARA 6.3%, other
5.3%
For names of current Ministers, click here.
Disputes - international:
In September 2007, Economic Community of
West African States (ECOWAS) intervened to
attempt to resolve the dispute over two villages
along the Benin-Burkina Faso border that
remain from a 2005 ICJ decision; in recent
years citizens and rogue security forces rob
and harass local populations on both sides of
the poorly defined Burkina Faso-Niger border;
despite the presence of more than 9,000 UN
forces (UNOCI) in Cote d'Ivoire since 2004,
ethnic conflict continues to spread into
neighboring states that can no longer send
their migrant workers to work in Ivorian cocoa
plantations
All the information on this page sourced from
the CIA World Factbook, the US Commercial
Service and relevant FATF M.E.R.
Burkina Faso (formerly Upper Volta) achieved
independence from France in 1960. Repeated
military coups during the 1970s and 1980s
were followed by multiparty elections in the
early 1990s. Current President Blaise
COMPAORE came to power in a 1987 military
coup and has won every election since then.
Burkina Faso's high population density and
limited natural resources result in poor
economic prospects for the majority of its
citizens. Recent unrest in Cote d'Ivoire and
northern Ghana has hindered the ability of
several hundred thousand seasonal Burkinabe
farm workers to find employment in neighboring
countries.
Government type:
parliamentary republic
Capital:
name: Ouagadougou
time difference: UTC 0 (5 hours ahead of
Washington, DC during Standard
Time)Independence:
5 August 1960 (from France)
National holiday:
Republic Day, 11 December (1958)
Constitution:
approved by referendum 2 June 1991; formally
adopted 11 June 1991; last amended January
2002
Legal system:
based on French civil law system and
customary law; has not accepted compulsory
ICJ jurisdiction
Suffrage:
18 years of age; universal
Government:
Chief of state: President Blaise COMPAORE
(since 15 October 1987)
head of government: Prime Minister
Luc-Adolphe TIAO (since 18 April 2011)
cabinet: Council of Ministers appointed by the
president on the recommendation of the prime
minister
elections: president elected by popular vote for
a five-year term (eligible for a second term);
election last held on 21 November 2010 (next
to be held in 2015); prime minister appointed by
the president with the consent of the legislature
election results: Blaise COMPAORE reelected
president; percent of popular vote - Blaise
COMPAORE 80.2%, Hama Arba DIALLO 8.2%,
Benewende Stanislas SANKARA 6.3%, other
5.3%
For names of current Ministers, click here.
Disputes - international:
In September 2007, Economic Community of
West African States (ECOWAS) intervened to
attempt to resolve the dispute over two villages
along the Benin-Burkina Faso border that
remain from a 2005 ICJ decision; in recent
years citizens and rogue security forces rob
and harass local populations on both sides of
the poorly defined Burkina Faso-Niger border;
despite the presence of more than 9,000 UN
forces (UNOCI) in Cote d'Ivoire since 2004,
ethnic conflict continues to spread into
neighboring states that can no longer send
their migrant workers to work in Ivorian cocoa
plantations
All the information on this page sourced from
the CIA World Factbook, the US Commercial
Service and relevant FATF M.E.R.
| KnowYourCountry |
| Last Updated: 3 September 2011 |
|