User login

Burkina Faso - Economy


GDP per capita – 720 US dollars (2018, at current prices, UNCTAD).
GDP – 14,2 bln US dollars (2018, at current prices, UNCTAD).
GDP – gross domestic product

Exports (marchandise) – 3,3 bln US Dollars (2018, at current prices, UNCTAD).
Imports (marchandise) – 4,5 bln US Dollars (2018, at current prices, UNCTAD).

Exports (services) – 526 mln US Dollars (2018, at current prices, UNCTAD).
Imports (services) – 1,5 bln US Dollars (2018, at current prices, UNCTAD).

Main export commodities - cotton, shea butter, livestock, live-stock, sugar-cane, gold.
Main import commodities - foodstuffs, capital goods, petroleum products

Economy overview
Burkina Faso is a landlocked country, which has few natural resources and a weak industrial base.
The economy is dominated by the services sector, which is almost half of GDP – 40-45%. The manufacturing sector plays a modest role in the economy, contributing 6% of GDP. The top three export products in 2012 were cotton (44.9% of exports), gold in unwrought forms (29.4%) and gold in semi-manufactured forms (5.4%), according to the African Development Bank.
Agriculture represents 32% of its gross domestic product and occupies 80% of the working population. It consists mostly of rearing livestock. In the south and southwest the people grow crops of sorghum, pearl millet, maize (corn), peanuts, rice and cotton, with surpluses to be sold.
Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate – are problems for the economic development of Burkina Faso. The export economy also remains subject to fluctuations in world prices. A large part of the economic activity of the country is funded by international aid.
There is mining of copper, iron, manganese, gold, cassiterite (tin ore), and phosphates. These operations provide employment and generate international aid. Gold production increased 32% in 2011 at six gold mine sites, making Burkina Faso the fourth-largest gold producer in Africa, after South Africa, Mali and Ghana.
In January 2011, the government created the Ministry of Scientific Research and Innovation.
In 2012, Burkina Faso adopted a National Policy for Scientific and Technical Research, the strategic objectives of which are to develop R&D and the application and commercialization of research results. One of the key priorities is to improve food security and self-sufficiency by boosting capacity in agricultural and environmental sciences. The creation of a centre of excellence in 2014 at the International Institute of Water and Environmental Engineering in Ouagadougou within the World Bank project provides essential funding for capacity-building in these priority areas.
A dual priority is to promote innovative, effective and accessible health systems. The government wishes to develop, in parallel, applied sciences and technology and social and human sciences. To complement the national research policy, the government has prepared a National Strategy to Popularize Technologies, Inventions and Innovations (2012) and a National Innovation Strategy (2014). Other policies also incorporate science and technology, such as that on Secondary and Higher Education and Scientific Research (2010), the National Policy on Food and Nutrition Security (2014) and the National Programme for the Rural Sector (2011).
In 2012, the West African Economic and Monetary Union (WAEMU) designated 14 centres of excellence in the region. This label entitles these institutions to financial support from WAEMU for a two-year period. Four of these are in Burkina Faso: International Institute of Water and Environmental Engineering, Higher Institute of Population Sciences, International Centre for Research and Development into Animal Husbandry in Subtropical Zones and the Centre for Research in Biological and Food Science and Nutrition.

Burkina Faso hosts the International Art and Craft Fair, Ouagadougou, better known by its French name as SIAO, Le Salon International de l' Artisanat de Ouagadougou, one of the most important African handicraft fairs.
Burkina Faso is a member of the Organisation for the Harmonization of Business Law in Africa (OHADA)

The currency is CFA franc.
CFA - "Communaute Financiere Africaine" (African financial community). Frank CFA has been used since 1945.
Frank CFA (currency code XOF) is the single currency of the regional integration association – the West African Economic and Monetary Union (WAEMU, fr. – L’Union économique et monétaire ouest-africaine UEMOA).
WAEMU members - 8 countries, 7 French-speaking: Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, Togo, 1 Portuguese-speaking: Guinea-Bissau.
The monetary policy of WAEMU is controlled by a regional bank – the Central Bank of the West African States (fr. Banque Centrale des États de l'Afrique de l'Ouest – BCEAO), headquartered in Dakar (Senegal); the franc CFA guarantor is the French treasury.
Frank CFA has a fixed exchange rate to the euro:
1 euro = 655,957 CFA francs.
Frank CFA exists in two variants, each with the same parity to the euro: the CFA franc for the countries of the West African Economic and Monetary Union (currency code XOF) and the CFA franc (currency code XAF) for the countries of the Central African Economic and Monetary Community (CEMAC), which consists of 6 members: Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon.
Although Central African CFA francs and West African CFA francs have the same monetary value against euro, West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa.