Burkina Faso

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Burkina Faso - In Short.

Overview of Burkina Faso

Many of Burkina Faso’s ethnic groups arrived in the region between the 12th and 15th centuries. The Gurma and Mossi peoples established several of the largest kingdoms in the area and used horse-mounted warriors in military campaigns. Of the various Mossi kingdoms, the most powerful were Ouagadougou and Yatenga. In the late 19th century, European states competed for control of the region. France eventually conquered the area and established it as a French protectorate. The area achieved independence from France in 1960 and changed its name to Burkina Faso in 1984. Repeated military coups were common in the country’s first few decades. The last successful coup occurred in 1987 when Blaise COMPAORE deposed the former president, established a government, and ruled for 27 years. In October 2014, COMPAORE resigned following protests against his repeated efforts to amend the constitution’s two-term presidential limit. An interim administration led a year-long transition period organizing presidential and legislative elections. In November 2015, Roch Marc Christian KABORE was elected president; he was reelected in November 2020.Terrorist groups – including groups affiliated with Al-Qa’ida and the Islamic State – began attacks in the country in 2016 and conducted attacks in the capital in 2016, 2017, and 2018. By late 2021, insecurity in Burkina Faso had displaced 1.4 million people and led to significant jumps in humanitarian needs and food insecurity. In addition to terrorism, the country faces a myriad of problems including high population growth, recurring drought, pervasive and perennial food insecurity, and limited natural resources. It is one of the world’s poorest countries.  
Value
Country Full Name
Burkina Faso
Country Code
BFA
Region
Sub-Saharan Africa
Income Group
Low income
Currency Unit
GDP
17933606353
Population
20903278
Land Area
273600
Net National Income Per Capita
631.8020814
GDP per Capita (PPP)
2274.016832

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Burkina Faso - Economic

Economy of Burkina Faso

Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy’s vulnerability to external shocks. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base.Cotton and gold are Burkina Faso’s key exports – gold has accounted for about three-quarters of the country’s total export revenues. Burkina Faso’s economic growth and revenue depends largely on production levels and global prices for the two commodities. The country has seen an upswing in gold exploration, production, and exports.In 2016, the government adopted a new development strategy, set forth in the 2016-2020 National Plan for Economic and Social Development, that aims to reduce poverty, build human capital, and to satisfy basic needs. A new three-year IMF program (2018-2020), approved in 2018, will allow the government to reduce the budget deficit and preserve critical spending on social services and priority public investments.While the end of the political crisis has allowed Burkina Faso’s economy to resume positive growth, the country’s fragile security situation could put these gains at risk. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.

Unemployment Rate

Inflation Rate

Burkina Faso - GDP Composition

GDP Composiiton & Value Added of Burkina Faso

Last Updated: Jan, 2021, Updated For 2020.

Burkina Faso - GDP, Value Added

Demographics of Burkina Faso

Most of the population is located in the center and south. Nearly one-third of the population lives in cities. The capital and largest city is Ouagadougou (Ouaga), with a population of 1.8 million as shown in this population distribution map (2019)
Geographic Location

Western Africa, north of Ghana

Races

Mossi 52%, Fulani 8.4%, Gurma 7%, Bobo 4.9%, Gurunsi 4.6%, Senufo 4.5%, Bissa 3.7%, Lobi 2.4%, Dagara 2.4%, Tuareg/Bella 1.9%, Dioula 0.8%, unspecified/no answer 0.3%, other 7.2% (2010 est.)

Languages

French (official), native African languages belonging to Sudanic family spoken by 90% of the population

Religion

Muslim 63.2%, Roman Catholic 24.6%, Protestant 6.9%, traditional/animist 4.2%, none 0.7%, unspecified 0.4% (2017-18 est.)

Dependency & Expectancy of Burkina Faso

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Burkina Faso - Social Media Briefing

Burkina Faso - Social Media & Social Commerce

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Politics & Policies of Burkina Faso

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, CD, ECOWAS, EITI (compliant country), Entente, FAO, FZ, G-77, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NAM, OIC, OIF, OPCW, PCA, UN, UNAMID, UNCTAD, UNESCO, UNIDO, UNISFA, UNITAR, UNWTO, UPU, WADB (regional), WAEMU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Burkina Faso

Export of Burkina Faso

Import Destination

Export Destination