Since the early 1990s, the Government of Burkina Faso has led a dynamic policy of reforms, in the direction of economic liberalization and the promotion of the private sector as a driver of the country’s development. Notable successes have been achieved in terms of facilitating the State/Private Sector dialogue and improving the investment environment.
The implementation of the reform process and the effective liberalization of the economy have had a positive impact on the average standard of living of the population and on the incidence of poverty.
However, the economic structure of the country has not fundamentally changed over the past decade. The country’s economy remains poorly industrialized, poorly diversified and vulnerable to internal and external shocks.
Burkina Faso is therefore facing multiple constraints in its fight to ensure sustainable economic growth. Like many developing countries, it faces significant difficulties in reaping the benefits of globalisation, and remains on the margins of foreign investment flows.
The development of Burkina Faso’s production capacity, in a context of increasingly global competition, is particularly difficult because of its limited financial resources, its enclave, its insufficient basic infrastructure, its human capital inadequate to development needs in general and, in particular, to that of the private sector, which is the driving force behind the country’s development.
However, the Burkinabe authorities are determined to meet the development challenge. The adoption in 2016 of the National Plan for Economic and Social Development (NPESD) aims to implement a program of structural, regulatory and institutional reforms to remove the heavy constraints to the economic and social development of the country. Reform efforts are continuing towards the implementation of increasingly refined policies to stimulate investment and growth.