BURKINA FASO IN WEST AFRICA
Burkina Faso is located in the heart of West Africa, between longitudes 5° West and 2° East, and latitudes 9° North and 15° South. It is limited to the south-east by Benin, to the north and west by Mali, to the north-east by Niger and to the south by Togo, Ghana and Côte d’Ivoire.
Burkina Faso is divided into 45 provinces divided into 13 administrative regions.
Area: 274,200 km²;
Population: 20,870,060 (2019)
Capital city: Ouagadougou;
Official language: French;
Currency: CFA franc;
Independence: 5 August 1960;
National Day: December 11.
A growing economy:
• Growth rate 2019: 3.05% / year;
• Average GDP growth rate 2010 to 2012: 7%;
• Monetary stability; • Low government debt;
• Average inflation 2001 to 2012: 2.42%;
• GDP/capita: $731 USD (2018);
• Overall investment rate (in 2019): 32.2% of GDP;
• Foreign Direct Investment (FDI) rate in 2019: 2% of GDP.
Common markets and economic integration:
• UEMOA Common Market.
• 120 million inhabitants;
• Single currency (FCFA), freely convertible.
ECOWAS Common Market:
• 350 million people.
ECONOMIC LIBERALIZATION POLICY
Burkina Faso has a clear political option for a liberal economy. Since 1991, it has implemented structural reforms which have resulted in:
- The effective liberalization of the economy and the opening up of main sectors of activities to the private sector (telecommunications, energy, air transport, mines, banks, insurance, etc.);
- The adoption of a policy of almost total openness to Foreign Direct Investment (FDI);
- The liberalization of the labour market with a labour code that promotes a better mastery of the management of human resources by the employer;
- Price deregulation with the abolition of price controls with the exception of hydrocarbons;
- The abolition of monopolies;
- Privatisation of public or Para public enterprises;
- The liberalization of markets.