Burkina Faso

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.

Main Airports

Borgo, Ouagadougou (OUA)

U.S. Embassy

602 Avenue Raoul Follereau in Ouagadougou

Statistics

GDP: purchasing power parity:

$16.95 billion (2005 est.)

GDP - real growth rate:

4.5% (2005 est.)

GDP - per capita: purchasing power parity:

1,300 (2005 est.)

Inflation rate (consumer prices):

6.4% (2005 est.)

Labor force:

5 million
note: a large part of the male labor force migrates annually to neighboring countries for seasonal employment (2003)

Exports:

$395 million f.o.b. (2005 est.)

Exports - partners:

China 37.2%, Singapore 12.2%, Thailand 5.6%, Ghana 5%, Taiwan 4.3% (2005)

Imports:

$992 million f.o.b. (2005 est.)

Imports - partners:

France 24.2%, Cote d'Ivoire 23.6%, Togo 6.8% (2005)

Population:

13,902,972

Population growth rate:

3% (2006 est.)

Population Below Poverty Line:

45% (2003 est.)

Major Industries:

cotton lint, beverages, agricultural processing, soap, cigarettes, textiles, gold

Employing Workers: 153*

Registering Property: 164*

Enforcing Contracts: 143*

Closing a Business: 90*

*2006 World Bank rank out of 175 countries

Starting a Business

The table below shows the number of steps and the amount of time needed to start a business, on average

Indicator	Burkina Faso	Region
Procedures (number)	8	11.1
Time (days)	34	61.8

Burkina Faso Risk Assessment

Country Rating

Rating: B

Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behaviour. Corporate default probability is appreciable.

Risk Assessment

In 2007 GDP growth benefited from the increase in cotton exports in both volume and value terms and the start of exploitation of gold mines. Increased gold exports and an influx of foreign investment linked to exploration for the precious metal and to its extraction should drive growth in 2008. Cotton exports buoyed by the restructuring of cotton companies should also contribute to the economic dynamism. With the development of manufacturing impeded by deficient infrastructure, however, the economy has nonetheless remained highly dependent on the agricultural sector, which employs 80 per cent of the population, and thus very vulnerable to weather conditions.

The narrowness of a tax base limited by the extent of poverty and a large grey market has undermined the fiscal balance with spending on education, health, electricity-price subsidies, and infrastructure remaining high. External accounts are undermined by a structural imbalance. The deterioration of the terms of trade that developed in recent years amid soaring oil prices should stabilise, however, thanks to the firmness of cotton prices and the growth of gold exports. The country has nonetheless remained very dependent on international aid notwithstanding the substantial reduction of foreign debt granted under the HIPC and MDRI programmes.

The May 2007 legislative elections strengthened the position of President Blaise Compaore, in office since 1987. The large parliamentary majority should enable him to go forward with the reforms undertaken; especially those intended to improve the business environment. President Compaore moreover enhanced his regional and international stature by the decisive role he played in the March 2007 conclusion of the Ouagadougou agreement calling for the formation of a national unity government in Côte d'Ivoire and specifying the steps to reunify the country.

• Agriculture
• Apparel
• Arts & Crafts
• Automobile
• Bags, Cases & Boxes
• Chemicals
• Computer Hardware & Software
• Construction & Real Estate
• Consumer Electronics
• Electrical & Electronics
• Energy & Environment
• Food & Beverage
• Furniture & Furnishing
• Health & Medicine
• Home Supplies
• Industrial Supplies
• Lights & Lighting
• Machinery
• Mineral & Materials
• Office Supplies
• Security & Protection
• Service
• Sports & Entertainment
• Telecommunications
• Textile
• Toys
• Transportation