|Other Oily Seeds|
Burkina Faso is a landlocked country in West Africa around 274,200 square kilometers (105,900 sq. mi) in size. It is surrounded by six countries: Mali to the north; Niger to the east; Benin to the southeast; Togo and Ghana to the south; and Ivory Coast to the southwest. Its capital is Ouagadougou. In 2014, its population was estimated at just over 17.3 million. Burkina Faso is a francophone country and French is an official language of government and business. Formerly called the Republic of Upper Volta, the country was renamed "Burkina Faso" on 4 August 1984 by then-President Thomas Sankara. Residents of Burkina Faso are known as Burkinabe.
The country has a high population density, few natural resources, and a fragile soil. The industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of its macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
The Burkinabe financial system represents 30% of the country’s GDP and is dominated by the banking sector, which accounts for 90% of total financial system assets. Eleven banks and five non-bank financial institutions operate in the country.
The banking sector is highly concentrated, with the three largest banks holding nearly 60% of total financial sector assets. Banks are generally adequately capitalized, but remain vulnerable due to their overexposure to the cotton sector, the prices of which are subject to significant oscillations.
As of 2007, the World Bank estimated that 26% of the Burkinabe population has access to financial services. The Central Bank of the West African States (BCEAO) reports that about 41 microfinance institutions (MFIs) operate in the country, serving a total of 800,000 customers. Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières (BRVM) located in Abidjan, Ivory Coast. As of 2009, the regional stock exchange’s market capitalization reached nearly 10% of Burkina Faso’s GDP.
Burkina Faso was ranked the 111th safest investment destination in the world in the March 2011 Euro money Country Risk rankings.
|Agriculture||Corn, peanuts, cotton, rice, pearl millet, sorghum.|
|Manufacture||Cotton, beverages, soap, cigarettes, textiles, gold, agricultural processing.|
|Services (Including financial)||42.2% (2012 estimate)|
|Bank of Africa||Financial|
|Banque Atlantique Burkina Faso||Financial|
|Banque Internationale du Burkina||Financial|
|Societe Nationale d’electricite du Burkina Faso||Electricity|
|Other Oily Seeds|
The Bourse Regionale des Valeurs Mobilieres or BRVM, is a regional stock exchange serving the following West African Economic and Monetary Union (WAEMU) countries: Cote d’Ivoire, Mali, Senegal, Togo, Burkina Faso and Niger.
BRVM ranks first among the top-performing African stock markets in terms of increases in its index of all listed securities (BRVM Composite), finishing 2015 with a 17.77 % increase of its composite index. Stocks and Bonds are traded on BRVM.
Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières (BRVM) located in Abidjan, Ivory Coast. As of 2009, the regional Stock Exchange's market capitalization reached nearly 10 percent of Burkina Faso's GDP. Burkina Faso's fixed income market is integrated with that of other WAEMU countries. The Central Bank, governments and regional banks all issue bonds and treasury bills. Member states have started to increasingly issue treasury bills to finance public spending in an effort to move away from Central Bank loans, though the BCEAO remains the most important issuing entity in the region.
As of March 2013, Burkina Faso received a sovereign rating of B by Standard and Poor's. Regional and national fixed incomes markets are still in their early development stages. Issuance by corporate entities remains limited. Investors can directly access primary markets, and various brokers and dealers provide indirect access, while foreign investors participate through local banks. Commercial banks still largely dominate the investor base as the main purchasers of treasury bills and bonds. Access to secondary markets within the WAEMU remains limited; transactions can only be conducted by certified intermediaries, while most investors adopt a buy-and-hold approach.
The financial crisis has diminished prospects for private capital flows to the region. In recent years, there has been a significant increase in private capital flows to the region. Foreign direct investment (FDI) flows were $53 billion in 2007 and $61.9 billion in 2008. However, there are indications that FDI flows to the region would decline in 2009 because of the global economic slowdown. FDI often responds to growth with a lag and so it is not surprising that the full impact of the crisis on flows to Africa will be felt more in 2009 and beyond.
Other forms of private capital flows have also been affected by the crisis. Prior to the crisis, countries such as Ghana and Gabon successfully issued bonds in international capital markets.
As a result of the crisis, this source of external finance has dried up and several African countries (for example, Nigeria and Kenya) are facing difficulties issuing bonds in international capital markets. Firms in Burkina Faso have delayed mining ventures because of difficulties in obtaining finance. In the Democratic Republic of the Congo, BHP Billiton, a major foreign investor, has suspended nickel prospecting because of low mineral prices. The drying up of these sources of external finance has constrained growth and development in the region.
The global current economic slowdown has deepened causing many developed countries to enter into a recession. Particularly, this crisis has a negative effect on different domains of African economies. Overall, in Burkina Faso, the global financial crisis has induced inflation. Inflation rose sharply due to the steep rise in consumer prices, especially food costs, during the first half of 2008. This occurred in spite of the Government’s decision to suspend customs duties and taxes on staple products. Indeed, the inflation rate, near zero in 2007 (-0.3 percent), rose to 10.3 percent in 2008. Inflation is expected to drop from 5.4 per cent in 2009 to 3.5 per cent in 2010.
The estimated negative effects of the crisis had been anticipated and taken into account for establishing the country 2009 Finances Act. However, the impact of the crisis is still affecting all economic sectors. The balance of payments deteriorated significantly due to the drop in agricultural production and cotton exports.
Before the conquest of what is now Burkina Faso by the French and other colonial powers during the late 19th century the country was ruled by various ethnic groups including the Mossi kingdoms. After gaining independence from France in 1960, the country underwent many governmental changes. Blaise Compaoré was the most recent president and ruled the country from 1987 until he was ousted from power by the popular youth upheaval of 31 October 2014.
This resulted in a semi-presidential republic which lasted from October 2014 to September 2015. On 17 September 2015 the provisional government was in turn toppled by an apparent military coup d'état carried out by the Regiment of Presidential Security. On 24 September 2015, after pressure from the African Union, ECOWAS, and the armed forces, the military junta agreed to step down, and Michel Kafando was reinstated as Acting President.
Formerly called the Republic of Upper Volta, the country was renamed "Burkina Faso" on 4 August 1984 by then-President Thomas Sankara. The words "Burkina" and "Faso" both stem from different languages spoken in the country: "Burkina" comes from Mossi and means "honest" or "honest people", while "Faso" comes from the Dyula language and means "fatherland" (lit. "Father’s house"). The "bé" suffix added onto "Burkina" to form the demonym "Burkinabé" comes from the Fula language and means "men or women".
Roch Marc Christian Kabore
Paul Kaba Thieba
(Chairman of the national council for democracy)
Marie Blandine Sawadogo
(Member of Pan-African Parliament)
The West African CFA franc (French: franc CFA;Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries have a combined population of 105.7 million people (as of 2014), and a combined GDP of US$78.4 billion (as of 2012).
The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both the CFA franc.
The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Senegal, Togo, and Upper Volta. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961.
In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the Guinea Bissau peso at a rate of 1 CFA franc = 65 pesos.
|National Song||"Une Seule Nuit"|
|Currency||West African CFA franc (XOF)|
|GDP / GDP Rank||32.827 Billion USD|
|GDP Growth Rate||4 Percent|
|GDP Per Captial||$1782.15 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Mossi Over 40%
Other Approximately 60% (Includes Gurunsi, Senufo And Lobi)
President – Roch Marc Christian Kaboré
Prime Minister – Paul Kaba Thieba Prime minister-designate – Christophe Joseph Marie Dabiré
|Website||Go to the web|
|Public Debt||32.471 Percent|
|Unemployment Rate||2.985 Percent|
|Labor Force (Occupation)||-|