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Burkina Faso Economic Profile

Burkina Faso is a low-income country located in West Africa, with nominal GDP of approximately 17 billion dollars in 2023. Agriculture is the center of the economy, comprising approximately 30% of GDP with approximately 80% of the total working population engaged in it. Major agricultural products are cotton, sorghum, and corn, with cotton being particularly important as a product of one of sub-Saharan Africa's leading producers and a significant export item. Additionally, gold mining is growing rapidly and has become a major component of mineral exports.

In recent years, Burkina Faso has faced structural challenges. Since 2015, terrorist organization activities have expanded, increasing instability in northern and eastern regions. This security deterioration has resulted in agricultural production constraints, increased internally displaced persons (exceeding 2 million), and political turmoil from coups in 2022 and 2023. These factors have worsened the investment environment, with economic growth rates declining from 3-4% in the early 2020s to 0.5% in 2023.

Notable points include the following. First, drought caused by climate change poses a serious threat to agriculture across the entire Sahel region, raising food security concerns. Second, youth unemployment rates are extremely high, making education investment and job creation urgent priorities. Third, geopolitical shifts are underway, including reduced military presence from France and growing proximity to Russia. The International Monetary Fund and World Bank note that security stabilization and institutional reform are essential conditions for economic recovery, and future development requires both substantial international support and domestic reform.