page_title: Burkina Faso
section_title: Economy
hierarchical_section_title: Burkina Faso / Economy
caption_attribution_description: English: Export Trading Treemap. From MIT/Harvard Atlas of Economic Complexity
context_page_description: Burkina Faso is a landlocked country in West Africa. It covers an area of around 274,200 square kilometres and is surrounded by six countries: Mali to the north and west; Niger to the east; Benin to the southeast; Togo to the southeast; Ghana to the south; and Ivory Coast to the southwest. The July 2019 population estimate by the United Nations was 20,321,378. The country's official language of government and business is French. Roughly 50% of the population speaks the Mossi language natively. Formerly called the Republic of Upper Volta, the country was renamed "Burkina Faso" on 4 August 1984 by erstwhile President Thomas Sankara. Its citizens are known as Burkinabé. Its capital is Ouagadougou.
  The Republic of Upper Volta was established on 11 December 1958 as a self-governing colony within the French Community, and on 5 August 1960 it gained full independence, with Maurice Yaméogo as President. After protests by students and labour union members, Yaméogo was deposed in the 1966 coup d'état, led by Sangoulé Lamizana, who became president.
context_section_description: The value of Burkina Faso's exports fell from $2.77 billion in 2011 to $754 million in 2012. Agriculture represents 32% of its gross domestic product and occupies 80% of the working population. It consists mostly of rearing livestock. Especially in the south and southwest, the people grow crops of sorghum, pearl millet, maize (corn), peanuts, rice and cotton, with surpluses to be sold. A large part of the economic activity of the country is funded by international aid, despite having gold ores in abundance.
  The top five export commodities in 2017 were as follows, in order of importance: gems and precious metals, US$1.9 billion (78.5% of total exports), cotton, $198.7 million (8.3%), ores, slag, ash, $137.6 million (5.8%), fruits, nuts: $76.6 million (3.2%) and oil seeds: $59.5 million (2.5%).
  A December 2018 report from the World Bank indicates that in 2017, economic growth increased to 6.4% in 2017 (vs. 5.9% in 2016) primarily due to gold production and increased investment in infrastructure. The increase in consumption linked to growth of the wage bill also supported economic growth. Inflation remained low, 0.4% that year but the public deficit grew to 7.7% of GDP (vs. 3.5% in 2016). The government was continuing to get financial aid and loans to finance the debt. To finance the public deficit, the Government combined concessional aid and borrowing on the regional market. The World Bank said that the economic outlook remained favorable in the short and medium term, although that could be negatively impacted. Risks included high oil prices (imports), lower prices of gold and cotton (exports) as well as terrorist threat and labour strikes.
  Burkina Faso is part of the West African Monetary and Economic Union (UMEOA) and has adopted the CFA franc. This is issued by the Central Bank of the West African States (BCEAO), situated in Dakar, Senegal. The BCEAO manages the monetary and reserve policy of the member states, and provides regulation and oversight of financial sector and banking activity. A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place, having been reformed significantly in 1999. Microfinance institutions are governed by a separate law, which regulates microfinance activities in all WAEMU countries. The insurance sector is regulated through the Inter-African Conference on Insurance Markets (CIMA).
  In 2018, tourism was almost non-existent in large parts of the country. The U.S. government (and others) warn their citizens not to travel into large parts of Burkina Faso: "The northern Sahel border region shared with Mali and Niger due to crime and terrorism. The provinces of Kmoandjari, Tapoa, Kompienga, and Gourma in East Region due to crime and terrorism".
  The 2018 CIA World Factbook provides this updated summary. "Burkina Faso is a poor, landlocked country that depends on adequate rainfall. Irregular patterns of rainfall, poor soil, and the lack of adequate communications and other infrastructure contribute to the economy's vulnerability to external shocks. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are Burkina Faso's key exports ...The country has seen an upswing in gold exploration, production, and exports.
  While the end of the political crisis has allowed Burkina Faso's economy to resume positive growth, the country's fragile security situation could put these gains at risk. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges." The report also highlights the 2018–2020 International Monetary Fund program, including the government's plan to "reduce the budget deficit and preserve critical spending on social services and priority public investments".
  A 2018 report by the African Development Bank Group discussed a macroeconomic evolution: "higher investment and continued spending on 
caption: Burkina Faso's exports in 2009. Every year gold and cotton constitute more than 70% of the country's exports and the prices of these commodities have fluctuated significantly in the past 10 years. See the 2016 figure
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