Burkina Faso: The Council of Ministers has adopted a report detailing the economic and financial situation for the year 2023
On Wednesday, May 22, 2024, the President of the Transition and Head of State, Captain Ibrahim Traoré, presided over the Council of Ministers. The Minister of State and government spokesperson, Jean Emmanuel Ouédraogo, indicated that several files were reviewed and important reports were adopted to ensure good governance of the Nation.
Under the Ministry of Economy, Finance, and Planning, The Council of Ministers adopted a report detailing the economic and financial situation of Burkina Faso for the year 2023, the trends for 2024, and the outlook for the period 2025-2027. According to the Minister of Economy, Aboubakar Nacanabo, despite external and internal challenges, Burkina Faso achieved a growth rate of 3.6% in 2023, compared to 1.8% in 2022. This improvement is notable in a difficult global context.
The inflation rate also saw a significant decrease, dropping from 14.1% in 2022 to 0.7% by the end of 2023. For the year 2024, the government forecasts economic growth of 5.5%, illustrating a solid recovery and positive economic prospects.
Another major point addressed during this Council was the nationalization of the Banque Commerciale du Burkina (BCB). Jointly created by the Burkinabe and Libyan states, BCB encountered difficulties due to the lack of support from the Libyan partner. Faced with unfruitful exchanges with the latter, the Burkinabe government decided to nationalize the bank. This decision, according to Minister Nacanabo, aims to ensure the stability and efficiency of the financial institution, which is essential for the country’s economic development.
The Council of Ministers also discussed economic prospects for the coming years, highlighting strategies to strengthen economic resilience and promote inclusive growth. Efforts will focus on economic diversification, improving the business environment, and optimizing public finance management.
