Burkina Faso: The national economy is doing well and has a bright future ahead of it
In Burkina Faso, despite national and international challenges negatively impacting the country’s economic activities, the national economy is experiencing notable growth, and authorities remain hopeful for a better future. Efforts are being made in this direction.
According to the Burkinabe Minister of Economy and Finance, the economic growth rate doubled in 2023 compared to 2022.
Specifically, the country recorded a 3.6% economic growth rate in 2023, up from 1.8% the previous year.
Additionally, the inflation rate saw a significant decrease, dropping from 14% in 2022 to 0.7% by the end of 2023.
This improvement is evident in the prices of essential goods and petroleum products.
The Minister of Economy highlighted that these prices were kept under control in 2023, especially when compared to neighboring countries.
This achievement was made possible through the government’s extensive efforts across various sectors, aiming to enhance the country’s economic situation.
Key initiatives include the presidential initiative for agriculture, which bolstered growth in the primary sector in 2023.
In the secondary sector, increased export revenues from gold, due to favourable international market conditions, contributed significantly to this growth. According to Burkinabe authorities, the Ministry of Economy also achieved substantial revenue recoveries in 2023.
Looking ahead to 2024, the government forecasts a growth rate of 5.5%. For the period 2025-2027, projections indicate a positive trend, with economic activity expected to grow by 6.0% in 2025, 5.3% in 2026, and 5.0% in 2027.
There is optimism that the country’s economic situation will markedly improve in the coming years.
The transitional government of Burkina Faso is focusing on improving security and ensuring good rainfall, which will result in better agricultural yields.
Olivier TOE
