Burkina Faso: Despite challenges, Burkina Faso’s economy on the road to growth
In Burkina Faso, the dark clouds of the Russia-Ukraine crisis, the COVID-19 pandemic and the security crisis have not managed to stifle the spirit of growth that drives the country. In a recent press release from the Ministry of the Economy, Finance and prospective, Minister Aboubakar NACANABO shared some encouraging news about the country’s economic trends in 2023 and the outlook for the years ahead.
Despite a difficult economic context, Burkina Faso is recording constantly rising growth rates.
By 2022, the country will have achieved a growth rate of 1.5%. However, what is even more promising is the growth projection for 2023, which stands at 4.4%.
This significant increase indicates that economic growth is taking place in several key sectors, namely the primary, secondary and tertiary sectors.
Minister Aboubakar NACANABO emphasised that there is hope for Burkina Faso’s future, in particular thanks to the expected improvement in agricultural production.
The Presidential Initiative for Agricultural Production 2023-2024 is poised to give a vital boost to this vital sector of the economy. In addition, some closed mines are reopening, further diversifying the economy.
The outlook for 2024 points to a continued improvement in the growth rate, bringing a wind of optimism for Burkina Faso.
Despite the obstacles posed by the Russian-Ukrainian crisis, the COVID-19 pandemic and the security crisis with its humanitarian consequences, the country is showing its resilience and dedication to building a solid economic future.
Despite facing major challenges, Burkina Faso’s economy continues to grow and evolve, driven by the determination of its people and the visionary leadership of its leaders.
This story of resilience and progress shows that, even in the face of adversity, Burkina Faso is resolutely advancing along the path of economic growth and development.
Olivier TOE
