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Sub Saharan Africa

Burkina Faso

 Flag of Burkina Faso

Last reviewed: 25 February 2009

Country information

ECONOMY

GDP (per capita): US$1,300 (2008 est)
Annual growth: 5.1% (2008 est)
Inflation: 7.3% (2008 est)
Major industries: cotton,livestock, gold
Major trading partner: France, Singapore, China, Cote d'Ivoire, Togo
Exchange rate: Euro 1 = 655.957 FCFA (pegged).

The economy depends overwhelmingly on agriculture, whose performance depends on the vagaries of the weather and world prices. Over 90% of the population live off agriculture and animal husbandry. Large numbers of Burkinabe have traditionally migrated to work on cocoa farms in Ghana and Cote d'Ivoire. Their remittances have been critical to rural families. The return of many thousands of Burkinabe from Cote d'Ivoire since the outbreak of civil war there has put intense pressure on an already weak economy, pushing up unemployment.

Burkina Faso's main export is cotton, contributing 69% of all export earnings in 2004, but its value is subject to fluctuations in world prices. World price fell in 2004-2006, although increased production partly made up for that. Prices have recently picked up. Burkina Faso it remains the world's third cotton producer after Egypt and Mali. The cotton-producing companies have the reputation of being the best-managed in francophone West Africa. Its other mainstay is livestock, which contributes an estimated 12% of export earnings. But damage to pasture from the locust invasion in 2004 has affected the health of the herds. The outbreak of conflict in Cote d'Ivoire has adversely affected transport costs as alternative trade routes have had to be sought.

Burkina is also endowed with a range of minerals. The Canadian company Goldrush Resources was awarded extensive exploration permits in January 2006, and another Canadian company Goldbelt Resources was awarded nine exploration permits in July. Gold production continues to rise and it is expected that gold may displace livestock as the second largest export earner.

International Monetary Fund (IMF)

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Contacts

Burkina Faso, Ouagadougou, British Honorary Consulate

Address:

Mr Patrick de La lande
Honorary Consulate of UK in Burkina Faso
01 BP 6490 Ouagadougou 01 BURKINA FASO

Based at ICI, Initiatives Conseil International
Impasse Thévenoud, 330
Secteur 01 of Ouagadougou

Telephone:

(226) 50 30 88 60

Fax:

(226) 50 31 25 43

Email: consulat-uk@fasonet.bf

Office hours:

 

Burkina Faso