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Financial Sector Overview

Economic Landscape

Burkina Faso's economy is significantly dependent on agriculture and, in turn, on climate hazards. Agriculture employs about 80 percent of the labor force and cotton accounts for about two-thirds of the state's budget revenues. Burkina Faso is the largest cotton producer in Africa with an estimated harvest of 683,000 tonnes in the 2016-2017 crop year. The country has a weak industrial base and few natural resources. Gold and zinc are the two main mining products for export. In 2016, the domestic economy rebounded with a growth of 5.9% of GDP, after 2 years of slowdown. Since the arrival of a new government in 2016, the country enjoys a favorable economic environment that facilitates the revival of economic activity despite fragility of security context in recent years. The outlook for 2017 and 2018 remained optimistic, around economic growth of around 6%, driven by the performance of the domestic services sector including telecommunications and the financial sector. Burkina Faso is ranked 151st out of 190 countries in the Doing Business Ranking 2019, while the country ranked 148th in 2017.

 

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At a Glance

At a Glance Source
Population in thousands (2017): 19,193.38
GDP per capita (current US$) 2017 - World Average 10,721.61: 642.04
Account (%) age 15+) - (2014 vs 2017): 14% | 43%
Agriculture Orientation Index - Credit ( Agriculture, Forestry and Fisheries share of GDP) (2015 vs 2016): 0.06 (2015)
Financial Inclusion Strategies: • Stratégie nationale de la finance inclusive au Burkina Faso (in process) FR• La Stratégie régionale d’inclusion financière dans l’UEMOA (published 2016) FR
Domestic credit provided by financial sector (% of GDP) 2017: 34.07
Made or received digital payments in the past year (% age 15+) (2014 vs 2017): 8% | 39%
Remittances % of GDP for 2017: 0.0339
Mortgage Interest Rate / Mortgage Term (years): 6% | 15

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Latest News & Events

May 31, 2019 | Ecofin Agency
The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation.
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Oct
Oct 21, 2019
Ouagadougou, Burkina Faso
Open to all microfinance practitioners and other related sectors, the SAM aims to become a common African platform that offers a true framework for…

Latest Publications

Dec 31, 2018 | F. Haile, L.C. Moller | The World Bank
Apr 30, 2017 | MAP, FinScope, FinMark Trust | FinMark Trust
Jun 09, 2016 | M. Gash, B. Gray | CGAP
May 31, 2016 | G. Suedekum | UPU, ILO
Apr 30, 2016 | M. Gash, B. Gray | CGAP