Overview of Burkina Faso
Burkina Faso is a poor landlocked country and it is among the 15 landlocked countries in the continent. This country previously called Republic of Upper Volta is located in the western region of Africa. Burkina Faso is fairly large with a population of a little over 20 million residents as at 2019. It has
boundaries with countries like Togo, Ghana, Mail, Niger, Ivory Coast and Benin. Doing business, Burkina Faso ranked 51 on the ease of doing business out of 180 counties. It was ranked 128 in the world
in terms of GDP (in USD), and least developed country It was also ranked 129 in most complexity index. The country is governed as a semipresidential republic with executive, legislative and judicial powers.
Economic Snapshots
Burkina Faso in 2018 exported $5.68B and imported $4.05B, resulting in a positive trade balance. 80% of the population engage in subsistence farming. The landlocked country also had an export per capita of
$288 and its import was $205. The French speaking west African nation has significant reserves of gold with a population of over 20 million as at 2020. It has a low income with a GDP value of over 14billion USD in which the 2019 GDP composition of agriculture, industry and services are 20.3%, 22.4%
and 43.96% respectively. Literacy level is at 39.3%. Burkina Faso’s population below 25 years are cumulatively over 60% and 25-54 is 29.36% and over 65 stands at 3.16%.
The major products produced are; cotton, peanuts, shea nut, sesame seeds, sorghum, millets, corn, rice, livestock, beverages, agricultural processing, cotton lint and soap. Burkina Faso largest export trading partner is Switzerland, while its import partner is Cote D’Ivoire.