Burkina Faso

Burkina Faso is a landlocked country in West Africa with an area of 274,200km², bordered by Mali to the northwest, Niger to the northeast, Benin to the southeast, Togo and Ghana to the south, and Côte d’Ivoire to the southwest. It has an estimated population of 22.1 million and a GDP of US$20.3bn. Its currency is the West African CFA franc.

Burkina Faso is a low-income Sahelian country with limited natural resources. Its economy is largely based on agriculture, although gold exports are increasing. More than 40% of the population lives below the poverty line.

In Burkina Faso, President Roch Kabore was overthrown in January 2022 in a military coup led by colonel Paul Henri Damiba, but in September 2022, captain Ibrahim Traore became president after deposing Damiba in another coup. Democratic elections were planned for July 2024 but Traore postponed these indefinitely citing the security situation. Though the military’s justification for its two illegal seizures of power was to address growing security and humanitarian crises, insecurity has dramatically worsened following the takeovers and the ruling junta suspended several news outlets during the year.

Burkina Faso, along with neighbours Mali and Niger announced their withdrawal from the West African economic block, Ecowas, in January 2024, which took effect in January 2025 which threatens to further weaken economic development in these three Sahelian states.
Assuming an orderly ECOWAS withdrawal growth could settle at around 4.0% over 2025-2026. Mining production is expected to recover with the opening of new mines in 2025, and agricultural and service sector growth are anticipated to remain robust but lower than pre-conflict levels.

Burkina Faso contains unexploited deposits of bauxite, lithium, platinum-group metals, uranium, gold, phosphate rock and silver. Artisanal and small-scale miners produce copper, diamonds, gold, manganese, nickel, and zinc. The country is considered the one in the region with the greatest potential for new discoveries since it is largely underexplored.

Australian company West African Resources is developing the US$430m Kiaka gold mine in Burkina Faso after announcing the results of a feasibility study in August 2022. The mine is expected to produce an average of 6.8t per year over its 18.5-year life, starting in 2025 although mining companies operating in Burkina Faso, southern Mali and western Niger are vulnerable to attacks by militants.

British company Endeavour Mining operates the Hounde and Mana gold mines in Burkina Faso, in which the government has a 10% stake, Canadian company Fortuna Silver Mines operates the Yaramoko gold mine in Burkina Faso, in which the government has a 10% stake. Russian company Nordgold closed the Taparko gold mine in Burkina Faso in April 2022 due to security concerns.


Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF. ?>