Burkina Faso

Burkina Faso is a poor, landlocked country that depends on adequate rainfalls. About 90% of the population is engaged in subsistence agriculture and cotton is the main cash crop. The country has few natural ressources and a weak industrial base. Cotton and gold are key exports. Since 1998, Burkina has begun to privatize state – owned enterprises and in 2004 revised his investment code to attract foreign investments. As a result the country has seen an upswing in gold exploration, production and export. The Burkinabe economy experienced high level of growth over the last few years but growth is highly dependent on swings in gold and cotton prices.  In 2013 Burkina Faso experienced a number of public protests over the cost of living, corruption, and other socioeconomic issues. To defuse tensions the government has offered higher housing bonuses, reduced income taxes, and price controls. Turmoil in neighboring Mali, unreliable energy supplies, and poor transportation links pose longer-term challenges.

Source: Central Intelligence Agency (CIA) Library