Trade and Investment
Business environment in Burkina Faso
E.commerce information technology
Situation of telecommunication services in Burkina Faso
Burkina Faso economic potential
Economic potential of Burkina Faso
At the end of 2007, the implementation of the budget shows an improvement in the mobilization of the revenue and in the efforts to contain expenditure compared to the previous year.
The achievements of total revenue and grants fall to 619 billion CFA francs, an increase of 10.2% compared to 2006. Tax revenues are estimated at 405 billion CFA francs, an increase of 11.8% compared to 2006, but down 14.2% compared to initial estimates. The tax burden has emerged to 12.5% of GDP. As for expenses, they emerged to the tune of 840 billion CFA francs in 2007 against 739 billion CFA francs in 2006, an increase of 13.8%. The budget deficit rose from 176.6 billion CFA francs at the end of 2006 to 221.3 billion CFA francs in 2007, representing a decline of 44.7 billion CFA francs.
An Analysis of the performance in this area of Public finances shows that Burkina Faso has a satisfactory top of the table but still has work to do at the bottom of the table. Indeed, Burkina Faso meets three (03)of four (04) criteria of the first rank. The budgetary balance on the basis of nominal GDP is – 6.1% for a target of 0% minimum within community objective. The inflation rate stands at 2.1% for a target set at 3% maximum with the Union, the rate of Debt, for a standard of 70% maximum stood at 23.6%. In addition, Burkina Faso has no arrears of payment in 2007 both the internal and external debt.
The Government of Burkina Faso has maintained a very good cooperation with all development partners that has enabled to put in coherence the various sectoral reviews of the PRSP process and to strengthen the principle of unity of the frame of reference. Such an approach will ensure greater predictability of resources and their efficient utilization and to accelerate the achievement of the Millennium Development Goals.
Many other initiatives are envisaged. Among them:
- the pursuing of the special operation for issuing land titles with an extension to other localities and the implementation of the Action Plan of the national strategy for micro finance, which should help to improve access of Burkina Faso’s SMEs to bank financing and:
- the implementation of a new legislation on public procurement, which will come into force during 2008 and will allow greater transparency and better efficiency in the procurement process. These include;
- the creation of the Regulatory Authority of public procurement,
- the establishment of an integrated system of publicProcurement and regulations specific to the contracting authority delegated.
- The development of a single document concerning sanctionsregime on public procurement will enable to adapt regulations on criminal offences against the regulation of public markets.
For more detail click on mining Code
The national economy remains slightly open with less diversified exports. Such a situation is reflected by a deficit in the trade balance in terms of exchange with the outside world for Burkina Faso. Indeed, estimates of the trade balance at the end of 2007 show a deficit of 294 billion CFA francs against approximately 254 billion in 2006. This deterioration resulted from the increase in the imports (+9.2%) due to higher oil prices and contraction in exports (-5.2%) mainly because of falling exports of cotton fiber valued at about 36 billion CFA francs. In front of such a threat, the government has undertaken measures to cope with the heavy weight of cotton in the trade balance through the search for export diversification in term of products and markets.
In 2007, the rhythm of growth of real GDP fell by 1.5 points compared to 2006, reaching 4%, mainly driven by the secondary sector (1.8 points) and tertiary (1.5 points). The sharp decline in the production of cotton (-44%), during the past campaign, greatly contributed to slow down the growth of the primary sector which came to -0.13%.
However, even if it may seem against-intuitive to many Burkinabe, inflation remained fairly moderate to 2.1% annual average in 2007 against 2.4% in 2006, due primarily to lower overall food prices (-3.4%) strongly influenced by the stocks in the production of the crop last year.
The cumulative effects of economic growth in recent years and the implementation of important programmes in the social sectors, have contributed to reduce the incidence of poverty that stood at 42.6% in 2007 against 46, 4% in 2003, representing a gain of four points, placing Burkina Faso in a good prospect of achieving the goal of less than 35% by 2015 provided that efforts be continued and supported.
The government has also continued unabated efforts to strengthen trade promotion and defense of the interests of our country in trade negotiations in particular by the intensification during the year 2007, the dialogue in the framework of the sectoral initiative in favor of cotton undertaken by His Excellency, Blaise COMPAORE, the President of Burkina Faso.
With the framework of industrial development promotion, the holding of general statements of the industry in Burkina Faso has led to further identification on the difficulties that are overwhelming this sub-sector.
In 2007 the approval of the investment code involved forty-four (44) projects for investment exceeding 117 billion 946 million CFA francs. These projects, if they are implemented, will generate 1,694 jobs and a combined added value of around 228 billion 495 million CFA francs.
In the field of handicraft, the marketing of the products of Burkina Faso is a constant a concern of the government which has deployed ways to strengthen supervision of producers, develop infrastructure for the organization of the International Art and Crafts Show Ouagadougou (SIAO). This International trade event, that occurs every two years, has made Burkina Faso the Showcase of African Handicraft
The fight against poverty and wealth creation cannot be the preserve or monopoly of public authorities. While it is clear that the State must play its role in the development process of the country, the government has also made it clear that the private sector must play its own partition. To facilitate his task, the government has confirmed its option to disengage the State from the productive sectors. As such, it has diligently pursued the privatization program. On this agenda a portfolio of a dozen companies predominantly utilities merchants are concerned.
In 2007, the government carried out the completion of the privatization process of Comptoir Burkinabe Precious Metals (CBMP), the National Centre for Information Processing (CENATRIN) and the National Society of Film du Burkina (SONACIB) and that of ONATEL, by the transfer of 51% of the company’s shares to Morocco TELECOM.
The steps will include the sale of 20% of the shares of ONATEL by a public offer of sale (OPV) in the direction of the national private equity and sub-regional and sale of 6% of the shares to staff.
As for companies in the energy sector, namely the National Petroleum Company (SONABHY) and the National Society Burkina Faso electricity (SONABEL), whose privatization strategies have already been defined, the privatization process continues.
The privatization schemes of the Bureau of Mines and Geology of Burkina (BUMIGEB) and Control Centre of motor vehicles (CCVA) are scheduled to be adopted and implemented during the first half of 2008. The process of privatization of the company operating the hotel Silmandé (SEHS) will be activated in 2008 to its conclusion, the privatization of the airports of Ouagadougou and Bobo-Dioulasso was suspended in light of developments of the construction project of the new international airport at Donsin.
The government has continued in 2008 its efforts to improve the business environment which resulted in the good ranking of the Country according to the classification of the World Bank. These continuous and sustainable of improving the business environment have contributed to the decision of the international community of business through the International Finance Company (IFC) to rank Burkina Faso among the five (5) largest countries Reform of sub-Saharan Africa in 2008.
In addition the following acts are taken:
- the establishment of Centers Agreed management Centers (CGA),
- a one Stop Land center (GUF) for the issuance of land titles and
- a facilitation center for authorization acts of building (CEFAC).The implementation of these structures will occur in 200
- the adoption of the preliminary draft of the General Tax Code (CGI);
In addition to these various measures, capacity building of the private sector and easing procedures constantly hold the attention of government with the support of technical and financial partners. It is within this framework that the decentralization of Companies Registry Formality Center (CEFORE), which was initiated to provide outreach services to traders, is extended to the following city of Bobo-Dioulasso, (in February 19, 2007). It will continue in 2008 with the creation of CEFORE in Ouahigouya, Tenkodogo and Fada N’gourma.
The Efforts of the capacity building produced the opening in 2007, by the House of the Company of Burkina Faso, (Maison de l’Entreprise du Burkina Faso) two (02) new branches in the regions of East and North, respectively headquarters Koupéla and Ouahigouya.
Burkina Faso is aware that the success of the strategy will depend heavily on the efficiency with which the country is undertaking courageous reforms both in the various sectors of economic activity and in the area of infrastructure. Therefore the government has decided to examine the situation in key sectors to the progress of the country as agriculture, industry and trade and then take appropriate decisions.
Burkina Faso is aware that development also requires the capacity of exploiting wisely the opportunities offered by the information technology and communication. The promotion of Information Technology and communication is a key factor for economic, political and social development. In terms of services provision of electronic communications base, significant progresses have been recorded in 2007:
Within the framework of telecommunication, Burkina Faso has a fix telephony operator and three mobile phone companies (Telecel, Celtel, Telecel).
The New Technologies of Information and Communication (NTIC) offer new opportunities to investors in the fields of services such as software supplies, hardware, and staff training.
- In 2007 installed fix telephone lines passed from 100 000 in 2006 to 116 746 showing an increase of 17 597 new lines for the year under review. This increase gives a tele density of 0.8 telephone for 100 inhabitants ;
- Number of subscribers to mobile telephone network has passed from 1 016 605 in 2006 to 1 858 039 in 2007, expressing an increase of 82.7% with a tele density of 13.53 telephone for 100 inhabitants ;
- The total tele density passed during the 2007 from 8.5 to 14.38 telephones for 100 inhabitants, with 308 localities covered by fix telephones and 228 by mobile phone ;
- the total number of subscribers to ADSL for access to broadband internet has reached 6,412 in 2007, with 4,615 subscriptions registered for the sole Year 2007.
- bandwidth of the international connection to the Internet of ONATEL rose from 197 Mbits / s to 352 Mbits / s in the direction and amount of 215 Mbits / s to 370 Mbits / s in the downdraft.
Given the enthusiasm of people for ICT, the low coverage of the national territory and the opening of the private sector, the sector is buoyant and potential investors are expected
- Political stability
Burkina Faso is politically stable country with undisrupted presidential, parliamentary and municipal elections that regularly take place in scheduled time. The stability of the country is reflected in the normal functioning of republican institutions and free press. Therefore, Burkina Faso is an insured country for investors..
- Good macroeconomic stability
Burkina Faso is known as a country of fiscal discipline thanks to its macroeconomic stability.
- Burkina Faso: strong commitment to economic reforms
Burkina Faso despite his predicament is a country committed to economic reforms with the aim of cleaning up the business environment. This policy has led to important reforms in import and export procedures, ease of doing Business, starting Business, dealing with licenses, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, closing business. The international community through the World Bank, the International Monetary Fund (IMF)’ has praised the efforts of Burkina Faso and is encouraging the country to pursue the reforms until their completion with the aim to give the private sector its rightful place to ensure economic growth.
- Burkina Faso: a country with sustainable debt
The development partners expressed their satisfaction for the macroeconomic performance through the country’s eligibility at the initiative of reducing the multilateral debt. Progress is notable in the fight against poverty, in the improvement of public expenditure management. These performances do not take away the fact that the debt ratio in the country increases.
Burkina Faso has implemented and in an uninterrupted manner, series of structural adjustment programmes supported by successive agreements under the Enhanced Structural Adjustment Facility of the IMF. The desire to accelerate reforms has resulted in:
- Trade liberalization of and removal of fixing price control
- Economic liberalization which has created favorable conditions for the development of private enterprise. Thus, in 1994, the National Assembly passed laws that promote private sector development through the establishment of a new foreign investment code and a new mining code.
- Vast privatization programme of state owned companies aiming at the development of private initiative. To this effect a Privatization Commission was established with the task of preparing various issues on privatization. Companies have been identified to be privatized: SONAR, FLEX FASO, SOSUCO, NATIONAL PRINTING COMPANY SNTB, AIR BURKINA, GMB, ONATEL. These are partial privatization, the share of the state in these companies does not exceed 25% of the social capital;
- A guarantee by the new public procurement code, which leaves considerable room for international competition on the basis of quality and dynamism in the contracts execution.
- A restructuring of private support institutions with the aim to support the private sector in order to provide it, with appropriate support services, to provide all necessary technical assistance, the government restructured trade support institutions such as the Chamber of Commerce, the National Foreign Trade Bureau (ONAC), the National Shipping Council (NBC).
- The creation of a one stop shops the mission to centralize and facilitate required formalities for any operations of entrepreneurship, investment or import. The center can also find in one place the information an investor or an importer may be needed before taking any investment decisions or import.
- A fiscal and customs reforms characterized by ;
- The simplification of procedures with the introduction of simplified scheme of Value Added Tax (VAT
- Tariff disarmament applied within the framework of the Economic Monetary Union of West Africa (UEMOA) with the adoption of the Common External Tariff (TEC)
- more incentive investment code ; The provisions of the investment Code provisions apply to all company projects of production, conservation, processing and service. Any person or entity regardless of its nationality is eligible.
- A restructuring of financial and banking system; an overhaul of the banking and financial legislation;
- A restructuring of the banking sector with the clearance of all compromised claims The government opened the banking sector to private capital, limited the participation of the state’s share to 25% of the capital.
- A sustained effort towards social sectors such as education and health embodied by an improvement in the rate of schooling and health coverage.
- Burkina Faso has potential that needs to be exploited
Burkina Faso has economic potential which have to be in order to contribute to poverty reduction. The strategic framework for poverty alleviation lays the groundwork for such a success.
Indeed, Burkina Faso is characterized by abundant agricultural resources, mining and cheap labor.
Agriculture is the real engine of the national economy and is the largest provider of employment even though it is still dominated by subsistence production. There is still the possibility to increase productivity and agricultural production by intensifying. Burkina Faso still has great potential productive one third (1/3) of cultivable land is nowadays exploited while the available reserves are located in good agro-climatic conditions conducive to a diversification of production.
The sector of exportable agricultural products brings growth for the country. Export products such as e cotton, fruits and vegetables have expanded in recent years.
It is the main source of income and represents two third (2/3) of the export earnings in the country. Approximately 98% of production is exported, after ginning, to a thirty countries. The weight of cotton in the export product is so heavy that the country is now suffering in the current context of fluctuating prices on the international market. This is another reason to diversify the export products and markets.
Given the difficulties faced by the cotton sector, difficulties inherent in the price of cotton on the world market, the government, with the support of technical and financial partners, has taken steps to safeguard the income of producers and avoid sinking our industry. They are mainly:
- the purchase of state to the capital increase of SOFITEX to 12.04 billion CFA francs;
- the purchase by the state of DAGRIS portage shares for 11.696 billion CFA francs;
- financial support brought by the state to farmers to enable them to participate in the recapitalization of SOFITEX for 10.320 billion CFA francs;
- Financial support from the state to producers for the recapitalization of the SOCOMA for 1.900 and Faso Cotton for 328 million CFA francs;
- the guarantee of 50 billion CFA francs, given by the state to banks for the clearance of arrears of campaign funds;
- the grant of 3 billion CFA francs allocated to support the transport costs of fertilizer.
- The total efforts made by the government to support the cotton sector in 2007 is worth 89.284 billion CFA francs
- FRUIT AND VEGETABLE SECTOR
It has significant and potential. The agro-food conditions are favorable for the production of a wide range of products. The potential of irrigable lands, very important, is not exploited by producers of the sector. The availability in quantity and quality of fruit and vegetables offers opportunities for transformation that is still to be developed. The recent creation of the Society of Burkina Faso Fruits and Vegetables (SOBFEL) participates in.
- OLEAGINEOUS SECTOR
It is a sector that It raises hopes among some producers because of the renewed interest of traders for some products such as shea butter, sesame and cashew nut.
The development potential of sheanut is important and offers to the country serious export prospects with the creation of sheabutter extracting units. Sesame seed is widely used in bakery and confectionery, it is a product that has high demand in Asian and Arabic countries and could be an important export product for Burkina Faso if the players are organized in terms of production and quality.
- THE BREEDING SECTOR
Animal husbandry is an important source of economic growth and poverty reduction in rural areas. It contributes about:
- 12% of GDP,
- 20% of export earnings and,
- 26% in the income of rural populations.
This sector has many opportunities both in the improvement of the national production and in transformation. It also provides raw material for the production of industrial and handicraft item such as handbags, living room, purse etc. The revival of the national slaughter house in Ouagadougou gives another opportunity to export refrigerated meet instead of live cattle.
THE MILK SECTOR The potential for milk production is very important, but the transformation efforts are still insufficient. Despite this potential, Burkina Faso imports every year, huge quantities of milk and dairy products at very expensive cost. The dairy industry remains a fruitful sector for those who wish to invest.
- THE MEAT SECTOR
Burkina Faso is mainly exporting live cattle and this situation generates a huge loss for the economy of the country economy due to the loss of skins, horns and many other derivatives of livestock products. The processing sector is virtually virgin although it offers significant opportunities in the food industry. This sector represents another niche that the Diaspora can exploit.
- SKIN AND LEATHER SECTOR
The hides and skins help to enhance the importance of the livestock sector in the national economy. The Company called TANALIZ sells hides and skins through the export of wet Blue and processing of hides to export products such as bags, belts, purses, shoes, living room etc. These types of industries while helping to give value-added to generally exported products as raw materials, are also creating employment to absorb unemployment in the country and therefore need to be encouraged.
- HANDICRAFT SECTOR
The handicraft sector of Burkina Faso is a high potential sector that mobilizes a significant proportion of the population. It is estimated that about 960 000 people work in this sector and contribute to 20% of GDP. This sector has enormous strengths.
- It makes a strong contribution to GDP,
- contributes to the conservation of cultural heritage,
- contributes to exploit raw materials,
- Promotes the modernization of agriculture, and so on.
The Creation of the International Art and Craft Show of Ouagadougou (SIAO), the Village Artisanal Ouagadougou (VAO), the existence of the Artisanal Product Exporters’, the Bureau des Artisans (BA) (the Artsans’Desk), the e House of Companies of Burkina Faso (Maison de l’Entreprise du Burkina Faso) are living testimonies and efforts that the authorities have undertaken to put at the disposal of the private sector, management structures and promotion. In addition, the eligibility of Burkina Faso to AGOA is part of this strong will and commitment
- THE MINING SECTOR
The mining sector has experienced a boom during the past decade. The underground of Burkina Faso is full of various range of mineral resources which remain highly subject to farms craft. These mineral resources are:
The mining sector enjoys a certain number of advantages thanks to the measures taken by the government in order to facilitate its access by private companies. These measures include:
- the creation of a database performance;
- adoption of a new incentive mining code;
- the tax and customs facilities;
- the cleaning of social environment;
- strengthening of national capacities for managing the mining and the environment sector and Investments in the mining sector in Burkina Faso are generally regulated by a legal framework that provides opportunities for creating entrepreneurship of small mines both for research and exploitation.In 2007 the Geological, mining and quarrying substances activities were intensified. Accordingly, the number of titles and permits issued rose from 237 in 2006 to 481 in 2007, showing an increase of 102.95%.
The Gold mine of Tarpoko in the Namentenga Province started production in 2007 with great satisfaction. The mine has a lifetime of ten (10) years and its cost of completion is 71 billion CFA francs. It will employ 300 people and will generate during its activity for the Public Treasury revenue estimated to average more than 1 billion CFA francs per year.
Other mines such as the mine of Kalsaka in the Yatenga Province, the mine of Youga in the Boulgou Province, and Mana Fobiri in the Balé and Mouhoun provinces are expected to start their production in the course of 2008.
In 2007, the government also proceeded to the launching of construction work of two mining projects respectively of the zinc mine at Perkoa in Sanguié and the gold mine in Mana-Fobiri in Balé and Mouhoun. The financial impact to the State is estimated at nearly 6 billion CFA francs per year and more than five hundred direct jobs will be created
- THE INDUSTRY SECTOR
The industry of Burkina Faso is still embryonic with a contribution of about 15% of GDP and employing only 1% of the workforce. To give more visibility to investors in order to attract them, Burkina Faso adopted a “Strategy of Industrial Development” (SDI). Twelve sectors deemed to have comparative advantage in the sub-region in the field of industrial development of Burkina Faso have been identified according to the terms of the strategy of Industrial Development and therefore need investments if they are to be promoted. They are:
- Fruits and vegetables;
- hides and skins;
- The manufacture and metal work;
- The Polymer (rubber and plastics)
- The quarries and building materials
- The chemicals;
- fertilizers and pesticides products
For each of these sectors, full sectoral studies have been conducted with sheets projects developed and available to the General Direction of Industrial Development (DGDI), a department of Ministry of Trade.
The industrial potential of Burkina Faso also lies in:
- the availability of convertible raw materials such as cotton, fruit and vegetables, Sheanut, animals;
- the possibility of expanding exports to the EMUWAS countries;
- progressive business environment creation by taking a set of texts in favor of private enterprise
- the revision of investment code which is conducive to business development
Burkina Faso is certainly a place for people seeking tourism with a human face. The natural parks contain all the wealth of fauna and flora of West Africa. In addition, Burkina Faso is a country rich with its cultural diversity:
- The International Art and Craft show of Ouagdougou (SIAO), which is held every two years with the aim to showcase African handicraft;
- The National Week of Culture (SNC) held every two years in Bobo Dioulasso and includes artists and creators of all provinces in the country; This even is now open to neighboring countries that introduce their culture and take part in trade exhibition
- The Pan-African Film Festival and Television of Ouagadougou (FESPACO) and the various arts festivals and traditions regionally organized.
All these events make Burkina Faso an attraction pole for tourists. This situation has helped to develop hotel business in the country
- THE SERVICE SECTOR
It is a diversified sector with specific sectors such as financial services, insurance and telecommunications.
The services sector is a booming sector since a decade and is empowered by the economic liberalization policy that led to the disengagement of the state in some major sectors.
The government of Burkina Faso in deciding its withdraw from states owned companies has created the conditions for private sector to step into the management services. Indeed, the privatization policy has enabled the private sector to develop some services, such as:
- Road and air transport (X9, AIR BURKINA, CCVA);
- Forwarding companies (SNTB, SDV);
- Insurance companies (SONAR, UAB, FONCIAS);
- Banks (BICIAB, BIB, SGBB);
- Telecommunications (ONATEL);
- Energy: (SONABEL, SONABHY) in privatization process;
- Water: (ONEA) in privatization process;
- Mines: CBMP, BUMIGEB);
- Industries: National printing, SOSUCO, GMB;
- hotels: Hotel Independence, RANHOTEL, and Hotel Silmandé.
- Data processing: CENATRIN
The banking system is made ten commercial banks, they are:
- (Ecobank Burkina,
- Banque Internationale du Burkina (BIB)
- Banque Internationale pour le Commerce, l’Industrie l’Agriculture du Burkina Faso (BICIA-B),
- Banque Agricole et Commerciale du Burkina (BACB),
- Bank of Africa (BOA),
- Banque de l’Habitat du Burkina Faso (BHBF),
- Bank Atlantic,
- Société Générale des Banques du Burkina (SGBB),
- Banque Sahelo Sahélienne pour l’Investissement et le Commerce (BSIC),
- Banque Régionale de la Solidarité (BRS).
- Banque Commerciale du Burkina Faso
- Coris Banque ( ex FIB)
Insurance Companies: the market of insurance companies is made of nine companies. (Sonar, Foncias, UAB, Colina
Forwarding companies : La SNTB, la SDV, Maersline, etc..
BURKINA FASO-USA COOPERATION
MCC Board of Directors approves poverty reduction grant of $480.9 million for Burkina Faso to improve, Agriculture, Roads, Girls’ Education and Land Use.
on 17 June 2008, the Millennium Challenge Corporation’s Board of Directors approved a $480.9 million Millennium Challenge poverty reduction grant with Burkina Faso. This approval opened the way for Burkina Faso to immediately sign the compact on July 14,2008 with the effective presence of the Head of State His Excellency Mr. Blaise COMPAORE. The signing ceremony was a higher opportunity for the authorities of both countries to express their satisfaction and strong desire to work together in order to reduce poverty in Burkina Faso. This five-year agreement will help Burkina Faso, a landlocked West African Country reduce poverty and stimulate economic growth through strategic investments such as improving agricultural productivity, land use rights and land management, farm-to-market roads, and girls’ primary education.
Burkina Faso’s compact with the United States is MCC’s 17th agreement and follows a successful MCC threshold program that, in partnership with USAID, helped improve girls’ education in the country over the past two years. The new compact will build upon this success and fund the construction of classrooms in 132 “girl friendly” schools for grades 4 through 6. The compact will also improve land and rural productivity through investments in irrigation and water management, technical assistance to farmers, access to rural credit and improved rural and primary roads.
In his appreciation of the collaborative works between the two countries experts, The MCC CEO ambassador John Danilovich told the board of director during the meeting: “Through this Millennium Challenge grant, the American people support Burkina Faso’s efforts to reduce poverty and stimulate economic growth; the compact, focused on increasing agricultural productivity, is particularly timely because it offers a long-term solution to the current food crisis in an especially hard-hit part of the world.”
Ambassador Danilovich added that the partnership with Burkina Faso is going to significantly improve the lives of the Burkina Faso people by providing them access to education, better roads and agricultural resources.
He continued in saying that MCC congratulates the people of Burkina Faso for developing a strategic, results-oriented program. He concluded that MCC and Burkina Faso have reason to be proud, given their accomplishments with the girl friendly schools of the threshold program. Therefore, MCC looks forward to strengthening this partnership and enabling the people of Burkina Faso to lead their economic development efforts while remaining accountable for their progress.”
Millennium Challenge Corporation (MCC), is a United States government corporation designed to work with some of the poorest countries in the world. The corporation is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.
In addition to MCC, Burkina Faso is also an eligible country in one of the trade promotion program that is the African Growth Opportunity Act (AGOA). This Law allows Burkina Faso to export to the US duty free.