Burkina Faso’s military leader, Captain Ibrahim Traoré, has prioritized economic self-sufficiency to reduce reliance on foreign aid and maximize the country’s domestic resources. Since coming to power in a 2022 coup, Traoré has emphasized economic sovereignty and aligned Burkina Faso with Mali and Niger under the Alliance of Sahel States.
This approach focuses on using local resources, said Hamidou Sawadogo, a professor of monetary and financial economics at Joseph KI-Zerbo University. “This model has allowed the government to prioritize agriculture, but another important aspect is the industrialization of production,” he explained.
Agriculture at the Center of the Economic Strategy
With increased funding and expanding production capacity, agriculture has become central to Burkina Faso’s economic agenda. The country is set to record a grain harvest of around six million tons in 2024; This is a key support for food security and economic stability.
Despite economic progress, security remains a pressing concern due to Burkina Faso’s ongoing fight against Islamist insurgents. “Investing in security is critical to survival,” Sawadogo said, emphasizing the need for stronger regional defenses. “Once that is achieved, we can continue to build our internal growth model.”
Burkina Faso’s economy is showing signs of recovery, with GDP projected to grow by 3.7% in 2024. However, ongoing security threats and structural challenges mean the country must continue to evolve its development strategy to maintain long-term economic stability.