Burkina Faso is emerging as the fourth largest economy in the CFA zone and on the verge of overtaking Mali and competing with regional economic powers such as the Ivory Coast and Senegal.
This development is accompanied by the historic decision that would see the country, alongside Mali and Niger, leave the CFA franc, a symbol of the French colonial footprint and economic control.
According to estimates from the International Monetary Fund (IMF), Burkina Faso’s Gross Domestic Product (GDP) should reach $21.9 billion in 2024, compared to $20.3 billion in 2023. This growth positions the country ahead of Mali, whose economy increased to $21.6 billion, falling to fifth place in the CFA zone.
The abandonment of the CFA Franc by Burkina Faso, Mali and Niger will represent a major turning point in the economic history of the region.
This decision, although its precise impact on GDP remains to be assessed, signifies the desire of countries to free themselves from a monetary system perceived as a vestige of colonisation.
Details regarding the new currency common to the three countries have not yet been revealed.
However, the prospect of a new economic era raises hopes of greater autonomy and better control of the economic destiny for these nations.
Despite the growth of Burkina Faso, Cote D’Ivoire remains the economic leader in the CFA zone, supported by continued growth fuelled by its oil and gas projects, the country should cross the threshold of $100 billion of GDP in 2026, reaching 109 billion dollars in 2027.
The future of the CFA zone remains uncertain, but the decision of Burkina Faso, Mali and Niger to abandon the CFA franc opens the way to new perspectives and a possible reconfiguration of regional economic balances.
