Burkina — Agence UMOA-Titres

Overview

Highlights

Notwithstanding the security challenges facing Burkina Faso, the country is expected an average growth rate of 6.3 % over the 2016-2018 period. This growth is due to the increase in gold production over the period and to the positive outlook in the agricultural sector, which should translate into an increase in the production of cotton as well as cereal production. In 2019, the growth rate is estimated to 5.7 % after 6.8% a year earlier. The growth rate would be 2.0% in 2020, due to negative effects of the COVID-19 pandemic on the economic activity.
Like other Member States of the Union, the inflation remains under control in Burkina Faso. The inflation rate is expected to be at -3.2 % in 2019 against 1.9 % in 2018. The inflation rate would settle at 1.6 % in 2020.
The primary sector accounts for almost a third of the Burkinabe economy and is a strategic sector for Burkina Faso. It employs close to 80 % of the workforce and is a source of foreign exchange for the country. In addition, the country is the leading African cotton producer. The tertiary sector remains the engine of the country’s growth with a contribution to growth estimated at 4.8 percentage points in 2019 after 3.3 points in 2018. Contributions to growth in the primary and secondary sectors were established in 2019 at the same level at 0.5 points, down 0.8 and 1.8 points respectively compared to 2018.
Due to the increase in investment expenditure attributable to the implementation of the National Economic and Social Development Program (PNDES) and the increase in current expenditure, the budget deficit related to GDP has been above the community standard of 3.0% over the period 2016-2018. The budget deficit was contained at 3.0% of GDP in 2019 and is expected to settle at 5.0% in 2020 in line with the impact of the COVID-19 on revenue mobilization and the increase in current spending.

Economic data

	2015	2016	2017	2018	2019	2020
GDP growth (%)	3.9	6.0	6.2	6.8	5.7	2.0
Inflation rate (annual average)	0.9	-0.2	2.9	1.9	-3.2	1.6
Underlying budget balance / Nominal GDP (%)^*	-2.2	-3.5	-7.8	-4.9	-3.0	-5.0
Investment ratio^*	19.4	20.9	23.9	22.6	25.2	22.5
Current balance^*	-8.6	-7.2	-7.3	-4.7	-5.5	-3.0
Overall debt^*	35.6	39.2	33.5	37.7	40.0	43.0

Sources : BCEAO, February 2020. except overall debt (IMF, Regional Economic Outlook : sub-Saharan Africa, April 2020) * in % of GDP

Issuances

Instrument	Additional details	Date of operation	Value date	Deadline	Amount(millions of FCFA)	More info	Status
T-Bill		07/10/2020	08/10/2020	06/10/2021	25 000	More info \| *Upcoming*	realized	Burkina 07/10/2020
T-Bond SI (Security 1)		30/10/2019	--	--	20 000	More info *canceled* \| *Completed*	*canceled*	SI - Burkina 30/10/2019
T-Bond SI (Security 2)		30/10/2019	--	--	20 000	More info *canceled* \| *Completed*	*canceled*	SI - Burkina 30/10/2019
T-Bond SI (Security 3)		30/05/2018	31/05/2018	31/05/2021	20 000	More info *canceled* \| *Completed*	*canceled*	SI - Burkina 30/05/2018
T-Bond SI (Security 4)		30/05/2018	31/05/2018	31/05/2023	20 000	More info *canceled* \| *Completed*	*canceled*	SI - Burkina 30/05/2018
T-Bill	Bons COVID-19	29/07/2020	03/08/2020	01/11/2020	50 000	More info \| *Completed*	realized	Burkina 29/07/2020
T-Bill		16/09/2020	17/09/2020	15/09/2021	25 000	More info \| *Completed*	realized	Burkina 16/09/2020
T-Bond		01/09/2020	02/09/2020	02/09/2023	20 000	More info \| *Completed*	realized	Burkina 01/09/2020
T-Bill		19/08/2020	20/08/2020	18/08/2021	25 000	More info \| *Completed*	realized	Burkina 19/08/2020
T-Bond		11/08/2020	12/08/2020	12/08/2023	25 000	More info \| *Completed*	realized	Burkina 11/08/2020
T-Bill		15/07/2020	16/07/2020	14/07/2021	25 000	More info \| *Completed*	realized	Burkina 15/07/2020
T-Bond		06/07/2020	07/07/2020	07/07/2023	25 000	More info \| *Completed*	realized	Burkina 06/07/2020
T-Bond		30/12/2014	31/12/2014	31/12/2019	30 000	More info \| *Completed*	realized	Burkina 30/12/2014
T-Bill		06/10/2015	--	--	40 000	More info *canceled* \| *Completed*	*canceled*	Burkina 06/10/2015
T-Bill	Bons COVID-19	30/04/2020	04/05/2020	02/08/2020	76 000	More info \| *Completed*	realized	Burkina 30/04/2020
T-Bond SI (Security 5)		29/06/2020	30/06/2020	13/02/2023	35 000	More info \| *Completed*	realized	SI - Burkina 29/06/2020
T-Bond SI (Security 6)		29/06/2020	30/06/2020	09/04/2025	35 000	More info \| *Completed*	realized	SI - Burkina 29/06/2020
T-Bill		17/06/2020	18/06/2020	16/12/2020	25 000	More info \| *Completed*	realized	Burkina 17/06/2020
T-Bill		03/06/2020	04/06/2020	02/06/2021	25 000	More info \| *Completed*	realized	Burkina 03/06/2020
T-Bond		12/02/2020	13/02/2020	13/02/2023	20 000	More info \| *Completed*	realized	Burkina 12/02/2020
T-Bond		22/01/2020	23/01/2020	23/01/2023	20 000	More info \| *Completed*	realized	Burkina 22/01/2020
T-Bond		04/09/2019	05/09/2019	05/09/2024	20 000	More info \| *Completed*	realized	Burkina 04/09/2019
T-Bond		10/07/2019	11/07/2019	11/07/2022	25 000	More info \| *Completed*	realized	Burkina 10/07/2019
T-Bond		07/06/2019	11/06/2019	09/05/2022	20 000	More info \| *Completed*	realized	Burkina 07/06/2019
T-Bond		06/08/2019	07/08/2019	07/08/2022	20 000	More info \| *Completed*	realized	Burkina 06/08/2019
T-Bond		14/11/2018	15/11/2018	15/11/2021	30 000	More info \| *Completed*	realized	Burkina 14/11/2018
T-Bond		17/10/2018	18/10/2018	18/10/2021	20 000	More info \| *Completed*	realized	Burkina 17/10/2018
T-Bond		05/09/2018	06/09/2018	06/09/2021	25 000	More info \| *Completed*	realized	Burkina 05/09/2018
T-Bond		27/06/2018	28/06/2018	28/06/2021	20 000	More info \| *Completed*	realized	Burkina 27/06/2018
T-Bond		21/03/2018	22/03/2018	23/11/2020	25 000	More info \| *Completed*	realized	Burkina 21/03/2018
T-Bond		11/07/2018	12/07/2018	12/07/2021	25 000	More info \| *Completed*	realized	Burkina 11/07/2018
T-Bond		13/12/2017	14/12/2017	23/11/2020	35 000	More info \| *Completed*	realized	Burkina 13/12/2017
T-Bond		05/10/2017	06/10/2017	29/09/2020	40 000	More info \| *Completed*	realized	Burkina 05/10/2017
T-Bond		24/01/2018	25/01/2018	25/01/2021	20 000	More info \| *Completed*	realized	Burkina 24/01/2018
T-Bond		10/11/2016	11/11/2016	08/04/2021	35 000	More info \| *Completed*	realized	Burkina 10/11/2016
T-Bond		01/09/2016	02/09/2016	02/09/2023	50 000	More info \| *Completed*	realized	Burkina 01/09/2016
T-Bond		16/06/2016	17/06/2016	17/06/2019	40 000	More info \| *Completed*	realized	Burkina 16/06/2016
T-Bond		07/04/2016	08/04/2016	08/04/2021	40 000	More info \| *Completed*	realized	Burkina 07/04/2016
T-Bond		15/12/2015	16/12/2015	16/12/2020	30 000	More info \| *Completed*	realized	Burkina 15/12/2015
T-Bond		19/05/2015	20/05/2015	20/05/2020	30 000	More info \| *Completed*	realized	Burkina 19/05/2015
T-Bond		25/06/2015	26/06/2015	20/05/2020	30 000	More info \| *Completed*	realized	Burkina 25/06/2015
T-Bill		12/03/2014	13/03/2014	11/06/2014	20 000	More info \| *Completed*	realized	Burkina 12/03/2014
T-Bill		22/01/2014	23/01/2014	23/04/2014	25 000	More info \| *Completed*	realized	Burkina 22/01/2014
T-Bill		08/05/2014	09/05/2014	07/08/2014	25 000	More info \| *Completed*	realized	Burkina 08/05/2014
T-Bill		25/03/2020	26/03/2020	24/03/2021	25 000	More info \| *Completed*	realized	Burkina 25/03/2020
T-Bill		26/02/2020	27/02/2020	26/08/2020	30 000	More info \| *Completed*	realized	Burkina 26/02/2020
T-Bill		08/01/2020	09/01/2020	06/01/2021	25 000	More info \| *Completed*	realized	Burkina 08/01/2020
T-Bill		04/12/2019	05/12/2019	02/12/2020	20 000	More info \| *Completed*	realized	Burkina 04/12/2019
T-Bill		06/11/2019	07/11/2019	04/11/2020	10 000	More info \| *Completed*	realized	Burkina 06/11/2019
T-Bill		01/10/2019	02/10/2019	29/09/2020	25 000	More info \| *Completed*	realized	Burkina 01/10/2019
T-Bill		21/08/2019	22/08/2019	19/08/2020	20 000	More info \| *Completed*	realized	Burkina 21/08/2019
T-Bill		24/07/2019	25/07/2019	22/07/2020	20 000	More info \| *Completed*	realized	Burkina 24/07/2019
T-Bill		26/06/2019	27/06/2019	25/09/2019	25 000	More info \| *Completed*	realized	Burkina 26/06/2019
T-Bill		22/05/2019	23/05/2019	20/05/2020	20 000	More info \| *Completed*	realized	Burkina 22/05/2019
T-Bill		17/04/2019	18/04/2019	15/04/2020	25 000	More info \| *Completed*	realized	Burkina 17/04/2019
T-Bill		03/04/2019	04/04/2019	03/07/2019	25 000	More info \| *Completed*	realized	Burkina 03/04/2019
T-Bill		06/03/2019	07/03/2019	04/03/2020	30 000	More info \| *Completed*	realized	Burkina 06/03/2019
T-Bill		06/02/2019	07/02/2019	07/08/2019	30 000	More info \| *Completed*	realized	Burkina 06/02/2019
T-Bill		08/01/2019	09/01/2019	07/01/2020	25 000	More info \| *Completed*	realized	Burkina 08/01/2019
T-Bill		28/11/2018	29/11/2018	29/05/2019	30 000	More info \| *Completed*	realized	Burkina 28/11/2018
T-Bill		05/11/2018	06/11/2018	04/11/2019	25 000	More info \| *Completed*	realized	Burkina 05/11/2018
T-Bill		03/10/2018	04/10/2018	02/10/2019	25 000	More info \| *Completed*	realized	Burkina 03/10/2018
T-Bill		19/09/2018	21/09/2018	19/09/2019	25 000	More info \| *Completed*	realized	Burkina 19/09/2018
T-Bill		20/08/2018	21/08/2018	19/08/2019	25 000	More info \| *Completed*	realized	Burkina 20/08/2018
T-Bill		25/07/2018	26/07/2018	24/07/2019	25 000	More info \| *Completed*	realized	Burkina 25/07/2018
T-Bill		13/06/2018	14/06/2018	12/09/2018	25 000	More info \| *Completed*	realized	Burkina 13/06/2018
T-Bill		16/05/2018	17/05/2018	18/12/2018	20 000	More info \| *Completed*	realized	Burkina 16/05/2018
T-Bill		02/05/2018	03/05/2018	20/02/2019	20 000	More info \| *Completed*	realized	Burkina 02/05/2018
T-Bill		18/04/2018	19/04/2018	17/04/2019	20 000	More info \| *Completed*	realized	Burkina 18/04/2018
T-Bill		07/03/2018	08/03/2018	06/03/2019	30 000	More info \| *Completed*	realized	Burkina 07/03/2018
T-Bill		21/02/2018	22/02/2018	20/02/2019	25 000	More info \| *Completed*	realized	Burkina 21/02/2018
T-Bill		07/02/2018	08/02/2018	08/08/2018	25 000	More info \| *Completed*	realized	Burkina 07/02/2018
T-Bill		09/01/2018	10/01/2018	08/01/2019	25 000	More info \| *Completed*	realized	Burkina 09/01/2018
T-Bill		19/12/2017	20/12/2017	18/12/2018	25 000	More info \| *Completed*	realized	Burkina 19/12/2017
T-Bill		07/11/2017	08/11/2017	08/05/2018	25 000	More info \| *Completed*	realized	Burkina 07/11/2017
T-Bill		17/10/2017	18/10/2017	17/04/2018	30 000	More info \| *Completed*	realized	Burkina 17/10/2017
T-Bill		14/02/2017	15/02/2017	13/02/2018	35 000	More info \| *Completed*	realized	Burkina 14/02/2017
T-Bill		19/01/2017	20/01/2017	20/04/2017	35 000	More info \| *Completed*	realized	Burkina 19/01/2017
T-Bill		01/12/2016	02/12/2016	02/03/2017	40 000	More info \| *Completed*	realized	Burkina 01/12/2016
T-Bill		27/10/2016	28/10/2016	25/10/2018	35 000	More info \| *Completed*	realized	Burkina 27/10/2016
T-Bill		11/08/2016	12/08/2016	10/08/2017	35 000	More info \| *Completed*	realized	Burkina 11/08/2016
T-Bill		21/07/2016	22/07/2016	19/07/2018	40 000	More info \| *Completed*	realized	Burkina 21/07/2016
T-Bill		19/05/2016	20/05/2016	17/11/2016	40 000	More info \| *Completed*	realized	Burkina 19/05/2016
T-Bill		18/02/2016	19/02/2016	16/02/2017	35 000	More info \| *Completed*	realized	Burkina 18/02/2016
T-Bill		10/03/2016	11/03/2016	08/03/2018	40 000	More info \| *Completed*	realized	Burkina 10/03/2016
T-Bill		20/01/2016	21/01/2016	20/07/2016	35 000	More info \| *Completed*	realized	Burkina 20/01/2016
T-Bill		10/09/2015	11/09/2015	10/03/2016	30 000	More info \| *Completed*	realized	Burkina 10/09/2015
T-Bill		06/08/2015	07/08/2015	04/02/2016	40 000	More info \| *Completed*	realized	Burkina 06/08/2015
T-Bill		05/03/2015	06/03/2015	03/09/2015	30 000	More info \| *Completed*	realized	Burkina 05/03/2015
T-Bill		16/04/2015	17/04/2015	15/10/2015	35 000	More info \| *Completed*	realized	Burkina 16/04/2015
T-Bill		20/01/2015	21/01/2015	21/04/2015	25 000	More info \| *Completed*	realized	Burkina 20/01/2015
T-Bill		09/12/2014	10/12/2014	09/06/2015	30 000	More info \| *Completed*	realized	Burkina 09/12/2014
T-Bill		20/10/2015	21/10/2015	19/04/2016	40 000	More info \| *Completed*	realized	Burkina 20/10/2015
T-Bill		10/09/2014	11/09/2014	11/03/2015	35 000	More info \| *Completed*	realized	Burkina 10/09/2014
T-Bill		09/07/2014	10/07/2014	07/01/2015	30 000	More info \| *Completed*	realized	Burkina 09/07/2014
T-Bill SI (Security 7)		20/05/2020	22/05/2020	20/05/2021	35 000	More info \| *Completed*	realized	SI - Burkina 20/05/2020
T-Bond SI (Security 8)		20/05/2020	22/05/2020	22/05/2023	35 000	More info \| *Completed*	realized	SI - Burkina 20/05/2020
T-Bill SI (Security 9)		16/04/2020	17/04/2020	15/04/2021	35 000	More info \| *Completed*	realized	SI - Burkina 16/04/2020
T-Bond SI (Security 10)		16/04/2020	17/04/2020	17/04/2025	35 000	More info \| *Completed*	realized	SI - Burkina 16/04/2020
T-Bill SI (Security 11)		08/04/2020	09/04/2020	08/07/2020	30 000	More info \| *Completed*	realized	SI - Burkina 08/04/2020
T-Bond SI (Security 12)		08/04/2020	09/04/2020	09/04/2025	30 000	More info \| *Completed*	realized	SI - Burkina 08/04/2020
T-Bond SI (Security 13)		08/05/2019	09/05/2019	09/05/2022	25 000	More info \| *Completed*	realized	SI - Burkina 08/05/2019
T-Bond SI (Security 14)		08/05/2019	09/05/2019	09/05/2024	25 000	More info \| *Completed*	realized	SI - Burkina 08/05/2019
T-Bill SI (Security 15)		20/02/2019	21/02/2019	19/02/2020	30 000	More info \| *Completed*	realized	SI - Burkina 20/02/2019
T-Bond SI (Security 16)		20/02/2019	21/02/2019	21/02/2022	30 000	More info \| *Completed*	realized	SI - Burkina 20/02/2019
T-Bill SI (Security 17)		23/01/2019	24/01/2019	22/01/2020	30 000	More info \| *Completed*	realized	SI - Burkina 23/01/2019
T-Bond SI (Security 18)		23/01/2019	24/01/2019	24/01/2022	30 000	More info \| *Completed*	realized	SI - Burkina 23/01/2019
T-Bill SI (Security 19)		21/12/2018	24/12/2018	24/03/2019	35 000	More info \| *Completed*	realized	SI - Burkina 21/12/2018
T-Bond SI (Security 20)		21/12/2018	24/12/2018	14/12/2021	35 000	More info \| *Completed*	realized	SI - Burkina 21/12/2018
T-Bill SI (Security 21)		13/12/2018	14/12/2018	12/12/2019	35 000	More info \| *Completed*	realized	SI - Burkina 13/12/2018
T-Bond SI (Security 22)		13/12/2018	14/12/2018	14/12/2021	35 000	More info \| *Completed*	realized	SI - Burkina 13/12/2018
T-Bond SI (Security 23)		08/08/2018	09/08/2018	09/08/2021	50 000	More info \| *Completed*	realized	SI - Burkina 08/08/2018
T-Bond SI (Security 24)		08/08/2018	09/08/2018	09/08/2023	50 000	More info \| *Completed*	realized	SI - Burkina 08/08/2018
T-Bond SI (Security 25)		27/10/2017	30/10/2017	30/10/2020	35 000	More info \| *Completed*	realized	SI - Burkina 27/10/2017
T-Bond SI (Security 26)		27/10/2017	30/10/2017	29/09/2022	35 000	More info \| *Completed*	realized	SI - Burkina 27/10/2017
T-Bill SI (Security 27)		22/11/2017	23/11/2017	21/11/2018	60 000	More info \| *Completed*	realized	SI - Burkina 22/11/2017
T-Bond SI (Security 28)		22/11/2017	23/11/2017	23/11/2020	60 000	More info \| *Completed*	realized	SI - Burkina 22/11/2017
T-Bond SI (Security 29)		22/11/2017	23/11/2017	23/11/2022	60 000	More info \| *Completed*	realized	SI - Burkina 22/11/2017
T-Bill SI (Security 30)		07/09/2017	08/09/2017	07/12/2017	30 000	More info \| *Completed*	realized	SI - Burkina 07/09/2017
T-Bill SI (Security 31)		07/09/2017	08/09/2017	08/03/2018	30 000	More info \| *Completed*	realized	SI - Burkina 07/09/2017
T-Bond SI (Security 32)		28/09/2017	29/09/2017	29/09/2020	50 000	More info \| *Completed*	realized	SI - Burkina 28/09/2017
T-Bond SI (Security 33)		28/09/2017	29/09/2017	29/09/2022	50 000	More info \| *Completed*	realized	SI - Burkina 28/09/2017
T-Bill SI (Security 34)		21/07/2017	24/07/2017	21/01/2018	35 000	More info \| *Completed*	realized	SI - Burkina 21/07/2017
T-Bill SI (Security 35)		21/07/2017	24/07/2017	22/07/2018	35 000	More info \| *Completed*	realized	SI - Burkina 21/07/2017
T-Bill SI (Security 36)		15/06/2017	16/06/2017	14/06/2018	40 000	More info \| *Completed*	realized	SI - Burkina 15/06/2017
T-Bond SI (Security 37)		15/06/2017	16/06/2017	13/04/2020	40 000	More info \| *Completed*	realized	SI - Burkina 15/06/2017
T-Bill SI (Security 38)		18/05/2017	19/05/2017	16/11/2017	40 000	More info \| *Completed*	realized	SI - Burkina 18/05/2017
T-Bond SI (Security 39)		18/05/2017	19/05/2017	13/04/2020	40 000	More info \| *Completed*	realized	SI - Burkina 18/05/2017
T-Bill SI (Security 40)		12/04/2017	13/04/2017	11/10/2017	40 000	More info \| *Completed*	realized	SI - Burkina 12/04/2017
T-Bill SI (Security 41)		12/04/2017	13/04/2017	11/04/2018	40 000	More info \| *Completed*	realized	SI - Burkina 12/04/2017
T-Bond SI (Security 42)		12/04/2017	13/04/2017	13/04/2020	40 000	More info \| *Completed*	realized	SI - Burkina 12/04/2017
T-Bill SI (Security 43)		16/03/2017	17/03/2017	15/06/2017	35 000	More info \| *Completed*	realized	SI - Burkina 16/03/2017
T-Bill SI (Security 44)		16/03/2017	17/03/2017	14/09/2017	35 000	More info \| *Completed*	realized	SI - Burkina 16/03/2017

Useful links

Official Government portal General Secretariat of Government and Council of Ministers Ministry of Economy and Finances Directorate General of Treasury and Public Accounting Directorate-General of Tax Directorate-General Budget

News

Bonds, Loans and Sukuk Africa 2020: Agence UMOA-Titres is co-hosting a roundtable dedicated to the WAEMU Government Securities Market Agence UMOA-Titres : as the silver sponsor at the 9th annual Bonds, Loans & Sukuk Africa 2020 Moody’s assigns B3 first-time issuer rating to the Government of the Republic of Mali with a stable outlook How the WAEMU Government Securities Market works ?Government Securities Market Figures – 4th quarter 2018

	SI
55 000MILLIONS F CFA
Completed	Results

	T-Bond
25 000MILLIONS F CFA
Completed	Results

	SI
25 000MILLIONS F CFA
Completed	Results

	T-Bill
25 000MILLIONS F CFA
Completed	Results