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	Date of operation	Value date	Deadline	Amount(millions of FCFA)	More info	Status
T-Bill	16/09/2020	17/09/2020	--	25 000	More info \| *Scheduled*	realized	Burkina 16/09/2020
T-Bond	01/09/2020	02/09/2020	--	20 000	More info \| *Scheduled*	realized	Burkina 01/09/2020
T-Bill	19/08/2020	20/08/2020	--	25 000	More info \| *Scheduled*	realized	Burkina 19/08/2020
T-Bond	11/08/2020	12/08/2020	--	25 000	More info \| *Scheduled*	realized	Burkina 11/08/2020
T-Bill	15/07/2020	16/07/2020	14/07/2021	25 000	More info \| *Upcoming*	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 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-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	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

Bissau Guinea			SI
MILLIONS F CFA
Canceled			More

Ivory Coast			SI
MILLIONS F CFA
Postponed			More

Benin			SI
MILLIONS F CFA
Postponed			More

Niger		T-Bill
MILLIONS F CFA
Completed	Results

Togo		SI
MILLIONS F CFA
Completed	Results


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