Burkina Faso Background
Independence from France came to Burkina Faso (formerly Upper Volta) in 1960. Governmental instability during the 1970s and 1980s was followed by multiparty elections in the early 1990s. Several hundred thousand farm workers migrate south every year to Cote d'Ivoire and Ghana.
Burkina Faso Economy
One of the poorest countries in the world, landlocked Burkina Faso has a high population density, few natural resources, and a fragile soil. About 90% of the population is engaged in (mainly subsistence) agriculture, which is highly vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment.
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