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Burkina Faso launches community entrepreneurship program to stimulate local development

Tuesday, 13 June 2023 20:04
Burkina Faso launches community entrepreneurship program to stimulate local development

(Ecofin Agency) - In recent years, Burkina Faso has been facing the challenge of terrorist attacks, which pose a threat to its stability and hinder its economic progress. To address this issue, a program has been initiated to strengthen resilience through the establishment of community-owned businesses.

In Burkina Faso, transitional President Captain Ibrahim Traoré (photo) recently launched a community entrepreneurship program to stimulate the country's endogenous and inclusive development. The news was disclosed by the presidency on Monday, June 12.  

The program aims to stimulate the creation of community businesses specializing in the production, processing, and marketing of local products in sectors like agriculture, mining, and industry. It will also promote the creation of job opportunities for young people.

The project is led by the community entrepreneurship promotion agency APEC, with the technical supervision of the cooperative company SCOOP-CA. The community businesses created will solely be owned by the Burkina Faso population. 

"We strongly believe that this community shareholding approach is an effective alternative for meeting the economic, social, and political challenges we face," said Finance Minister Aboubakar Nacanabo.

APEC intends to start the initiative with the expansion of tomato paste manufacturer SOFATO to include two new processing plants and the establishment of a semi-mechanized gold mining company for operations on three sites. Other projects include an agricultural mechanization and intensification project to create one million direct jobs within two years and a central purchasing office for local produce.

Subscriptions start at CFAF15,000 ($25), including CFAF5,000 for registration at the SCOOP-CA and CFAF10,000 to acquire shares. Subscription is open to all Burkinabés, at home and abroad, who can purchase an unlimited number of shares.

Over the past few years, the country has been facing terrorist attacks in its northern region. The attack worsened the food crisis and heavily affect the state budget. When he came to power in September 2022, Captain Ibrahim Traoré made clear his goal to stabilize the country and boost economic development. 

"No one can create the future we want for our country. It is up to us to invent it, create, nurture it, and make it our own,” he said when launching the community program. 

Charlène N’dimon (Intern)

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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