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Burkina Faso set to surpass Mali as fourth largest economy in CFA zone by 2024 (IMF)

Tuesday, 23 April 2024 15:19
Burkina Faso set to surpass Mali as fourth largest economy in CFA zone by 2024 (IMF)

(Ecofin Agency) - Collectively, the three AES countries will have a combined GDP of $62.3 billion. Burkina Faso will lead the way, overtaking its neighbor Mali, according to the IMF. Ouagadougou will nevertheless lag far behind the region's leading economy, Côte d'Ivoire, which will post a GDP of $86.9 billion this year.

The International Monetary Fund (IMF) forecasts Burkina Faso to become the fourth-largest economy in the CFA franc zone in 2024, overtaking its neighbor Mali, which will now fall back to fifth place, despite an increase in its economy to $21.6 billion (from $20.6 billion).

According to the institution's data, Burkina Faso's economy, estimated at $20.3 billion (at current prices) in 2023, will reach $21.9 billion this year, ranking behind Côte d'Ivoire, Cameroon, and Senegal. Despite political changes impacting both Burkina Faso and Mali in recent years, particularly their withdrawal from the Economic Community of West African States (ECOWAS), these nations are poised to transition from the CFA franc, which they view as a relic of colonialism, to a new shared currency with Niger. However, the full impact on their GDP remains uncertain pending further details. Primarily reliant on mining resources, both Mali and Burkina Faso are undergoing significant political shifts with potential economic repercussions.

In the CFA franc zone, Côte d'Ivoire maintains its lead among the top economies, fueled by sustained economic growth and ongoing oil and gas projects. The Ivorian economy is expected to surpass $100 billion for the first time in 2026, reaching $109 billion by 2027.

Ranking of CFA zone economies in 2024 according to IMF projections

  1. Côte d'Ivoire - $86.91 billion
  2. Cameroon - $53.20 billion
  3. Senegal - $35.45 billion
  4. Burkina Faso - $21.90 billion
  5. Mali - $21.66 billion
  6. Benin - $21.37 billion
  7. Gabon - $21.01 billion
  8. Niger - $18.81 billion
  9. Chad - $18.69 billion
  10. Republic of Congo - $15.50 billion
  11. Equatorial Guinea - $10.70 billion
  12. Togo - $9.83 billion
  13. Central African Republic - $2.81 billion
  14. Guinea-Bissau - $2.15 billion

Additional Info

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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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