World

Ranking of CFA zone GDP: Ivory Coast heading towards $109 billion, Burkina Faso overtakes Mali

By:Souleymane Loum

In this security, political and economic magma in the Sahel, which the coups have not subdued, quite the contrary, some are doing better than others. Mali, Burkina Faso and Niger have pulled on the Alliance of Sahel States (AES) to free themselves from ECOWAS (Economic Community of West African States) and its cohort of sanctions. However, the economic destinies of the three countries are diverse. In 2024, Burkina will dislodge Mali from 4th place in the ranking of CFA zone economies, according to the IMF…

According to the international institution, the AES countries will post 62.3 billion dollars in cumulative GDP, but it is Burkina Faso which will do best, according to the latest indicators of regional economic prospects. published this April. Neighbour Mali will be downgraded to 5th place in the CFA zone. According to these data, the Burkinabe economy, esteemed at $20.3 billion (at current prices) in 2023, will grow to $21.9 billion this year.

Only Ivory Coast, Cameroon and Senegal will do better in 2024 than Burkina Faso. Ouagadougou is certainly extremely far from the leader, Abidjan, with its GDP of 86.9 billion dollars this year, but the Burkinabé have good grounds to believe in it, particularly with the reform of the Mining Code. Mali has also advanced, with a GDP of 20.6 billion dollars in 2023 and 21.6 billion this year, but not enough to keep its 4th place.

Mali and Burkina Faso are known for their mineral resources, but to get the utmost benefit from them, the security, political and constitutional wars will have to be won. From this point of view, the Burkinabé junta is better off than the coup plotters in Mali, who face increasing pressure to restore constitutional order and return power to civilians, after proper elections.

The fight is also financial and economic. Since they indicated their inclination to cut ties with ECOWAS and the regional currency, a clear sign of colonialism – they are the ones who say it –, the CFA Franc, the markets have tensed up, frightened by the prospect of a future that disillusioned. This is the cause why last January Burkina Faso had to give up its exit from the regional market to collect 35 billion FCFA.

So will the future currency brandished by the AES and the Economic Union behind it keep their pledges? No one knows, what is certain is that the announcement of the lifting of ECOWAS sanctions has done good for the economies of the Sahel, which demonstrates that the West African community has good things. It will not be easy to suppress the regional organization, whatever the military juntas say, who until now have not provided proof that their reign is more beneficial than the heads of state they ejected. all chosen by voters.

Now a comment about the regional leader, Ivory Coast. The country of Alassane Ouattara continues its accomplishments: Solid growth over time, the raising of its credit rating by the American agency Moody’s (to the same level as Brazil and Vietnam all the same!) and now the entry in the capital of the European Bank for Reconstruction and Development (EBRD)…

And then there are above all the horizons, wide open. Abidjan is poised to reap big gains from the exploitation of its immense oil and gas resources, enough to propel its GDP to 100 billion dollars in 2026 and 109 billion in 2027. Who says better among the economies of the region? Person…

Ranking of CFA zone economies in 2024 according to IMF forecasts

Rank Country GDP (billion dollars)

1 Ivory Coast 86.91

2 Cameroon 53.20

3 Senegal 35.45

4 Burkina Faso 21.90

5 Mali 21.66

6 Benin 21.37

7 Gabon 21.01

8 Niger 18.81

9 Chad 18.69

10 Republic of Congo 15.50