MOSCOW, October 31 (RIA Novosti) — The landlocked West-African state of Burkina Faso is facing a major challenge to its erratic development, as a lengthy and violent transition of political power may ruin the work of multibillion dollar international efforts to help the nation get on track.
As the anti-government protests escalate in Burkina Faso, there are concerns that this struggle for democracy, already dubbed the ‘Black Spring’, may severely damage the nation’s economic prospects in the case of a prolonged standoff. The current Burkina Faso leader, Blaise Compaoré, has been in power for 28 years already and despite his rule having been corrupt and inefficient, the timing of the anti-authoritarian protest and the chaos created by the power transition, may render the country helpless in the face of looming threat of economic collapse.
As for the economy, Compaoré has long claimed his rule provided stability, development and economic growth, however, the facts say quite the opposite. According to World Bank estimates, roughly 80% of the 17-million population are heavily reliant on subsistence agriculture, while the nation’s main income source is exported cotton. Only a small portion of the economy is actually involved in industrial production and services. Gold deposits have been discovered recently and during the last three years, gold exports have become a significant source of income. The primary economic risks to the country have been a high reliance on the international commodities market, the constant threat of drought and poorly instituted educational and social development projects. These risks have negatively affecting the nation’s economy since 2013 and has contributed to the current escalation of political tensions.
Last year, the nation’s gold export generated income decreased sharply as global prices fell sharply in April 2013 and have been declining ever since. Cotton prices have also stagnated and the economy has slowed to only 6.6%.
The World Bank has several development projects in Western Africa and in particular, Burkina Faso. First, its drylands planting programme, designed to help local farmers become self-sustainable against the advancing desert. Second, there is the $1.5 bn-dollar “Sahel Initiative”. Launched in November 2013, it provides regional investment for food producing sectors of several economies, including Burkina Faso. Third, there is a World Bank initiative to support mining.
“All of these projects are in line with the Bank Group’s goals of economic growth and reducing extreme poverty. Supporting the country in further breaking down constraints will help increase and diversify exports, which have been one of the key drivers of economic growth here in Burkina,” said Mariam Diop of the World Bank. “It’s reforms like these—both nationally and regionally—that will help facilitate trade, give more room to increase exports, make economic growth more inclusive, and share its dividends. The country needs to move forward, to a second generation of reforms on business climate and trade facilitation,” she added.
However, there is no greater obstacle to reform than the authoritarian Compaoré rule. The ultimate goal of the protesters is to see Compaoré leave office amid push for change, Washington Post alleges. But the aforementioned risks will be devastating for the nation’s economic capacity in case of prolonged uncertainty.
"If Burkina became lastingly unstable that would be bad news as it would make it more vulnerable to criminal and terror groups that are still active in the region," Pierre Englebert of Pomona College said as quoted by the Washington Post.
This, however, does not mean the Burkinabe people should not struggle to gain their freedom and enforce change in political leadership. The authoritarian ruler has proven his inability to formulate a firm response to the economic challenges and has demonstrated a stunning unwillingness to tackle poverty and ensure stable development. For all intensive purposes, the current turmoil in Burkina Faso was inevitable, and the situation will only deteriorate if the regime holds onto its grasp of power.
