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Trade Facility
THE ENVIRONMENT OF BUSINESS: MAJOR REFORMS

The latest report of the International Financial Corporation (IFC) classes Burkina Faso among the top ten reform oriented countries of the world and the five best in Africa for the consistency in its efforts for reform in order to create a more incentive oriented business environment. On the harmonization of business law, according to the Organization for Harmonization of Business Law (OHADA) Burkina Faso has made significant advances as well as in terms of fighting against corruption, according to the latest report of International Transparency. In addition to the extensive program of privatization initiated in 1991, these reforms have been mainly legislative and regulatory as well as institutional.

The legislative and regulatory reforms were:

- Tax policy more pro-trade, under the customs union of WAEMU;
- The investment code with six privileged regime and one special regime for exporting companies;
- The mining code to make it more attractive;
- A more flexible labor code that is better adapted to the economic realities of enterprises;
- Public Markets to ensure more transparency in the competition.

Institutional measures

The main reforms were:
The restructuring of the National Foreign Trade Office (ONAC), the Chamber of Commerce and Industry of Burkina Faso (CCI-BF), the Burkinabe Chargers Council(CBC) to enable them to fully play their role of coach to the private sector;

The establishment of the annual Government - Private Sector meeting preceded by proximity sectoral meetings;

The establishment of a Center of single desks in charge of streamlining, simplifying and accelerating all formalities for setting up an enterprise, trade and investment;

The creation of a Trade Point in the framework of trade efficiency implemented by UNCTAD;
Capacity building of the Enterprise House to allow it to improve its offer of assistance to private enterprise by grouping within it a critical mass of services of council-support, information;

The creation of Centers of Business Formalities and a Facilitation Center for the Construction Acts thus simplifying the various administrative procedures;

The creation of a Center for Arbitration, Mediation and Conciliation in Ouagadougou for the settlement of conflicts related to trade;

The establishment of a Regulatory Authority of Public Works to ensure greater transparency in the execution of public contracts;

The establishment of a Presidential Council for Investment to boost investment in order to strengthen the dialogue between the Government, resident community of business men and supported by a non-resident businessmen community;

The creation of the Chartered Management Centers in Ouagadougou and Bobo-Dioulasso to assist SMEs in managing their enterprises by way of accounting support;

The creation of a national agency for promoting investments whose main objectives among others are to improve the competitiveness of SME/SMI and promote entrepreneurial dynamicin offering financial and non financial products tailored to the needs of the private sector.
 



 

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