Burkina Faso's government collected 422bn FCFA (€643mn) in revenue in October, against an initial forecast of 333bn FCFA (€508mn), Finance Minister Aboubakar Nacanabo said on November 2, according to the state daily Sidwaya. He also cited 143bn FCFA (€218mn) raised on the financial market against a target of 100bn FCFA (€152mn), although Sidwaya's report does not say whether that amount covers October alone.
Analysis: The minister's figures imply an 89bn FCFA (€136mn) revenue overshoot, or 27%, but no ministry document confirms the total or defines what it includes. A separate market-financing claim also conflicts with published auction results: UMOA-Titres records one October auction, raising the planned 40bn FCFA (€61mn). If the reported 143bn FCFA refers solely to October, approximately 103bn FCFA (€157mn) must have come from other operations, by our calculation. The budget execution report should clarify the figures. Another 30bn FCFA (€45.7mn) auction was scheduled for November 4.
Source: Éditions Sidwaya (state daily), Sidwaya, 'Montée des couleurs au Ministère de l'Economie et des Finances : « Chaque franc mobilisé doit contribuer à améliorer les conditions de vie des Burkinabè », dixit Dr Aboubakar Nacanabo', November 2, 2026 (statement by the Minister of Economy and Finance; credited to DCRP/MEF), October 2026; UMOA-Titres (regional agency for public securities), UMOA-Titres, Compte rendu d'adjudication BF ES 07.10.2026, Auction of 7 Oct 2026; UMOA-Titres (regional agency for public securities, Dakar), UMOA-Titres, Bulletin des statistiques du marché des titres publics, T3 2026 (76 pages, posted October 19, 2026), Q4 2026
Burkina Faso's Coris Bank International raised net profit 17.8% to 62.3bn FCFA (€95.0mn) in the first nine months of 2026, slower than the 23.5% rise in the first half, its quarterly report to the regional stock exchange BRVM showed. Net banking income rose 14.9%, while the bank said sales of stakes in some group subsidiaries had generated financial income in 2026, without giving an amount.
Analysis: One-off gains helped earnings. In the first half, the gap between pre-tax profit and operating profit after risk costs reached 6.4bn FCFA (€9.8mn), compared with just 68mn FCFA (€104,000) a year earlier, consistent with reported gains on fixed-asset sales. Excluding that contribution, nine-month pre-tax profit increased roughly 13%, rather than 23.9%, by our calculation. Third-quarter net profit grew only 7.8%. Deposits expanded faster than loans, adding liquidity. Shares have risen sharply this year, but audited results expected in March will be needed to distinguish underlying performance from exceptional gains.
Source: Coris Bank International SA, via the BRVM (regional stock exchange), Coris Bank International SA, Tableau d'activités trimestriel au 30 septembre 2026 (BRVM filing, dated October 28, 2026; scanned PDF read as rendered image), Jan–Sep 2026 and 30 Sep 2026; Agence Ecofin, Agence Ecofin, 'Coris Bank Burkina Faso Profit Rises 17.8% While Shares Nearly Triple in Value', October 30, 2026, 29 Oct 2026; Agence Ecofin, Agence Ecofin, October 30, 2026 (citing the bank's half-year financial statements), Jan–Jun 2026; Coris Bank International SA, via the BRVM (regional stock exchange), Coris Bank International SA, Tableau d'activités semestriel au 30 juin 2026 (BRVM filing 20260831; scanned PDF read as rendered image), H1 2026
Burkina Faso's state precious-metals company SONASP opened a gold-buying counter for artisanal miners and traders in Tenkodogo on October 29, its fourth after Bobo-Dioulasso, Gaoua and Banfora, news site Burkina24 reported. SONASP, created in 2023, had turnover of more than 3,200bn FCFA (€4.88bn) in 2025, making it the country's largest state-owned company, the outlet said.
Analysis: The reported turnover cannot be verified against published SONASP accounts. At face value, it would equal about 54% of Burkina Faso's 2025 recorded gold exports, by our calculation, although company sales and customs export values are not directly comparable. The 28 state enterprises reviewed in June reported combined turnover of 5,571bn FCFA (€8.49bn), and it was not clear whether SONASP was included. Additional purchasing offices expand the state's direct competition with licensed traders for artisanal gold, which accounted for an estimated 42 tons of the country's 94-ton output in 2025, according to APA. Audited disclosures would be needed to establish SONASP's market share.
Source: Burkina24 (online press), Burkina24, 'Tenkodogo : La SONASP ouvre un nouveau guichet d’achat d’or', October 30, 2026, 2025; Burkina24 (online press), Burkina24, October 30, 2026, As of 29 Oct 2026; INSD, INSD, Note trimestrielle sur les statistiques du commerce extérieur, quatrième trimestre 2025 (cover dated March 2026), Q1 2025 and Q2 2025 and Q3 2025 and Q4 2025; APA News, Ministère de l'Énergie, des Mines et des Carrières – rapport de performance 2025, via APA News, 2025; Burkina24 (online press), Burkina24, 'Entreprises publiques au Burkina Faso : une contribution record de 680 milliards F CFA au budget de l'État en 2025', 27 Jun 2026, 2025
Burkina Faso's terms of trade, which measure how much its exports can buy in imports, improved 50.2% in the second quarter of 2026 from a year earlier, statistics agency INSD said in its quarterly trade report. Export prices rose 37.1% while import prices fell 8.8%, lifting the index to 238.2, more than twice its 2022 base, the agency said.
Analysis: Gold accounts for 93.5% of exports, making its 33.6% annual price increase the main driver of the improvement. Import prices fell 8.8%, adding to the gain in purchasing power. Momentum may be slowing, however: the terms-of-trade index increased just 0.8% from the first quarter, following an 8.2% rise in the preceding quarter, by our calculation. Such concentration exposes the country to any reversal in gold prices, particularly when paying for imported fuel and equipment. The third-quarter trade report, expected early in 2027, may indicate whether the improvement has stalled.
Source: INSD, INSD, Note trimestrielle sur les statistiques du commerce extérieur, deuxième trimestre 2026, Q2 2026; INSD, https://www.insd.bf/sites/default/files/2026-10/SCE_2T2026.pdf, Q2 2026
Burkina Faso's imports from its Alliance of Sahel States (AES) partners Mali and Niger fell 80.4% from a year earlier to 1.6bn FCFA (€2.4mn) in the second quarter of 2026, statistics agency INSD said in its quarterly trade report. Exports to the two countries were 12.5bn FCFA (€19.1mn), or 0.5% of the total, while ECOWAS members, which no longer include the three AES states, supplied 23.6% of imports, the agency said.
Analysis: Trade with Burkina Faso's two Sahel alliance partners remains small compared with commerce with coastal ECOWAS members, which totaled around 304bn FCFA (€463mn) in the quarter—more than 21 times as much, by our calculation. Ghana supplied 61% of Burkina Faso's imports from ECOWAS, with refined fuel accounting for 51.6% of bloc supplies. Officials from the Sahel alliance and Togo are developing a customs union and origin-certification rules, but have not set an adoption date. Any changes could affect cross-border trade in fuel, animal feed and medicines, even if current recorded volumes are modest.
Source: INSD, INSD, Note trimestrielle sur les statistiques du commerce extérieur, deuxième trimestre 2026 (37 pages, posted late October 2026), Q2 2026; INSD, https://www.insd.bf/sites/default/files/2026-10/SCE_2T2026.pdf, Q2 2026
Chart of the week
Burkina Faso gold export receipts, bn FCFA per quarter
826.9
1,185.8
1,352.4
1,354.1
1,989.9
2,146.5
2,182.6
Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Value of non-monetary gold exports, from statistics agency INSD's quarterly foreign trade reports, fourth quarter of 2024 to second quarter of 2026.. Source: INSD, INSD, Note trimestrielle sur les statistiques du commerce extérieur, quatrième trimestre 2025 (cover dated March 2026), Q4 2024 and Q1 2025 and Q2 2025 and Q3 2025 and Q4 2025; INSD, INSD, Note trimestrielle SCE 1T2026, Q1 2026; INSD, https://www.insd.bf/sites/default/files/2026-10/SCE_2T2026.pdf, Q2 2026.
Tender of the week
Network-control simulation laboratory for SONABEL's training center
Buyer
National electricity company SONABEL, PEDECEL electrification project
Scope
Supply of grid-control simulation laboratory equipment for the training center of the national power utility SONABEL; single lot; delivery period 360 days; margin of preference not applicable.
Value
Not published
Funding
IsDB loan, financing BFA-1043 of May 10, 2023
Closes
Wednesday, November 18, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Burkina Faso's gold boom: higher receipts, new refinery and expanding mines
15 stories with workings, from public finance, banking, gold, trade, business conditions, cotton, housing, fuel, freight, industry, construction, mobile money and interest rates
Four key figures, from inflation and gold exports to Treasury bond yields, and every open tender in our records
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
