Stabilizing security conditions that enabled a recovery in mining and agricultural output, alongside high gold prices, will support Burkina Faso’s economic growth and the narrowing of its twin deficits. Administrative continuity has been maintained despite the 2022 military coups and debt payments have been made fully and on time, demonstrating resilience in the face of challenging operating conditions and successive geopolitical shocks. Medium-term institutional and political risks remain high, but we think near-term pressures have eased, with multilateral engagement and WAEMU membership providing a policy anchor. Therefore, we raised our long-term and short-term foreign and local currency sovereign credit ratings on Burkina Faso to'B-/B'from'CCC+/C'. The outlook is stable. On Nov. 6, 2026, S&P Global Ratings raised its
