U.S. & Burkina Faso
2008 Commercial Guide
Chapter 6 - Investment Climate
Chapter 6-8 Transparency of Regulatory System
Burkina Faso's legal, regulatory, and accounting systems are transparent and consistent with international norms. It adheres to the West African Economic and Monetary Union's accounting system, Systeme Comptable Ouest Africain (SYSCOA). Introduced in 1998, SYSCOA allows enterprises to use the same accounting system. SYSCOA complies with international norms in force and is a source of economic and financial data.
The government of Burkina Faso uses transparent policies and effective laws to foster competition. According to National Assembly Law No 15-94, "prices of products, goods, and services must be established according to fair and sound competition." The government believes that cartels, the abuse of a position of superiority, restrictive practices, refusal to sell to consumers, discriminatory practices, unauthorized sales, and selling at a loss are practices that distort free competition.
Although some price controls have been lifted, the price of oil, essential generic drugs, tobacco, cotton, school supplies, water, electricity, and telecommunications are still regulated by the government.
The government does not use tax, labor, environmental, health and safety standards, or other laws and policies, to impede entrance of foreign investors into the marketplace.