Business practices in West Africa
The business practices in West Africa are strongly influenced by indigenous values and trends. With Africa’s cultural diversity of people, places and values it is important to understand these ethical principles and practices in West Africa to build framework of business. In a steadily evolving Africa, the demand for sustainability in business is becoming more resonant.
The Changing Face of West Africa - Burkina Faso
The world’s attention has turned towards Africa due to the recent economic reforms in African countries. Positive moves from African governments played a good role in promoting Africa as a viable business partner and it is evident in Burkina Faso as well. Goods manufactured in far eastern countries of China, Taiwan, Korea, Malaysia, Indonesia and Japan are now being introduced in the African market. Other countries in Africa are realising the benefits of doing business with them and are emerging as one of the major markets in Africa.
Burkina Faso – The Market of Tomorrow
Business relations between Africa and the rest of the world is dating back to several centuries. With a population of nearly 1.3 billion, Africa is a continent with enormous physical resources. It’s considerable cultural diversity, if understood, helps in establishing good and successful business. To manage these cultural differences, one must understand the need for individual networks, references, respect for hierarchy, titles and age play in African business community.
The World Economic Forum (WEF) has listed in its comprehensive Africa Competitiveness Report, the list of Africa's top performers in their order of ranking. Burkina Faso ranks 15th in this list and it is truly an emerging market of tomorrow.
As more and more opportunities present themselves, Burkina Faso is sure to emerge as one of the most profitable places to do business with – those who do not take notice of this tremendous potential in the coming years surely risk getting left behind in the race.