John W Ffooks & Co - Strategy | Investment | Law > Africa
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Burkina Faso - Overview

Although a relatively poor country in the West African region, with one of the lower GDP per capita incomes standards, Burkina Faso, being a landlocked country, husbands what natural resources it has through subsistence agriculture, although there are viable mining opportunities, mainly through copper, iron, manganese and gold, which is both a boost for the economy and a source of employment.

The country also benefits from its cotton producing industry, and is applying pressure to the WTO, along with neighbouring countries, to curtail its subsidies to other prolific cotton manufacturers.
Outside of this, a significant percentage of Burkina Faso’s economic activity is funded by international aid.

The country has pursued a slow but steady privatization of state-owned enterprises, and an updated investment code has meant that foreign investors have been increasingly interested in the region which is resulting in more activity in the legal market. Gold exploration and production is on the rise, although the country’s economic situation can be affected by regional challenges, particularly in neighbouring Cote d'Ivoire.

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Burkina Faso - Experience

Acquisition of Industrial Company

Acting for a French-based international commodities house, we performed due diligence on this Burkinabé industrial company, including corporate, real estate and human resources. We then advised on the procedure for transferring shares to the Purchaser, appointing new management and staff and completing all relevant registrations.

International Outsourcing Service Provider

We have assisted this world-leading service provider in IT outsourcing in setting up in Chad. We have advised on company incorporation, outsourcing procedure and detailed employment and employee tax advice. We are assisting with employee notifications and transfers as well as all the relevant registrations and procedures.

Banking Regulation - Major International Bank

We have assisted a major international bank in determining its in-country rules for opening bank accounts and offering financial services. This involved a review of the regulatory environment, legislation and industry rules, as well as speaking to industry players in-country to determine established practice.

Banking Opinion – Major US Financial Institution

We were asked to provide an opinion to this major US finance house on taking and exercising security in the CAR, as well as how to deal with any funds which were realised.

Regulatory Review – Telecommunications Equipment

Acting for a US-based equipment manufacturer and service provider, we have reviewed the regulatory regime in 5 countries in the region to see what licences are required and how they are obtained for the installation and operation of the client’s equipment. We are providing further advice on a country-by-country basis as the client progresses.

Bankruptcy Law and Practise

We have written the chapter on bankruptcy in the Central African Republic for Thomson Reuter’s Inside the Minds: Bankruptcy Law Client Strategies in the Middle East and Africa.