The Burkinabe government has officially nationalized the Société Burkinabè des Fibres Textiles (SOFITEX), assuming 100% control of the nation’s leading cotton company.
The decision was formalized during a Council of Ministers meeting on Thursday, April 16, 2026, chaired by Captain Ibrahim Traoré. This move is a centerpiece of Burkina Faso’s ongoing strategy to consolidate economic sovereignty by taking full ownership of strategic industrial assets.
Prior to this decree, the state held an 89% stake in the CFAF 19.5 billion company, with the remainder split between public entities and private international and domestic investors. Minister of Industry, Trade, and Handicrafts Serge Gnaniodem Poda explained that the buyout of private shares was necessary to address deep-seated structural issues. In recent years, SOFITEX has struggled with high debt, rising operating costs, and chronic delays in payments to cotton farmers—problems exacerbated by the volatile global prices of commodities and agricultural inputs.
By becoming the sole shareholder, the government aims to stabilize the sector and revitalize the company’s performance. This nationalization follows a consistent pattern of state intervention in key industries over the past two years. Similar moves were made with the textile firm SN-CITEC in late 2025, the transfer of mining assets to SOPAMIB in mid-2025, and the earlier nationalization of the Commercial Bank of Burkina (BCB) and the sugar producer SN-SOSUCO in 2024.
HO/te/Sf/lb/abj/APA