Mali Economy

Mali Economy


  • Basic data

Mali, a small West African economy, is heavily dependent on agriculture (cotton) and industry (mainly gold mining). Political fragility related to a military coup in 2020, widespread uncertainty, a shift away from traditional partners (France) and, conversely, a strengthening of cooperation with Russia (against the background of the conflict in Ukraine), will continue to undermine the interest of some investors. Following the 2020 coup and the January 2022 CEDEAO/ECOWAS sanctions, political instability continues to prevail. The risk of continued military interference in the political and economic sphere remains.

  • Public finances and the state budget

According to, the current account will remain volatile and dependent on commodity prices, which are and will continue to be affected by the economic sanctions imposed on Mali by CEDEAO/ECOWAS in January 2022. The ratio of the current account deficit to GDP will widen as import costs rise faster than export earnings. The socio-economic development of the northern and central regions will continue to be the main political goal. However, progress is likely to be hindered by factors such as the fragile security situation, insufficient infrastructure and insufficient funding.

  • Banking system
  • The Malian banking system consists of a branch of the Central Bank of the West African States BCEAO (Banque Centrale des Etats de l’Afrique de l’Ouest) for Mali in Bamako and two sub-branches in Mopti and in Sikasso, 13 banks and 3 specialized financial institutions. Their overview is given on the BCEAO website ( in the Paysage bancaire chapter of the Système bancaire et financier section, for example Bank of Africa – Mali, Banque Internationale pour le Commerce et l’Industrie au Mali or Banque Internationale pour le Mali. The main Malian insurance companies are listed on the website of the Federation of African Insurance Companies FANAF ( in the Mali chapter of the Sociétés membres section, for example Allianz Mali Assurances, Nouvelle Alliance d’Assurance or Saham Assurance Mali. The tax system establishes taxes for both natural and legal persons.
  • Tax System
  • The main tax for individuals is income tax, which is progressive according to individual bands. The withholding tax on dividends and similar income is 10%. The value added tax rate is 18%. A detailed overview of all taxes can be found on the website of the DGI tax administration ( In addition, employers pay a contribution of 21-24% of their gross salary to the social security of their employees.

Basic data

1st paragraph: Outlook and state of GDP, indebtedness, fiscal stability, shocks, possible overheating of the economy, capital, regional comparison, inflation and unemployment.

2nd paragraph: Brief description of the structure of the economy (what is its main added value, what it produces, what it imports, etc.)

Table from MOP + additionally balance of payments, indebtedness/GDP.

Pointer 2019 2020 2021 2022 2023
GDP growth (%) 4.8 -2.5 3.5 2.3 2.7
GDP/population (USD/PPP) 2,581.50 2,490.00 2,580.00 2,660.00 2,720.0
Inflation (%) -1.7 0.4 2.6 3.1 2.4
Unemployment (%) 7.2 7.5 7.6 7.4 7.4
Export of goods (billion USD) 3.9 4 5.2 5.3 5.4
Import of goods (billion USD) 4.7 4.4 5 5.2 5.4
Trade Balance (Billion USD) -0.5 0.3 0.4 0.4 0.3
Industrial production (% change) ON ON ON ON ON
Population (millions) 18.5 19.1 19.7 20.3 21
Competitiveness ON ON ON ON ON
OECD export risk 07.VII 07.VII 07.VII ON ON

Source: EIU, OECD, IMD

Public finance and state budget

Public finance 2021
State budget balance (% of GDP) -5.5
Public debt (% of GDP) 43.5
Current account balance (billion USD) 0
Taxes 2022

1st paragraph: Current status + outlook. (information mostly from EIU)

Paragraph 2: Balance of payments, foreign exchange reserves, description of data in the table in the public finance section (i.e. state budget deficit/GDP, public debt/GDP), foreign indebtedness, debt service

Banking system

How does the banking system fare, closedness/openness of the system, regulation, development of interest rates, the strongest top 5 banks (domestic + possibly foreign) + a comment on each of them, information on letters of credit, any specifics (e.g. Islamic banks)

Tax system

(if possible use Deloitte tax guides and highlights, available on the website )

1 paragraph Clear/unclear, stable/unstable tax system.

2 paragraph Taxation of FO (total and who bears it), PO, VAT.

3 paragraph. Expected development.

Mali Economy