Many studies in the past show that economic growth is the most robust instrument for reducing poverty and improving the quality of life in developing countries. Over the past decade, Burkina Faso has maintained consistently strong macroeconomic performance, with an average annual rate of GDP growth of about 6 percent. However, the country has failed to achieve a significant structural economic transformation to reduce extreme poverty and inequalities, with approximately 80 percent of the labor force employed in low paid agricultural jobs. The level of economic diversification remains low, with weak access to capital and low human capital and infrastructure. A reason is that this good performance has not been sufficient to effectively transform Burkina Faso. Therefore, in an attempt to address this problem, this study highlights the various binding constraints of Burkina Faso’s economic growth that prevent the country from embarking on a higher and sustained growth path, by adopting the decision-tree methodology proposed by Hausmann, Rodrik, and Velasco (2005) in their growth diagnostic. Two theories of economic development that fit well the case of Burkina Faso, have been used to formulate hypotheses (situations) and to develop an approach to identify the key underlying constraints based on the specific context of Burkina Faso’s economic performance. The first theory is related to the creation of a sufficient number of productive jobs through the structural transformation of the economy, and the second one is related to the provision of a minimum package of basic services and infrastructure to enable households to escape the poverty trap. This paper ended up by formulating a set of key priorities that are the most likely to enable Burkina Faso to facilitate the achievement of its goals of reducing poverty and inequalities.