November 23rd, 2023 – Seeking to capture the full economic potential of its resources, Burkina Faso broke ground on its first gold refinery on a 5-hectare site within the capital city of Ouagadougou. This landmark project marks a bold step towards reclaiming control over the country’s most prized resource and maximizing its economic potential.
For years, Burkina Faso, Africa’s fourth-largest gold producer, has shipped unrefined ore abroad, relinquishing substantial value in the refining process. This dependence on foreign hands not only limited financial gains but also obscured the true worth of the country’s resources.
The new refinery promises to transform the Burkinabé gold industry. With an annual capacity of 150 tons of pure gold, it will empower Burkina Faso to capture the full economic value of its mineral wealth. The first glint of refined gold bars is expected within 11 months.
To further capitalize on this endeavour, authorities are considering the establishment of a state-owned mining company. Such an entity, vested with the nation’s interests, could manage and operate new gold mines, ensuring transparency and maximizing profits for the people of Burkina Faso.
The road ahead may be laced with challenges, but the spirit of Burkina Faso is resolute. With the first refinery as its cornerstone, and the dream of a national mining company as its compass, the nation is poised to rewrite its golden narrative, one gleaming bar at a time.
The construction of the gold refinery became a symbolic gesture of the junta’s commitment to economic revitalization. In January 2022, a military coup-d’état overthrew President Roch Marc Christian Kaboré, citing his inability to address security concerns and growing dissatisfaction with the government’s performance.
The military junta – known as the Transitional Government of Burkina Faso – now led by Captain Ibrahim Traoré, initially faced international condemnation and sanctions. However, they quickly embarked on a diplomatic offensive, promising a swift return to civilian rule and focusing on tackling the country’s pressing issues, including insecurity and economic stagnation.