By: The Fatu Network Editorial
Burkina Faso continues to expand state control over its industrial mining sector to reclaim national wealth from its gold resources. President Captain Ibrahim Traoré has made resource sovereignty a key part of his agenda, advocating for reforms that prioritize national interests over foreign ownership.
The government recently reached a deal to acquire the Boungou and Wahgnion gold mines for $80 million. These mines were previously operated by London-listed Endeavour Mining, a major gold producer in West Africa. The newly formed state-owned company has taken control of these operations with the stated aim of redirecting profits towards infrastructure, education, and healthcare.
“We know how to mine our gold, and I don’t understand why we’re going to let multinationals come and mine it,” Traoré said in a recent address.
The gold sector accounts for approximately 12% of Burkina Faso’s GDP, making it the fourth-largest gold producer in Africa, with annual production of around 58 tonnes, according to TheAfricaReport.
While international investors and organizations like the World Bank and IMF have raised concerns about the potential impact on foreign investment, many citizens view the shift as a step toward greater economic sovereignty.
