Burkina Faso is taking a decisive step toward asserting greater control over its natural resources by revoking the permits of foreign gold mining companies. This bold move is part of a broader strategy to reduce Western influence in the country and empower local producers to manage the lucrative gold industry themselves. The announcement was made by President Ibrahim Traoré during a radio address on Saturday, marking the second anniversary of his leadership.
“We know how to mine our gold, and I don’t understand why we’re going to let multinationals come and mine it,” President Traoré said. He went on to confirm the government’s intent to withdraw mining permits from foreign entities currently operating in Burkina Faso, though he stopped short of naming specific companies whose licenses would be revoked.
Several prominent foreign companies are currently active in Burkina Faso’s gold sector, including Endeavour Mining from the UK, West African Resources based in Australia, Russia’s Nordgold, and Orezone Gold Corporation from Canada. These companies have played a significant role in the country’s gold production, but Traoré’s administration appears determined to shift that balance in favor of local enterprises.
This move reflects a broader trend in Burkina Faso’s recent political history, where the country has steadily distanced itself from long-standing Western alliances. In January 2022, a coup led by Lieutenant-Colonel Paul-Henri Sandaogo Damiba resulted in the ousting of then-President Roch Marc Christian Kaboré. Promising to improve the country’s security situation, Damiba took control, only to be deposed himself eight months later. Captain Ibrahim Traoré assumed leadership in September 2022, in the second coup of the year, citing Burkina Faso’s deteriorating security as justification for his actions.
Also, read; Paul Pogba’s Doping Ban Reduced from 4 Years to 18 Months
Under Traoré’s leadership, Burkina Faso has increasingly pivoted away from its Western ties, instead forging closer relationships with Russia. This shift has been accompanied by a crackdown on foreign media. In April, the government suspended several media outlets, including BBC Africa and the US-funded Voice of America, in response to their reporting on alleged extrajudicial killings by the Burkinabe military. The controversy arose following a Human Rights Watch (HRW) report that accused the army of massacring around 223 civilians in February. In response to this report, the government also suspended French broadcaster TV5Monde’s programming and restricted access to its website.
The government’s efforts to take control of the country’s gold resources signal a continued push toward greater economic independence. Gold mining is a critical industry in Burkina Faso, accounting for a significant portion of the country’s GDP and export revenue. However, much of the wealth generated from the sector has historically flowed to foreign companies, a situation that President Traoré’s administration appears eager to change.
By prioritizing local producers and reducing foreign influence, Burkina Faso aims to retain more of its gold wealth within its borders, potentially providing an economic boost to the nation. Whether this strategy will succeed in revitalizing the domestic mining sector while managing security concerns remains to be seen, but the government’s commitment to this new direction is clear.
For many Burkinabe, the move is seen as a reclaiming of the country’s natural wealth, though it could also signal a period of uncertainty for foreign investors who have long viewed Burkina Faso as a key player in West Africa’s mining industry. The transition may not be smooth, but the government is betting on its ability to develop the necessary infrastructure and expertise to manage its resources independently, and for now, that vision appears to be shaping the country’s future.
