Burkina Faso Leader Reclaims Gold, Expels Foreign Miners

Burkina Faso Leader Captain IbrahimTraore,, has recently made headlines by announcing a sweeping ban on gold exports from the country. This bold move is part of a larger strategy aimed at reclaiming national control over Burkina Faso’s abundant gold resources and ensuring that the wealth generated from these resources benefits the country’s citizens.

Traore’s decision underscores his commitment to ending foreign exploitation of Burkina Faso’s natural wealth and promoting sustainable, equitable economic development.

As one of the world’s major gold producers, Burkina Faso’s new policy is poised to have significant ramifications not only for the nation’s economy but also for the global gold market.

This unprecedented step marks a turning point in Burkina Faso’s approach to its natural resources and signals a new era of economic sovereignty and self-reliance.

Gold mining, a practice with a rich history, has fascinated people and driven economic growth worldwide for centuries. From ancient times to modern industrial practices, the search for gold has influenced history and remains significant today.

Can you identify a country where the president has the power to expel all international gold mining companies exploiting its gold reserves? Captain Ibrahim Traore of Burkina Faso has made such a historic decision.

He carefully assembled influential allies before making this bold move. Captain Traore revoked the mining permits of all foreign companies, including Russian ones, to reclaim control of the country’s resources.

It seems he discovered the secretive operations of multinational corporations in Burkina Faso. But how did he manage to cancel the licenses, and what are his plans for the vast amounts of gold that will stay in the country? We will learn more from this video. Captain Traore couldn’t understand why Burkina Faso remained one of the world’s poorest countries despite its rich gold deposits. He knew that France, the former colonial power, hindered the country’s ability to develop an independent gold industry through unfair trade agreements that benefited France disproportionately.

During his military service, Captain Traore noticed that French companies were prioritized for mining licenses and that Burkina Faso’s gold exports were subject to unfavorable pricing. France did not support the local gold mining industry, instead promoting reliance on foreign technology and expertise, which prevented the transfer of knowledge and skills to local citizens. This dependence on foreign actors made it harder for Burkina Faso to lead in gold mining.

Aware of France’s detrimental policies in the Sahel, Captain Traore aimed to liberate Burkina Faso from this cycle. He recognized France’s excessive political influence over Burkina Faso, which ensured policies favored French mining interests.

This included lobbying against policies that promoted local control of gold resources and pressuring the government to favor French companies.

To break free from the systemic trap, where the CFA Franc—a currency used by several West African countries—was used to exploit the gold industry, Captain Traore consolidated his powers. The fixed exchange rate of the CFA Franc to the Euro reduced Burkina Faso’s export competitiveness and potential gold export earnings.

France manipulated the CFA Franc’s value after acquiring significant amounts of gold from Burkina Faso, paying less than the original price. This exploitation highlighted France’s primary interest in benefiting from Burkina Faso’s resources with little regard for the country’s development.

Since taking office over a year ago, Captain Traore has pursued his plans. In a dramatic move that reverberated across Africa and beyond, he announced the expulsion of all foreign mining companies to regain control of Burkina Faso’s gold resources.

This decision directly impacted major companies like B2 Gold, Nordgold, Endeavor Mining, Semafo, Fortuna Silver Mines, and Hummingbird Resources, disrupting Western business.