Driven by gold mining, Burkina Faso's mining sector accounts for 16% of GDP and 80% of exports, according to the latest EITI data. To increase the sector's contribution to the economy, the government said it will build a refinery to process gold locally.
Burkina Faso’s President, Ibrahim Traoré, laid the foundation stone for a national gold refinery on November 23, 2023. With an annual refining capacity of 150 tonnes, the facility, whose total cost has not been disclosed, will produce its first gold eleven months from now. The project is developed in partnership with Marena Gold, a local company.
The refinery will be the first in the country. It will house a jewellery store and the future headquarters of the Société Nationale des Substances Précieuses, which oversees the project on behalf of the State. The facility should create 100 direct jobs and over 5,000 indirect jobs, according to the authorities.
"We will no longer be refining our gold abroad but have it refined. And we will know what the real value of the raw gold that comes out of our mines is," stressed President Traoré, in a speech read on his behalf by the Minister of Mines, Simon Pierre Boussim.
Gold is Burkina Faso's leading export product. The country produced 57.6 tonnes in 2022, down 14% year-on-year.
Local processing is gradually becoming a priority for several African mining countries, which have long exported their raw production. In the gold sector, particularly, most of the continent's producers have their gold processed in refineries in South Africa, Switzerland, or China. As Africa's third-largest gold producer by 2022, Mali could follow in the footsteps of its neighbor Burkina Faso, following the signing this week of a memorandum of understanding with Russia for the construction of a gold refinery.
Emiliano Tossou
Nearly 400,000 mango seedlings distributed to farmers nationwide from June to August 2025. Pr...
Growth is projected at 27% annually, with agriculture, finance, and health sectors leading adoption—...
MTN and SANTACO signed a reseller deal on 13 Aug 2025. Gauteng taxis gain MTN data, ICT, fintech ...
• AU launches campaign to replace distorted Mercator map projection• Equal Earth map promoted to sho...
• GDP growth will ease to 3.5% in 2025 from 3.7% in 2024 and below the 3.8% forecast.• Drought-hit l...
• Eskom opens bidding for 291 MW of solar power under long-term PPAs.• First renewable plants expected online by December 2027.• Coal still dominant at...
• Algeria approves live sheep imports from Brazil• Move aims to offset drought-hit domestic production• Brazil seeks stronger agricultural trade with...
• Lindian approves Kangankunde rare earths mine investment in Malawi• Raises A$91.5M, secures $20M loan, Iluka signs offtake deal• Targets 15,300...
• Tokyo to commit $1.5 billion in impact investments at TICAD-9 in Yokohama.• Funds to target emissions reduction and sustainable development...
Yambi City is an annual festival that takes place every year-end in Kinshasa, driven by the Afrika Diva collective and spearheaded by activist rapper...
Galerie36 in Dakar showcases modern African art, fostering cultural exchange. Ayofemi Kirby’s intimate gallery redefines art spaces with a community...