Ouagadougou, Burkina Faso – August 15, 2024 – In a significant policy shift, Burkina Faso’s President Ibrahim Traoré has directed the Ministry of Mining to immediately halt all gold exports. Moving forward, the country’s gold will no longer be sent abroad for processing. Instead, Burkina Faso’s gold reserves will be utilized to back the nation’s currency, a bold move aimed at strengthening the country’s financial sovereignty.
This directive marks a major change in Burkina Faso’s approach to its gold resources, which have traditionally been a key export commodity. By retaining and leveraging its gold domestically, the government aims to enhance the stability and value of its currency, potentially reducing reliance on foreign financial systems.
The decision has already sparked discussions within the global markets, as Burkina Faso is one of Africa’s leading gold producers. The long-term impacts of this policy on both the local economy and international gold trade remain to be seen.
Muchee News will continue to monitor developments and provide updates on this unfolding story.
