In a desire to regulate and organize the gold sector in Burkina Faso, the Minister of Mines Yacouba Zabré Gouba recently took an unprecedented measure: the suspension of the export of gold from artisanal production. This decision aims to strengthen state revenues, supply the future national refinery and fight against the financing of terrorist activities in the Sahel region, fueled by illegal gold panning.
The suspension caused surprise and even panic among players in the sector, but it is important to emphasize that only legal producers are affected, thus avoiding any impact on industrial and legal gold production in the country. This initiative recalls the time when gold production was supervised by public entities before its liberalization in the 1990s.
From now on, holders of gold intended for export will have to sell it to the National Society of Precious Substances. However, questions remain regarding the implementation of this new regulation, particularly regarding collection, purchase price, liquidity availability and the impact on contracts already concluded with foreign companies.
This decision clearly aims to rationalize the gold sector in Burkina Faso, by ensuring greater transparency and better security of mining activities. It paves the way for a deeper restructuring of the gold market in the country, with the aim of strengthening the national economy and ensuring more responsible exploitation of the country’s mineral resources.