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Burkina Faso

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Ibrahim Traore Makes The West To BEG as He Ends Gold Sales To The West Burkina Faso is the 14th largest producer of gold, generating an impressive 70,000 kg in 2022. However, unfortunately, none of this gold remains in Burkina Faso, and the payments for it are not fair. Instead, European companies exploit Burkina Faso's gold and other minerals. The young people of Burkina Faso work in terrible conditions in the gold mines for these European companies, who pay them very little. All the gold ends up in the coffers of European banks, leaving nothing for the people of Burkina Faso. As a result, 40% of the population lives below the poverty line, and Burkina Faso ranks 184th out of 191 countries in the Human Development Index. But now, the military leader and President of Burkina Faso, Ibrahim Traore, has announced a strategy to change this situation. He vows that the West will no longer obtain gold from Burkina Faso at below-market prices. He aims to regain control of the country's reserves and put an end to the exploitation. The details of his plan are yet to be revealed. Captain Ibrahim Traore, the Head of State of Burkina Faso, recently declared that the era of freely exporting gold to the Western world is over. Despite coming to power through a military coup, he is determined to correct the mistakes made by previous leaders regarding the nation's natural resources, finances, and overall progress. In the past, Africans have risked their lives to extract these resources, often resorting to hazardous methods such as using mercury and engaging in small-scale mining operations. Unfortunately, the fruits of their labor are taken by intermediaries who purchase these resources at significantly reduced prices. These intermediaries then sell the resources in Western markets, reaping substantial profits that remain outside of Africa. President Ibrahim Traore is committed to ending this exploitation once and for all. He highlighted the challenges faced by many Africans involved in dangerous mining operations to extract gold. These individuals receive minimal compensation when selling their gold in the African market. Subsequently, the gold is exported to Western markets, benefiting others while neglecting the needs of local communities. This practice not only hampers job creation but also hinders overall development as the money is drained away from the local economy. Burkina Faso faces a significant challenge when it comes to the prominent mining company, Endeavour Mining. This multinational corporation, based in the UK, holds a dominant position in Burkina Faso's gold mining sector, controlling nearly one-third of the country's gold market. To complicate matters further, Endeavour Mining acquired the Mana mine in July 2020 as part of its takeover of a Canada-based gold miner. This situation highlights a recurring issue where ownership of African resources often falls into the hands of foreign entities. Previously, a Canadian company owned the mine, and now it is owned by a UK-based firm. Data reveals a troubling reality: Endeavour Mining, a foreign entity, holds a substantial 90% share in the mine, while the Burkina Faso government only holds a mere 10% stake. This demonstrates the overwhelming foreign control.