Public Management

Burkina Faso Suspends Artisanal Gold Exports to Tackle Illicit Trade, Clean up Sector

Burkina Faso Suspends Artisanal Gold Exports to Tackle Illicit Trade, Clean up Sector
Monday, 26 February 2024 13:08

Across Burkina Faso and neighboring gold-producing nations, the vast majority of artisanal mining output avoids formal channels, depriving governments of billions and undermining regional security.

Burkina Faso's Minister of Energy, Mines and Quarries, Yacouba Gouba, has announced an immediate suspension of gold and other precious metals exports from artisanal and semi-mechanized mines, according to a press release issued February 20.

The action aims to "clean up the sector and better organize the marketing of gold and precious substances," the statement said. Miners can sell their production during the suspension period to the state-owned Société Nationale des Substances Précieuses (SONASP), though the selling price remains unclear.

Burkina Faso faces a significant challenge with unregulated artisanal gold production, mirroring a regional trend. In 2019, then-Minister of Mines Oumarou Idani told Reuters only 200-400 kg of the estimated 9.5 tons of annual artisanal gold output was declared officially.

Beyond lost tax revenue, illicit gold exports fuel insecurity in Burkina Faso and the wider Sahel region. A February 7 report by the Economic Community of West African States (ECOWAS) highlights the involvement of armed groups in the Sahel region, who either tax or directly engage in artisanal gold mining activities. To combat this, the report advocates for formalizing artisanal and small-scale mining across the region. Proposed solutions include establishing cooperatives for miners to share resources and creating designated gold mining zones.

Emiliano Tossou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Togo raises $53M via bonds and bills, surpassing 30B XOF target Auction saw 160.86% bid coverage; OATs issued at 6.25% for three years Total...
Africa’s instant payment systems processed 64 billion transactions worth $1.98 trillion in 2024, according to AfricaNenda. The continent counted...
EIB and ZICB to mobilize €30M for Zambian agribusiness SMEs 30% of funds reserved for women-led enterprises; €4M risk-sharing...
IFC lends 170 million rand to Lula to boost digital, unsecured SME lending 80% of funds will support micro and small enterprises Deal strengthens a...
Most Read
01

Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...

UAE faces backlash over alleged role in Sudan’s gold and arms trade
02

DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...

DRC in Talks with Alibaba, Isoftstone to Develop a Chinese-Style E-Commerce Model
03

West African officials met in Lomé to improve municipal finances for crisis response Talks focuse...

West African Officials Draft Crisis-Proof Budget Strategy in Lomé
04

Launch led by Maroc Telecom, Orange, and Inwi Rollout targets 25% coverage by end-2025 under Digi...

Morocco Launches 5G Nationwide Ahead of 2025 Africa Cup of Nations
05

The Bank expects a 41% rise in 2025 and a further 6% increase in 2026. Gold topped $4,00...

World Bank sees precious metal prices staying high until 2027
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.