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
African experts urge G20 to address bias in global credit ratings Report says unfair ratings raise borrowing costs, harm development efforts AU plans...
Government released a first tranche of UGX 529 billion ($145 million) to fund more than 10,589 cooperatives. Each cooperative will receive UGX...
Atlantic Group aims to expand into industrial sectors, including the creation of a cement production unit and potential mining projects. The...
Orange Mali secures €80M loan to expand 4G and fiber networks Project to improve internet for 300,000 users, focus on rural...
Most Read
01

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
02

The new unified platform replaces the NIBSS Instant Payments system. It connects banks, finte...

Nigeria Launches National Payment Stack, Targets Faster Digital Transactions
03

DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...

DRC, Eyeing AI for Farms and Mines, Seeks to Launch Academy with China’s Huawei
04

Ghana to allocate $2.8B in 2026 budget for major road infrastructure push Funding targ...

Ghana to Allocate $2.8 Billion for Road Development in 2026
05

Somalia and Algeria signed multiple agreements covering education, agriculture, energy, diplomacy,...

Somalia’s President Sheikh Mohamud Signs Multiple Cooperation Agreements in Algeria
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.