The Burkina Faso government has officially inaugurated its first gold refinery, named Raffinor BF, on Monday, September 28, 2026, in Ouagadougou. The facility, located on a five-hectare site in Ouaga 2000, was inaugurated by President Ibrahim Traoré. This development marks a crucial milestone in the country's efforts to manage its gold resources more effectively. The refinery is equipped with a laboratory for gold analysis, a foundry, storage space for the metal, and a jewelry section.
The Raffinor BF project was launched on November 23, 2023, with the laying of the foundation stone by President Traoré. Prior to this, a significant portion of Burkina Faso's gold was sent abroad for refining. The new facility enables the country to process gold domestically, allowing for better control over this valuable resource and retention of a larger share of its value within the country. This move aligns with the government's objective of optimizing the benefits from its natural resources.
According to the Ministry of Mines, the gold refined by Raffinor BF is expected to reach a purity of 99.99%, meeting international standards. This achievement underscores the country's commitment to enhancing its gold sector. The ministry emphasized the significance of this development, stating, "Burkina's gold is now refined in Burkina." This marks a notable shift in the country's approach to managing its gold resources.
Gold remains a cornerstone of Burkina Faso's economy, being the country's primary export product. The sector plays a vital role in generating revenue for the state. Before recent reforms, gold exports accounted for 14.3% of the state's revenues, according to data from the Extractive Industries Transparency Initiative. However, gold production experienced a decline in 2022, dropping from 66.8 tonnes to 57.6 tonnes, representing a 13.7% decrease.
The establishment of Raffinor BF positions Burkina Faso alongside Mali and Ghana, which already operate their own gold refineries. This development reflects the authorities' determination to strengthen control over their mineral resources. By refining gold domestically, Burkina Faso aims to maximize the economic benefits from its gold production and enhance its economic stability.
The refinery's infrastructure includes an administrative building that will serve as the headquarters for the Société nationale des substances précieuses (SONASP). This integrated approach will facilitate more efficient management and oversight of the country's gold sector. The government's proactive measures are geared towards revitalizing the sector and ensuring that the country derives greater value from its natural resources.
With the inauguration of Raffinor BF, Burkina Faso has taken a significant step towards asserting control over its gold resources and enhancing the value of its exports. The refinery's capacity to process 400kg of gold per day is expected to contribute substantially to the country's economic growth and stability. This development has the potential to positively impact the country's revenue and reinforce its position in the regional and global gold market.
Key points
- Burkina Faso has inaugurated its first gold refinery, Raffinor BF, with a capacity to process 400kg of gold per day.
- The refinery is expected to produce gold with a purity of 99.99%, meeting international standards.
- This development enables Burkina Faso to join Mali and Ghana, which already operate their own gold refineries.
