On September 28, 2026, in Ouagadougou, Burkina Faso, President Ibrahim Traoré, also known as the Capitaine, emphasized the importance of transforming, controlling, valorizing, and certifying the country's gold locally. At the inauguration of RAFFINOR-BF, the nation's first gold refinery, he stated that merely extracting gold was no longer sufficient. The President highlighted that each gram of gold should significantly contribute to Burkina Faso's economic and social development.
The President's vision for Burkina Faso's gold industry involves creating more wealth, jobs, and improving financial flow control. He believes that local refining will enhance the country's position in the gold value chain and retain more benefits within the nation. The construction of RAFFINOR-BF, located in Ouaga 2000, required an investment of 11 billion FCFA and spans five hectares. The refinery is equipped with a foundry, analysis laboratory, secure storage, and a jewelry unit.
RAFFINOR-BF has an initial refining capacity of 164 tonnes of gold per year. Plans are underway for a second installation that will increase the overall refining capacity to 515 tonnes annually. The project is a collaboration between the State, the Société nationale des substances précieuses du Burkina Faso (SONASP), and private partners. President Traoré stressed that the goal goes beyond building a factory; it is about changing Burkina Faso's role in the gold value chain.
The President urged the refinery's management to maintain high standards of integrity, transparency, and performance. He emphasized that the facility should serve as a model, inspiring confidence among producers, buyers, and financial institutions. According to Traoré, Burkina Faso's natural resources belong to its people and should improve their lives while respecting the environment and social justice.
President Traoré also highlighted the importance of fighting fraud, clandestine trade, and money laundering through better control of the gold chain. The local refining of gold is expected to create more qualified jobs and enhance the traceability of production. The President concluded that Burkina Faso's wealth should primarily contribute to the nation's development.
The inauguration of RAFFINOR-BF marks a significant milestone in Burkina Faso's efforts to maximize the benefits of its gold resources. The country's strategy aims to move beyond mere extraction and exportation of raw materials. By transforming and certifying gold locally, Burkina Faso seeks to increase its revenue and strengthen its economy.
President Traoré's vision for Burkina Faso's gold sector aligns with his broader agenda of optimizing the country's natural resources for the benefit of its citizens. The successful implementation of this strategy could set a precedent for other African nations seeking to add value to their natural resources.
Key points
- President Ibrahim Traoré inaugurates Burkina Faso's first gold refinery, RAFFINOR-BF, to boost local gold transformation and control.
