Ouagadougou: The government’s initiative to harness Burkina Faso’s gold resources independently marks a significant shift in the nation’s mining sector, President Ibrahim Traore announced during an address to the press.
According to Burkina Information Agency, President Traore emphasized the government’s commitment to reclaiming control over the nation’s gold mines. He highlighted that several mines are already under state control, with plans to gradually extend this control or partner with existing companies for co-exploitation. This move is aimed at enhancing the economic growth of Burkina Faso.
President Traore outlined the previous policy, where 10% of the profits from mining operations were supposed to go to the government-a percentage that was difficult to verify. The new strategy involves direct control over the mines to ensure substantial extraction of resources from the subsoil, thus contributing to the national economy.
In addition to mining, Traore pointed to advancements in the agricultural sector as crucial to economic development. He noted that secured areas have led to increased agricultural production, facilitating both local processing and export of surpluses, which positively impacts the trade balance.
To gauge the real-world impact of these economic strategies, President Traore has implemented a unique approach. He regularly checks market prices for essential commodities like corn and millet through direct reports, ensuring that economic growth reaches the everyday lives of Burkinabe citizens. He stressed the importance of intelligence services in ensuring that macroeconomic improvements benefit vulnerable populations.