On Sept. 28, 2026, Burkina Faso’s first gold refinery opened as part of an initiative to control the nation’s natural resources. Ibrahim Traoré, who heads the military-led government, has severed ties with many traditional Western partners and expects this refinery to bring greater economic sovereignty.

At the inauguration of the refinery, President Traoré said, “From now on, gold from Burkina Faso must not only be extracted in Burkina Faso, it must be processed, controlled, valued and certified in Burkina Faso.”

Importance of Gold in Burkina Faso

Gold is highly important for Burkina Faso’s economy, as it is the nation’s leading export and responsible for close to 94% of its export earnings in the first seven months of 2026. It supports both industrial and artisanal mining sectors.

In 2025, Burkina Faso produced more than 94 metric tons of gold. The majority of this production was exported as doré to be refined into gold. By exporting the metal for refining, the nation loses some of the gold’s value. Raffinor-BF will allow the entire value chain to be domestic.

Regional Push Toward Natural Resource Control

In 2024, Traoré’s government established a state-owned mining company and required foreign mining firms to give the state a 15% stake in new mining projects and train local workers. According to the World Gold Council, output rose by 17% year-on-year in the second quarter of 2026.

Raffinor-BF reflects Burkina Faso’s participation in the regional push toward processing minerals domestically and controlling its natural resources. Guinea and Ghana both restricted gold exports, while Mali plans to build a gold refinery with Russia’s Yadran Group. Ivory Coast announced that its refinery will likely open in 2027.

Raffinor-BF

Burkina Faso’s first gold refinery, Raffinerie Nationale d’Or du Burkina Faso, or Raffinor-BF, is located on five hectares in the nation’s capital, Ouagadougou. It includes a foundry, a laboratory, secure storage and a jewelry workshop. The refinery cost more than 11 billion CFA francs ($19 million) and its development was funded by both the government, including through the National Precious Metals Company (SONASP), and private sector investments. Construction began in November 2023.

Raffinor-BF will process, assay, certify and store Burkinabe gold domestically. It could reduce dependence on exporting unrefined gold.

Officials expect that Raffinor-BF will create around 100 direct jobs and more than 5,000 indirect jobs. The refinery has an initial design capacity of 164 metric tons a year and has an expansion target of 515 metric tons a year. The disparity between refining capacity and current production numbers demonstrates Burkina Faso’s ambition for Raffinor-BF to become a regional refining hub.

Raffinor-BF has great potential to support poverty reduction. The refinery is expected to create direct and indirect jobs and could help keep the value chain of gold domestic, leading to economic growth. The refinery might also be used as a training source for young Burkinabè building advanced technical skills.

Potential Challenges for Raffinor-BF

In the past, regulation of the artisanal and small-scale mining industry has been difficult because of smuggling and informal trading. Jihadist violence has also impacted regulation of the informal sector.

Will the refinery change who captures the value of the gold?

Burkina Faso’s first gold refinery shifts where the metal is processed, but it does not necessarily mean the economic value will remain in the nation. Ensuring local value capture requires certain circumstances.

According to Time Africa, “Turning that capacity into a functioning domestic and regional business will depend on more than the refinery itself. It will depend on the mines that supply it, the roads and systems that move the gold, the security conditions around production and the policies that determine who participates in the chain.”

– Pritam Khalsa

Pritam is based in New Orleans, LA, USA and focuses on Good News for The Borgen Project.

Photo: Wikimedia Commons