Burkina Faso Acquires 13 Tonnes of Gold In 8 Months

Burkina Faso‘s National Society of Precious Substances (SONASP) bought 13.049 tonnes of gold between January and August 2024.

Director General of SONASP, Captain Sougrinoma Zongo, made this known during an interview published in a magazine by Mines Actu Burkina.

According to Zongo, out of the total tonnes of gold purchased, 8,149 tonnes came from industrial production. In comparison, 4.9 tonnes were produced through artisanal and semi-mechanized mining, marking the highest level ever recorded of artisanal output in the country. He added that if the trend continues, these could reach at least 6.5 tonnes by December 31, 2024.

This announcement comes as gold prices have risen by 30 per cent since the start of the year, reaching an all-time high of $2,686 per ounce in September 2024. Gold is a key part of Burkina Faso’s economy, making up 77 per cent of its exports, contributing 16 per cent to its GDP, and generating 22 per cent of government revenue, according to the World Bank.

Despite lower production levels caused by insecurity and terrorism threats in recent years, the rising gold prices have helped offset production declines for many mining companies in Burkina Faso. The government has also become more involved in the mining sector, purchasing two gold mines this year, with plans for more acquisitions shortly.

The new reserves could further strengthen the national economy and provide additional revenue from gold exports.

Read More:

• Lookman, Troost-Ekong , Nwabali Nominated for 2024 CAF Awards
• CBN Dismisses Report of Deadline for Old Naira Notes, Ignores Reps Speed Up Calls

About The Author

Joy Chukwu

author

See author's posts