hey everyone welcome back to the channel today we're diving into a story that's not just about numbers and policies it's about accountability transparency and the future of a nation's wealth bkina Faso a country rich in gold and precious minerals recently took a bold step to confront systemic flaws in how its mining revenues are managed a groundbreaking audit by the Court of Auditors has exposed shocking gaps in governance and proposed actionable solutions but before we unpack this I want to take a moment to say thank you to our incredible community to our members and subscribers your support fuels this channel and allows us to bring you stories that matter if you're new here hit that subscribe button and join the conversation let's get into it bkina Faso is one of Africa's fastest growing gold producers with mining contributing over 10% of its GDP and employing thousands yet for years questions have lingered is the country getting a fair share of its mineral wealth are revenues being tracked and used responsibly these aren't just academic questions they impact education health care infrastructure and the fight against poverty enter Captain Ibrahim Trare the nation's transitional president who seized power in 2022 amid widespread frustration over corruption and mismanagement trare has made eradicating corruption a cornerstone of his leadership framing it as a moral and economic imperative his administration's collaboration with the African Organization of Supreme Audit Institutions AfroAI to launch this audit in July 2023 is a testament to his commitment the report titled Performance Audit of the Legal and Institutional Framework for mobilizing rights and taxes from gold and other precious substance extraction 2017 to 2022 doesn't just expose flaws it aligns with Traé's broader mission to dismantle systemic graft and redirect resources toward national development let's break down what they found and why it matters the Court of Auditors didn't hold back after analyzing 6 years of data interviews and processes they identified glaring weaknesses a lack of transparency in granting mining permits limited public access to operational data weak oversight of tax declarations overly generous tax breaks for foreign companies and institutional dysfunction in monitoring extraction activities for Trroware these findings are a road map since taking office he has positioned himself as a disruptor of the status quo openly criticizing previous administrations for allowing legalized looting of the country's resources in speeches he's emphasized that Burkinaaso's minerals should fund its future not line the pockets of corrupt officials or foreign entities take the issue of mining permits the audit revealed that licenses were often awarded or renewed behind closed doors with no clear criteria a practice Trare has condemned as shadow governance under his leadership the government has begun reviewing existing permits and cancelling those deemed fraudulent or non-compliant in one high-profile case his administration revoked a major gold mining license from a foreign firm accused of under reporting production volumes trayore's message is clear burkina Faso will no longer tolerate deals that prioritize corporate profits over national interests another critical finding was the lack of accessible information about mining operations citizens and even government agencies struggled to obtain basic data on extraction volumes or tax payments trrowé's response a push for radical transparency his administration recently launched a public online portal detailing mining contracts tax receipts and production statistics while still in its early stages the platform aims to empower citizens to hold both companies and officials accountable sunlight is the best disinfectant Trrowé remarked at the portal's launch echoing a mantra that resonates with his anti-corruption crusade the audit also highlighted weak oversight of tax declarations with some companies allegedly under reportporting earnings or exploiting loopholes trrowé's government has responded by strengthening the directorate of mining taxes and introducing harsh penalties for false declarations additionally they've partnered with international forensic accountants to audit major mining firms a move that has already recovered millions in unpaid taxes for Trare this isn't just about revenue it's about sovereignty every Frank stolen from our minds is a Frank stolen from our children's schools he declared in a recent address but perhaps the most controversial finding was the critique of Burkina Faso's too generous tax incentives for mining companies for years the country offered reduced royalty rates and tax holidays to attract foreign investment a race to the bottom strategy troure has lambasted as economic suicide under his leadership the government is revising its fiscal code to ensure a fairer distribution of mining profits proposed reforms include higher royalty rates for gold stricter caps on tax breaks and mandatory reinvestment clauses requiring companies to allocate a percentage of profits to local infrastructure projects institutional capacity has also been a focus the audit noted that agencies tasked with monitoring mines lacked resources expertise and coordination troures administration has prioritized training programs for mining inspectors and invested in technology like drones and satellite imaging to track extraction activities they've also established a cross- agency task force to combat illicit financial flows IFFF a problem the audit tied to weak oversight we cannot build a nation with one hand while the other hand is tied by incompetence or complicity Trare asserted during a meeting with anti-corruption officials now before we go further I want to pause and say a huge thank you to our members and subscribers your super chats likes and comments don't just support this channel they amplify stories like this one when we talk about fighting corruption or demanding transparency remember you're part of that movement if you're watching this and haven't joined our membership community yet consider clicking that join button below for less than the price of a coffee you get exclusive perks like behindthe-scenes updates and early access to videos and if you're feeling extra generous today the super thanks feature lets you directly support this work every contribution helps us keep the lights on and dig deeper into under reportported issues back to Trroware's reforms the audit's recommendations like digitizing procedures creating a national gold reserve and enhancing international cooperation against IFFF align closely with his agenda for instance his administration recently signed agreements with Interpol and the African Union to trace smuggled gold a major source of illicit revenue they've also begun digitizing mining permits and tax filings to reduce bureaucratic fraud but Trroway's most symbolic move the creation of a national gold reserve aimed at stabilizing the economy and asserting state control over mineral wealth this reserve is not just gold in a vault he stated it is the foundation of our economic independence critics argue that Troure's aggressive stance risks deterring foreign investment yet his administration counters that transparency and fairness will attract responsible partners early signs suggest mixed results while some firms have paused operations pending clearer regulations others have welcomed the reforms as a step toward long-term stability for Trare the calculus is simple burkina Faso's resources must serve its people first we are not anti-investment he clarified in a recent interview we are anti-exloitation what does this mean for ordinary Bkinab if Trrowé succeeds mining revenues could fund schools hospitals and roads in a country where over 40% live below the poverty line already his government has allocated a portion of recovered tax funds to build clinics in mining regions a direct response to community complaints that gold wealth rarely benefits locals for too long our Earth's riches have flowed outward Trareay said at a clinic inauguration now they will flow back to our people but the road ahead is steep corruption networks are deeply entrenched and Troure's militarybacked government faces security challenges from jihadist groups vying for control of mining zones yet the president remains defiant he's linked his anti-corruption drive to national security arguing that illicit gold funds terrorism every gram of smuggled gold is a bullet in the hands of terrorists he warned in a speech to miners to combat this his administration has deployed soldiers to secure mining sites and initiated community dialogues to curb illegal artisal mining which often feeds black markets internationally Troure's efforts have drawn both praise and skepticism groups like Global Witness applaud his transparency measures while some Western governments remain cautious citing concerns over democratic daoui after his coup nonetheless Trouore seems undeterred at the recent Russia Africa summit he sought partnerships for mining technology and fair trade agreements framing Burkina Faso as a new model for resource governance now you might wonder why should I care about mining audits in Burkina Faso here's why this isn't just a local issue illicit financial flows from Africa exceed $88 billion annually unika money stolen from schools hospitals and roads the gold in your phone or jewelry could be linked to corruption by demanding transparency we become part of a global movement for ethical sourcing moreover Burkina Faso's courage under Troure sets a precedent if a nation with limited resources can challenge powerful mining interests it inspires others to do the same to our incredible community stories like this remind us why your support matters when you hit super thanks or share this video you're not just supporting a channel you're amplifying a fight for justice corruption thrives in silence but together we can turn up the volume as for Trareay the stakes couldn't be higher his ability to implement the audits recommendations will determine whether Burkina Faso's mineral wealth becomes a blessing or remains a curse early victories like recovered taxes and canceled fraudulent permits show promise but the true test lies in sustaining this momentum amid political and security challenges so what's next the Court of Auditors has handed Traé's government a clear to-do list implementation is key and that's where public pressure comes in as citizens journalists and global advocates we must keep the spotlight on this issue for those of you in the mining or finance sectors push for transparency in your supply chains for everyone else stay informed stay vocal and remember that change starts with awareness before I sign off one last shout out to our members and subscribers you're the reason we can tackle complex topics like this if you learned something today drop it in the comments share this video and consider supporting the channel with a super thanks together we can make transparency more than a buzzword it can be a reality stay curious stay engaged and remember Bkina Faso's fight is a reminder that accountability is possible even in the face of daunting odds until next time peace