Lecture Notes: Economic and Sovereignty Developments in Burkina Faso

Introduction

• President Tror of Burkina Faso had predicted the rise of factories, including the tomato and gold factories.
• Burkina Faso recently celebrated the operational status of its first tomato factory and the Burkinabe gold factory.
• The gold factory has produced Burkina Faso's first locally made gold bars.

Sovereignty and Independence Initiatives

• President Tror values the sovereignty and independence of Burkina Faso.
• Actions taken:
  • Ended military cooperation with France.
  • Inaugurated a waste processing plant for mining residues to add value and manage byproducts.
  • Emphasized local construction of processing machines.

Mining Waste Processing Plant

• Located in the Cotto Industrial Zone.
• Developed by local experts, processing mining residues.
• Ownership: 40% state-owned, 60% owned by Golden Hand.
• Aim: To enhance economic sovereignty and manage resources independently.

Achievements and Implications

• First gold bars produced from mining residues.
• Significant for economic independence and national pride.
• Potential to back the economy and hedge against external monetary influences.

Financial Independence Developments

• Talks of creating a new currency to replace the CFA Franc.
• Establishment of Burkina Faso's own Treasury Deposit Bank.
  • Reduces dependence on West African Central Bank.
  • Offers wide-ranging banking services, including digital payments.

Control Over Gold Resources

• Burkina Faso ranks highly for gold production but has been dominated by foreign companies and influence.
• Introduction of a gold sales royalty for higher gold prices.
• Launched a gold refinery with local partnerships to retain control over refining processes.

Security and Control Measures

• Suspended export of gold to organize the mining sector better.
• Military operations to reclaim areas under terrorist control, especially the Jibo Greenstone Belt.
• Use of modern military tactics and technology, including drones for surveillance and combat.

Future Prospects

• Economic benefits from local processing and value addition in gold mining.
• Potential for job creation and infrastructure development.
• Improvement in the standard of living and poverty reduction through increased GDP.

Conclusion

• Burkina Faso is on a path to reclaim and consolidate its sovereignty, economically and militarily.
• President Tror's initiatives mark significant progress towards independence from foreign influence, especially in the mining sector.