A strategic dilemma behind Burkina Faso’s first national gold refinery
On 28 September 2026, Ibrahim Traoré officially inaugurated RAFFINOR-BF, Burkina Faso’s first national gold refinery, in Ouagadougou. Presented by the authorities as a major step towards economic sovereignty, the facility is intended to process and add value to gold directly on national soil. Its initial capacity is announced at 164 tonnes per year, with a potential increase to 515 tonnes. The investment exceeds 11 billion CFA francs.
The stated ambition: full control of the value chain
Burkina Faso now aims to refine its gold domestically and retain a larger share of the added value derived from its mining resources. Ibrahim Traoré himself stressed the determination to master “the entire value chain” within the country.
The unresolved question: where will the refined gold be kept?
However, behind this communication lies a far more sensitive issue: where will the gold actually be stored once refined, and who will oversee the various stages between refining, storage, certification, marketing and the financial management of reserves?
The controversy: an agreement to store reserves in Russia
It is precisely on this point that controversy has arisen. Information circulated in June 2026 claimed that Burkina Faso had reached an agreement with a “Moscow bank” to store its gold reserves in Russia.
The rapprochement between Ouagadougou and Moscow is, in itself, very real. The two countries have strengthened their cooperation in several sectors, and bilateral discussions notably cover economic, mining and energy matters.
The heart of the investigation: who truly controls the gold?
This is therefore where the real subject of inquiry lies: the construction of a refinery in Burkina Faso that demonstrates that the entire chain of possession and conservation of gold will not remain under Burkinabè control but under Russia’s.
Even though RAFFINOR-BF has a secure storage area on national territory, the publicly available elements suggest that the gold will subsequently be transferred and stored in Russia.
The deeper question: a new form of colonisation?
The true question of sovereignty should be: “Birth of a new coloniser?” It should also be: “Ibrahim Traoré has once again duped the Burkinabè people.”
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