Burkina Faso is accelerating plans for economic development with opening its first gold refinery. The objective is to control the mineral wealth and protect it from external theft. Raffinor-BF is also seeking to have the gold valued and certified in Burkina Faso. Raffinor-BF is state owned and also intends to make trade agreements that benefit the country. New policies also include chaining mining codes, reduction of the export of raw materials, and government ownership of business. Burkina Faso is not the only African nation implementing these policies. Ghana and Guinea are following this economic approach to development. Raffinor-BF plans to 515 tonnes of gold next year. This is an ambitious target and depending on the size of the workforce may not be reached in that time frame. The new economic policies are not a case of nationalization. The private sector was active in the establishment of Raffinor-BF. The National Precious Metals Company was also a contributor to the gold refinery. The benefit of the gold refinery enables higher employment. The hinderance is that more gold refineries are needed to reach production targets. The total cost was 11 billion CFA francs. More funds are going to be needed for the construction of refineries. Getting loans from the World Bank or IMF should be avoided. Accumulation of debt only delays economic development and industrialization. Burkina Faso appears to have found a model which could possibly be replicated in other parts of Africa.




