BURKINA FASO PAYS BACK 4.7 BILLION EXTERNAL DEBT

BURKINA FASO PAYS BACK HER EXTERNAL DEBT

In a landmark decision reshaping Burkina Faso’s economic landscape, President Ibrahim Traoré announced the clearance of the country’s $4.7 billion external debt while simultaneously taking control of its lucrative gold mining industry. The bold move has sparked widespread reactions domestically and globally, signaling a potential shift in Africa’s approach to economic sovereignty and resource management.

Clearing the Debt: A Financial Breakthrough
Burkina Faso’s external debt, which had weighed heavily on its economy for decades, has now been entirely paid off, according to a statement from the Ministry of Finance. President Traoré attributed this milestone to strategic fiscal policies, increased revenue from resource exports, and renegotiated trade agreements with international creditors.

“We have reclaimed our financial independence,” President Traoré declared during a televised address. “This is not just a victory for our government but for every Burkinabé who has endured the consequences of external economic control.”

Experts suggest that the debt repayment was facilitated by redirected revenue from the country’s natural resources, particularly its gold reserves, which rank among the largest in Africa.

Nationalizing the Gold Mining Industry
In a parallel move, Traoré’s government announced the nationalization of Burkina Faso’s gold mining industry. Previously dominated by foreign companies, the sector is now fully under state control.

“We can no longer allow our wealth to be extracted and exploited by outsiders while our people struggle,” President Traoré stated. The government aims to use profits from the industry to fund infrastructure projects, education, and healthcare, ensuring the benefits of the nation’s natural resources directly improve citizens’ lives.