Why West Africa’s gold refineries will not guarantee economic sovereignty

Burkina Faso’s inauguration of its first national gold refinery, Raffinor-BF, in September 2026 marks a significant step in the government’s effort to gain greater control over the country’s mineral wealth. The facility can initially process 164 tonnes of gold annually, with plans to expand capacity to 515 tonnes. Yet Burkina Faso reported approximately 94 tonnes of gold production in 2025. This raises a fundamental question: Can domestic refining deliver genuine economic sovereignty when processing capacity exceeds national production and the institutions responsible for managing mineral revenues remain under scrutiny?

Burkina Faso is not alone in pursuing this strategy. Mali began construction of a 200-tonne-per-year gold refinery in June 2025 through a partnership involving Russia’s Yadran Group and a Swiss investment company, with the Malian state retaining a controlling interest. Ghana has taken a different institutional approach: its Gold Board, established in 2025, gained exclusive authority over the purchasing, assaying and exporting of gold from the licensed artisanal and small-scale mining sector. Despite their political differences, all three countries are concentrating control over the route between gold producers and international markets.

The argument for greater domestic control is understandable. Gold extracted from African soil should contribute to local employment, infrastructure, public services and economic development. Refining domestically can create technical expertise, improve quality testing and strengthen traceability. However, refining represents only one stage of a much larger value chain. The more substantial opportunities often lie in mining, equipment manufacturing, jewelry production, financial services and international marketing. Producing a purer gold bar does not automatically create the skilled workforce, industrial suppliers or customer networks necessary for a diversified economy.