Burkina Faso records a 31% growth in mining and quarrying revenues, exceeding $650 Million in 2021 (ITIE)

Burkina Faso, one of the major gold producers in West Africa, has experienced a significant increase in revenues from the extractive sector, reaching 383.5 billion XOF ($650 million) in 2021, representing a surge of 31.47% compared to the previous year, according to the recent report by the Extractive Industries Transparency Initiative (ITIE).

Gold production, the country’s primary mining resource, also rose by 6%, reaching 67 tons in that year.

In conjunction with zinc and silver, gold contributed to exports valued at 2,250 billion XOF in 2021, marking a 6% increase from the previous year.

Mines thus accounted for 79.02% of Burkina Faso’s total exports in 2021, compared to 83.90% in 2020.

While the extractive sector’s share of the GDP slightly decreased from 16.12% in 2020 to 14.34% in 2021, Mining and Quarrying played an increased role in state revenues, contributing 19.25% to budgetary receipts, up from 14.30% in 2020.

Additionally, employment contribution more than doubled, reaching 2%. Besides gold, Burkina Faso also exploits other resources such as phosphate and various quarry minerals like granite, limestone, and sand.

Cedric KABORE