Ibrahim Traore finally Crashes Western Gold Market By Terminating All Gold Sales To Europe
In 2022, Burkina Faso had a significant gold production of over 20,000 kg, most of which was exported to Western countries. Unfortunately, the mining and extraction operations were mainly controlled by foreign companies, leaving Burkina Faso with little benefit. It's important to note that the reported gold amount is likely lower than what was actually extracted. This exploitation of Burkina Faso's gold resources has been an ongoing issue since the country gained independence. Despite being the 14th largest global gold producer, Burkina Faso continues to face poverty and its associated challenges.
Countries like France, Italy, and the UK, lacking substantial gold mines of their own, have accumulated substantial amounts of gold in their reserves. However, Burkina Faso's leader, Ibrahim Traore, has taken a strong stance against this unfair exploitation. He made a bold decision to halt all gold sales to the West, causing shockwaves among Western countries heavily dependent on Burkina Faso's gold.
Following Ibrahim Traore's executive order to stop gold sales, Western leaders hurriedly made emergency visits to African countries. Secretary of State Antony Blinken visited Ghana, Ethiopia, and Kenya, while Treasury Secretary Janet Yellen visited Zambia. Even King Charles of England paid visits to African nations. These visits aimed to ensure that other African countries wouldn't follow Burkina Faso's lead. Although the order hadn't been issued at that time, Western leaders were aware of the impending action and its potential consequences.
Burkina Faso, despite being the 14th largest gold producer, faced a concerning situation in 2022. The country achieved an impressive gold output of 70,000 Clango, but unfortunately, none of this gold stayed within the country. The compensation received for the gold was deemed unfair. European companies took advantage of Burkina Faso's gold and other minerals, subjecting its young population to harsh working conditions in the mines while providing minimal wages. The gold ended up in European banks, leaving nothing for the people of Burkina Faso. As a result, 40% of the population lives below the poverty line, and the country ranks 184th out of 191 countries on the human development index, highlighting the dire situation despite its significant gold production.
Ibrahim TR, the military leader and president of Burkina Faso, has responded to this issue by announcing a strategy to address the exploitation. He has pledged that the West will no longer take advantage of Burkina Faso by acquiring gold at below-market prices. His goal is to regain control of the country's reserves and put an end to the exploitation by European companies. Further details of his plan will be explained in the video.
Despite seizing power through a military coup, TR is determined to rectify the mistakes made by previous leaders regarding the nation's natural resources, finances, and overall progress. Historically, Africans have risked their lives to extract these resources, often resorting to hazardous methods like using mercury and engaging in small-scale mining operations. Unfortunately, the fruits of their labor are taken by intermediaries who purchase these resources at significantly reduced prices and sell them in Western markets, reaping substantial profits that remain outside of Africa.