Comprehensive Guide to Current Gold Price in Burkina Faso 

Burkina Faso, a landlocked nation in West Africa, is a significant player in the global gold market, renowned for its thriving mining sector. Gold is the country’s leading export, accounting for approximately 77% of total exports, 16% of GDP, and 22% of government revenue, according to the World Bank.

For investors, travelers, or those interested in the region’s economy, understanding the current gold price in Burkina Faso, the dynamics of its gold industry, and the political leadership shaping its policies is essential.

Current Gold Price in Burkina Faso (in USD)

The gold price in Burkina Faso is tied to the global spot price, which fluctuates based on supply and demand, geopolitical factors, and market speculation.

As of December 12, 2024, the spot price of gold in Burkina Faso is approximately 1,679,841 CFA BCEAO Francs per ounce for 24K gold.

To convert this to USD, we use the exchange rate of approximately 1 USD = 614 CFA Francs (based on recent market rates). This yields a gold price of:

• 1,679,841 CFA ÷ 614 CFA/USD ≈ $2,736 USD per ounce for 24K gold.

Gold prices vary by purity (karat), with 24K being the purest form. Below is a table summarizing the current gold prices in Burkina Faso for different purities, converted to USD per ounce and per gram, as of December 12, 2024:

Notes:

• Prices are based on the spot price from December 12, 2024, and may fluctuate daily.
• Per-gram prices are calculated by dividing the per-ounce price by 31.1035 (the weight of a troy ounce).
• Exchange rates are approximate and subject to change; check real-time rates for precision.

The global gold price has surged by over 30% in 2024, driven by geopolitical instability, US trade policies, and increased demand for gold as a safe-haven asset.

In Burkina Faso, this price surge has significantly boosted revenues for mining companies like Orezone Gold, which reported a 23% revenue increase in Q3 2024, with an average selling price of $2,473 per ounce.

However, local artisanal miners may receive lower prices due to smuggling and informal markets, which can depress their earnings compared to international rates.

For investors or buyers in Burkina Faso, gold prices are accessible through commodity exchanges, local jewelers, or mining cooperatives. Websites like LivePriceofGold.com provide real-time updates, ensuring you can track market trends.

If you’re considering purchasing gold or investing in Burkina Faso’s mining sector, contact us for guidance on navigating local markets and securing competitive prices.

Burkina Faso’s Gold Industry: A Cornerstone of the Economy

Burkina Faso is Africa’s fourth-largest gold producer, trailing South Africa, Ghana, and Mali, and ranks as the world’s fifteenth-largest producer in 2023.

In 2024, the country produced approximately 60,000 kg (60 tonnes) of gold, an increase from 57,000 kg in 2023, despite security challenges.

Gold mining, both industrial and artisanal, is a cornerstone of the economy, contributing significantly to exports and employment.

Key Statistics on Burkina Faso’s Gold Production

The following table summarizes Burkina Faso’s gold production and economic impact over recent years, based on available data:

Notes: Export values are estimates based on production and average gold prices. Artisanal mining employs 1-1.3 million people at over 600 sites.

Industrial and Artisanal Mining

Burkina Faso’s gold industry is dual-faceted:

• Industrial Mining: Seventeen industrial gold mines, operated by companies like Canada’s IAMGOLD, Endeavour Mining, Orezone Gold, and Russia’s Nordgold, produce over 50 tonnes annually., These mines, such as Bomboré and Essakane, use advanced technology and contribute significantly to government revenues through royalties and taxes.
• Artisanal and Small-Scale Mining (ASGM): ASGM employs over 430,000 people across 440 sites, producing 10-40 tonnes annually, sometimes outpacing industrial output., However, ASGM faces challenges like child labor, mercury use, and smuggling, which reduce economic benefits.

 Economic and Social Impacts

Gold accounts for 80% of Burkina Faso’s exports, with Switzerland as the primary destination (80% of exports in 2021). The sector employs about 51,000 in industrial mining and 1-1.3 million in artisanal mining, surpassing agriculture in employment.

However, the industry faces criticism for child labor, with 30-50% of artisanal miners being children, and environmental concerns due to mercury use.,

In 2023, Burkina Faso revised its mining code to increase royalties, implementing a 7% rate when gold prices exceed $2,000 per ounce, up from 5% for prices between $1,300-$1,500.

This reform, coupled with the nationalization of mines like Boungou and Wahgnion in 2024 for $80 million, reflects the government’s push for greater control over mineral wealth.

Challenges and Developments

Security issues, including an Islamist insurgency and two 2022 military coups, have disrupted gold production, leading to the closure of six mines in 2022 and one in 2023.

In 2024, the government suspended artisanal gold export permits to curb smuggling and improve sector regulation.

Despite these challenges, Burkina Faso launched its first gold refinery in March 2025, processing 93kg of high-purity gold from 142 tonnes of residues at $1,200 per ounce, signaling a shift toward local processing.

Current President of Burkina Faso: Captain Ibrahim Traoré

Captain Ibrahim Traoré, born in 1988, has been Burkina Faso’s president since seizing power in a military coup on September 30, 2022, ousting Lieutenant Colonel Paul-Henri Sandaogo Damiba.

Officially appointed in October 2022, Traoré leads a transitional government amid a prolonged jihadist insurgency that has killed over 10,000 people and displaced 2 million.

At 37, he is one of Africa’s youngest leaders, drawing inspiration from revolutionary figure Thomas Sankara and advocating for Pan-Africanism and economic sovereignty.

Traoré’s Policies on Gold and Mining in Burkina Faso

Traoré has made the gold sector a focal point of his administration, aiming to maximize benefits for Burkinabe citizens. His key initiatives include:

• Nationalization of Mines: In 2024, Traoré’s government nationalized the Boungou and Wahgnion mines from Endeavour Mining for $80 million, a fraction of their $300 million sale price to Lilium Mining in 2023. This move aims to retain more profits for education, healthcare, and infrastructure.

• Gold Refinery Development: Traoré laid the foundation for Burkina Faso’s first gold refinery in November 2023, which became operational in March 2025. The refinery processes gold locally, reducing reliance on foreign refineries in Switzerland or South Africa and ensuring transparency in valuing raw gold.

• Increased Royalties: The 2023 mining code reform introduced a tiered royalty system, with a 7% rate for gold prices above $2,000 per ounce, boosting government revenue.

• Permit Withdrawals: In October 2024, Traoré threatened to withdraw mining permits from foreign companies, arguing that Burkina Faso has the expertise to mine its own gold. While no permits have been canceled, this rhetoric has created uncertainty for companies like IAMGOLD and West African Resources.

• Artisanal Mining Regulation: The 2024 suspension of artisanal gold export permits aims to curb smuggling and formalize the sector, though it has raised concerns among the 1 million artisanal miners.

Traoré’s Vision and Challenges

Traoré’s policies reflect a broader goal of economic self-sufficiency, inspired by Sankara’s anti-colonial legacy

. His expulsion of French military forces in 2023 and pivot toward Russian partnerships, including granting a mining license to Nordgold for the Niou gold deposit in 2025, signal a shift in geopolitical alliances., However, Traoré faces significant challenges:

• Security Crisis: The ongoing insurgency has disrupted mining operations, with attacks hindering fuel and material supplies to mines.

• Investor Uncertainty: Threats to withdraw permits and nationalization efforts have led to stock price drops for companies like IAMGOLD (15% loss) and Orezone Gold (10% loss).
• Social Issues: Child labor in artisanal mining remains a critical concern, with international organizations like the US Department of Labor funding projects to address it.

Despite these challenges, Traoré’s focus on local processing and resource control has garnered support among Burkinabe citizens, who see gold as a pathway to economic empowerment.

Implications for Investors and Visitors

For those interested in Burkina Faso’s gold market, the current price of $2,736 per ounce offers opportunities for investment, particularly in mining stocks or physical gold. However, the political and security landscape requires caution:

• Investors: Consider companies like Orezone Gold, which have benefited from high gold prices, but monitor Traoré’s nationalization policies. Artisanal gold markets may offer lower prices but involve ethical concerns due to child labor.,

• Travelers: If visiting Burkina Faso, avoid artisanal mining areas due to security risks. Purchase gold from reputable dealers in Ouagadougou and verify purity to ensure fair pricing.
• Ethical Considerations: Support initiatives like the planetGOLD program, which promotes mercury-free artisanal mining and improves miner welfare.

Contact us for tailored advice on investing in Burkina Faso’s gold sector or sourcing gold responsibly. We can connect you with trusted local partners and provide market insights.

Final Thoughts

Burkina Faso’s gold industry, driven by a 2024 production of 60 tonnes and a spot price of $2,736 per ounce, is a vital economic engine, shaped by President Ibrahim Traoré’s bold vision for resource sovereignty., Traoré’s nationalization efforts, refinery development, and royalty reforms aim to maximize benefits for Burkinabe citizens, but security challenges and investor uncertainty pose risks.,

Whether you’re an investor, traveler, or enthusiast, understanding the gold price and its broader context equips you to engage with Burkina Faso’s dynamic market.

Reach out to us to explore opportunities, navigate risks, and make informed decisions in this vibrant gold-producing nation.