Burkina Faso Makes A Bold Move To Take Control Of Its Gold
Burkina Faso has opened its first gold refinery, taking a major step toward processing more of its own mineral wealth instead of sending raw gold elsewhere. The Raffinor BF facility can initially handle up to 164 tonnes of gold a year, with plans to increase that capacity to 515 tonnes.
For a country with a major gold mining industry, the message is pretty clear, Burkina Faso wants more of the value created from its gold to stay at home. The military led government says the refinery will also help strengthen state control and tackle gold smuggling.
Video Credit: firstpost
My interview with Peter Obi a few days ago on Arise Prime Time focused largely on the Obi-Soludo debt row.
At the heart of it was a World Bank facility. It was not a commercial bank loan. It was a world bank multilateral development credit, offered to selected states, with a federal government sovereign guarantee.
The terms are long-term, near-zero interest, tied to specific reforms, such as budget transparency, fiscal sustainability, education, etc.
The crucial distinction is between approved vs draw down. Peter Obi's position is that he agreed to it but did not draw down. He did not access it.
Technically, that can be true. The loan facility is approved and signed at the federal executive council/world bank level, and the state signs a subsidiary agreement. But money only enters the state's account when it meets disbursement conditions and requests drawdown.
Obi says he left the money untouched in the pipeline and that he left savings, not debt on the books.
The Soludo camp's position is that he signed off on it. Also true. And this is where the fight is. Soludo's team argues approval is commitment - once signed, Anambra was on the hook, and that's why it shows up in the Debt Management Office records as inherited liability.
Obi's supporters say his successor chose to draw it. Obi showed discipline by not touching it. Obi approved it and signed Anambra onto it, but says he never drew down a kobo - his successor did.
So where does it go from here? Will both sides publish the DMO statements and drawdown dates, and let the documents settle who signed what, when it was drawn, and what it was spent on?
And with 2027 politics already in the air, will this row give the Nigerian people a clear audit of what was met, what was left, and what they still owe? Or just more politics and a sabre-rattling war of words?
Alohaaaa 👋🏾 The Medic Who Writes™🌚
This time I wish to talk about a familiar term to all of us. The comfort zone.
Would you rather perish while ambitious or rot in safety?
Have a short read, and always remember to check out my HIGHLIGHTS TAB!
Daalu 👍🏾 🙂
Efcc called & incredibly asked me to explain a house I acquired in 1996, 10 years before I became Governor so I gave them the receipt of full payment of £1m pounds - Peter Obi NDC Presidential Candidate.
Zohran Mamdani: “DoorDash had underpaid more than 260K delivery workers across New York City. Today, after years of corporate greed and impunity, we are holding DoorDash to account. I am proud to announce that DoorDash will pay more than $131M, the largest settlement for food delivery workers ever secured in American municipal history and a landmark win for those who have been mistreated and abused for years with nowhere to turn”
American YouTuber, Mr Beast has built a $10 million community project in Ghana to provide education, healthcare and housing.
He established the project to help kids who escaped illegal labour.
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🚨🇺🇸🇨🇳 Elon got an invite from Trump to attend the White House state dinner with Xi on Thursday.
Also invited:
-Jeff Bezos
-Jensen Huang
-Sam Altman
-Sundar Pichai
-Michael Dell
-Tim Cook
Many of these same names were with Trump when he went to Beijing in May.
Who needs ambassadors when you have a guest list worth ten trillion dollars?
Writer: Michael