A viral video making the rounds on social media claims that Burkina Faso’s President, Captain Ibrahim Traoré, has successfully paid off the nation’s $4.79 billion debt without any financial aid from Western countries.
The footage allegedly shows the president presenting gold bars as proof of the funds used to clear the debt.
The video is captioned: “Africa’s Youngest Leader Pays Off $4.7 BILLION Debt After Gaining Control of Gold Mining in Burkina Faso.”
The Claim:
According to the video, Burkina Faso has eliminated its $4.7 billion national debt through revenues generated from gold mining under President Traoré’s leadership.
Burkina Faso’s Economic Reality:
Burkina Faso, a low-income country in the Sahel region, relies heavily on agriculture and gold mining. Despite its gold reserves, the country faces significant economic challenges, with over 40% of its population living below the poverty line, as reported by the World Bank.
Following the coup on September 30, 2022, which ousted Lieutenant Colonel Paul-Henri Damiba, Captain Ibrahim Traoré became the transitional president on October 21, 2022. The transitional government’s mandate was extended for another five years starting July 2, 2024, after amendments to the Transitional Charter.
Since 2015, Burkina Faso has struggled with terrorism, causing widespread displacement. The number of internally displaced persons (IDPs) surged from under 50,000 in early 2019 to over 2 million by March 2023, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).
Investigating the Claim:
To fact-check the video, The Explainer conducted reverse image searches and tracked the content’s spread on social media. No credible reports from local or international news outlets confirm that Burkina Faso has cleared its national debt.
Moreover, the video lacks key information such as the date, location, and official documentation of the alleged debt payment.
Recent financial reports contradict the viral claim. A July 17, 2024, report from Ecofin Agency reveals that Burkina Faso’s external debt actually grew by 4.4%, reaching CFA 3,097.52 billion (approximately $5.1 billion) by the end of March 2024—higher than the claimed $4.79 billion figure.
The International Monetary Fund (IMF) also reports that Burkina Faso faces a moderate risk of external debt distress, grappling with ongoing issues such as food insecurity, security threats, limited donor funding, and restricted access to favorable loans.
Conclusion:
There is no credible evidence to support the claim that Burkina Faso has paid off its national debt. Financial data from reputable sources indicate that the country’s debt continues to rise, and no official statements or reports confirm any debt clearance.
