A viral video circulating on social media claims that Burkina Faso’s President Ibrahim Traore has cleared the country’s $4.79 billion national debt without Western financial assistance. The video shows the president allegedly handing over gold bars to demonstrate the source of funds used to settle the debt.
The caption on the video read: “Africa Youngest leader Pays off $4.7 BILLION Debt After Taking Control of Gold Mining In Burkina Faso”
The claim can be found in several Facebook and YouTube channels.
Claim: Burkina Faso has paid off its $4.7 billion national debt through gold mining revenues under President Ibrahim Traore’s leadership.
Burkina Faso is a low-income Sahel country with limited natural resources, and its economy relies on agriculture and mining, particularly gold production. According to the World Bank, more than 40% of its population lives below the national poverty line.
The 2023-2024 Human Development Index (HDI) report by the United Nations Development Programme (UNDP) ranks Burkina Faso 185th out of 193 countries. After the coup d’état of September 30, 2022, which ousted Lieutenant Colonel Paul-Henri Damiba, Captain Ibrahim Traoré was sworn in as the new transitional president on October 21, 2022. The Transitional Charter was amended and adopted on May 25, 2024, extending the transition period by five years, starting on July 2, 2024.
Since 2015, Burkina Faso has been targeted by terrorist attacks, leading to population displacements. While the country had fewer than 50,000 internally displaced persons (IDPs) in January 2019, it recorded 2.01 million as of March 30, 2023, according to the United Nations Office for the Coordination of Humanitarian Affairs.
To verify the claim, The Explainer conducted reverse image searches of video screenshots and traced the content’s circulation on social media platforms. However, no credible local or international media outlets have reported any debt clearance by Burkina Faso.
The Explainer also found out that the viral video lacks crucial details about when, where, and to whom any debt was allegedly paid.
Further findings by the Explainer fact checker reveal that recent financial data contradicts this claim. According to a July 17, 2024 report by Ecofin Agency, Burkina Faso’s external debt actually increased by 4.4% to CFA3,097.52 billion ($5.1 billion) by the end of March 2024, higher than the claimed $4.79 billion debt figure.
The International Monetary Fund’s latest assessment indicates that Burkina Faso faces a moderate risk of external debt distress. The country continues to grapple with multiple challenges, including food insecurity, humanitarian crises, security issues, limited donor support, and difficult access to favorable lending terms.
Verification: No Evidence.
The claim that Burkina Faso has paid off its national debt shows no evidence. Official financial records and international monitoring bodies confirm that the country’s external debt continues to increase, and there is no evidence of any recent debt clearance.
