BCEAO Seeks to Boost Gold Reserves Through Purchases From West African Mining Companies

The Central Bank of West African States (BCEAO) is seeking to strengthen its gold reserves by purchasing a share of gold production from mining companies operating across the West African Economic and Monetary Union (WAEMU), as the region looks to increase the strategic role of gold in its monetary and financial system.

According to reports, BCEAO Governor Jean-Claude Brou recently met with representatives of the gold mining industry during a visit to Abidjan to present the central bank’s proposal, which would see mining companies sell part of their gold output directly to the regional central bank.

The initiative forms part of a broader effort to increase the share of physical gold held in the BCEAO’s reserves while reducing reliance on foreign exchange assets.

Strengthening regional reserves

West Africa is one of the world’s leading gold-producing regions, with countries including Mali, Burkina Faso, Côte d’Ivoire, Senegal, Guinea and Niger accounting for a significant share of Africa’s gold production.

Despite this strong output, much of the region’s gold is exported directly to international markets, with limited volumes retained within the regional financial system.

By purchasing domestically produced gold, the BCEAO aims to strengthen reserve diversification, improve monetary resilience and enhance the region’s financial stability amid ongoing global economic uncertainty.

Engagement with the mining sector

During discussions in Abidjan, Brou outlined the central bank’s proposal to mining industry representatives, seeking their support for a mechanism that would allow the BCEAO to acquire a portion of locally produced gold.

The proposal reflects a growing trend among African governments and financial institutions to retain a greater share of mineral wealth domestically while strengthening national and regional economic resilience.

If implemented, the initiative could provide mining companies with an additional regional buyer while helping the BCEAO expand its gold holdings as part of its long-term reserve management strategy.

The discussions come as several African countries continue to pursue policies aimed at increasing local value retention from mineral resources and strengthening strategic control over key commodities.