The influence of the West has ended in Burkina Faso, and President Ibrahim Traoré’s independent gold-backed currency, Sira, will replace the CFA Franc. Traoré’s plan is to break all ties that kept Burkina Faso in economic servitude.

Since 1945, Burkina Faso has had to exchange CFA Francs for US dollars before converting them into the intended African currency. This extra step increases the cost of intra-African currency transactions, creating unnecessary expenses instead of saving resources that could be used in many different ways.

To establish Burkina Faso’s new currency, Sira, and complete this mission, Traoré has taken another step by founding the Burkinabe Treasury Deposit Bank.

Unlike other African countries that have central banks regulating their monetary systems, Francophone African countries do not have independent central banks. Instead, the Central Bank of West African States operates as an extension of the French central bank.

This situation has prevented these nations from printing or issuing their own currency or controlling their monetary policy without France’s approval, all under the condition that they keep half of their monetary reserves in France.

By depositing 50% of their reserves in France, Burkina Faso, along with countries like Mali and Niger, has lacked economic independence, leading to decreased foreign investments and hindering national development.

Until now, Burkina Faso did not have its own treasury deposit bank. President Traoré has founded the Burkinabe Treasury Deposit Bank, which aims to provide accessible banking services to all citizens, including businesses, state universities, and major organizations, regardless of their location.

The establishment of the Burkinabe Treasury Deposit Bank empowers Burkina Faso to conduct financial transactions independently, bypassing the Central Bank of West African States and eliminating potential interference from France.

In recent years, President Traoré has taken significant steps toward controlling the country’s gold resources, which were previously held by terrorists and Western companies. His ultimate goal is to create a new gold-backed currency, “Sira,” as a key step toward Burkina Faso’s full independence.

Banning gold exports and developing gold mining refineries and other processing facilities will secure Burkina Faso’s future. Building national gold reserves will create a strong foundation for the new monetary system based on the gold-backed currency, “Sira.”

Regarding the CFA Franc, which has been used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, the Central African Republic, Chad, the Republic of the Congo (Brazzaville), Equatorial Guinea, and Gabon, these countries have all remained under France’s economic and political influence.

Mali, Niger, and Burkina Faso are now joining forces to create their own currency by signing the “Lip Taco Gorma” charter, establishing a new alliance of Sahel states. This alliance lays the foundation for a confederation between the three countries. Originally founded as a defense pact, it will evolve into an economic, monetary, and political union, leading to the creation of a common currency, “Sahel.”