Africa Retains a mere 5% of the Massive $29.5 Trillion Critical Mineral Value it owns

Africa is home to an estimated $29.5 trillion in critical mineral wealth, yet the continent only retains 5% of its economic value, according to African Union Commissioner for Economic Development, Francisca Tatchouop Belobe. At the Mining in Motion Conference in Accra, Belobe criticized the global extraction model, highlighting that Africa's vast mineral resources have not led to industrial development or economic prosperity.

She warned that without radical reforms in domestic processing, value addition, and policy enforcement, Africa will remain trapped in a cycle where foreign economies benefit from mineral exploitation. The $29.5 trillion figure encompasses critical minerals like cobalt, lithium, manganese, nickel, and graphite, which are essential for green energy, electric vehicles, and advanced electronics.

However, African nations see only a fraction of the profits, with most of the financial windfall, industrial jobs, and technological advancements generated overseas. To break the "resource curse," Belobe and other experts urge African governments to implement structural shifts, including banning raw mineral exports, establishing regional value chains, harmonizing mining codes, and investing in renewable energy.

The challenge lies in African nations lacking the capacity to implement these measures or being subject to exploitative powers. As global demand for green technology increases, African nations must act collectively to assert control over their supply chains and turn their mineral wealth into tangible wealth, sustainable jobs, poverty reduction, infrastructure development, and more.