Africa’s Mineral Wealth: A Call for Economic Independence

In a recent article published by Al Jazeera, Maxwell Gomera, the Resident Representative of the United Nations Development Program in Rwanda, argues that Africa must shift its focus from dependency on foreign aid to harnessing its abundant mineral resources.

Gomera highlights that the continent possesses critical minerals essential for the global clean energy transition, including cobalt, platinum, and graphite.

The piece emphasizes that Africa is home to 70% of the world’s cobalt, primarily sourced from the Democratic Republic of the Congo, and significant deposits of platinum and palladium in South Africa. Despite these riches, African nations continue to export raw materials at a fraction of their value, receiving only $26-30 per kilogram for cobalt while processed materials can fetch $150-200. This disparity underscores the need for Africa to capture the full value of its mineral resources.

Gomera criticizes the reliance on foreign aid, especially following the suspension of US aid programs, which previously allocated nearly a third of $41 billion in foreign aid to Africa. He argues that instead of lamenting the loss of aid, African countries should invest in processing facilities, special economic zones, and regional collaborations to transform their mineral wealth into high-tech manufacturing capabilities.

He acknowledges the environmental concerns surrounding mining but insists that the solution lies in setting high standards for sustainable practices rather than halting extraction. The article calls for political courage, unity, and investment in education and infrastructure to create a self-sufficient Africa that can finance its own development through its mineral resources.

Gomera concludes that Africa must transition from being a supplier of raw materials to a manufacturing powerhouse, making foreign aid unnecessary.