Africa Needs To Add Value To Minerals For More Revenue Lands Minister

The Minister for Lands and Natural Resources, Hon Samuel Abu Jinapor has lamented how Africa over the years, the exploitation of natural resources has not optimally benefitted the African peoples and the continent still struggles for growth.

He hinted the International Monetary Fund's GDP per capita income, twenty-five (25) out of the thirty (30) poorest countries in the world are in Africa, including countries with large deposits of natural resources describing this report as worrisome.

He indicated that a 2018 United Nations Economic Commission for Africa (UNECA) study, found that Africa’s underdevelopment, despite the vast deposit of resources, is largely due to failure to attract sufficient investment in other diversified activities along the value chain of their resources, and their over-dependence on the export of raw minerals.

According to Sampson Kwame Nyamekye, the Damango Legislator said to alter this phenomenon, Africa must move away from “dig and ship” and aspire to add value to the minerals we produce. A completely new paradigm shift, which will jettison the colonial architecture of mining is what Africa needs.

Hon Samuel Abu Jinapor made this in a speech he delivered at the 25th Annual African Mining Breakfast and the 22nd Annual Investing in Africa Mining Seminar held in Toronto, Canada.

Hon Jinapor said mining remains the bulwark of the African continental economy, contributing substantially to revenue and Gross Domestic Product (GDP) adding that Africa still holds some thirty percent (30%) of the world’s mineral reserves, with large deposits of green and emerging minerals.

The Lands Minister mentioned that in Ghana, the mining sector contributes approximately sixteen percent (16%) of Government revenue, and seven point nine percent (7.9%) of our Gross Domestic Product (GPD). And even after years of mining.

To realise the goal of Internal Generated Fund (IGF) and the Africa Mining Vision, of utilising our mineral resources for sustainable development, and to ensure that these resources benefit our people and investors, equitably, the Government of Ghana, under the leadership of President Akufo-Addo, is promoting some policies within the mining industry. “ he added.

Samson Kwame Nyamekye/ Hello Fm