The African Export-Import Bank (Afreximbank) has called on African leaders and policymakers to take bold steps to own the continent’s natural resources, create jobs and build industries that will sustain prosperity for generations.
This call was made during the African Mining Indaba 2025 currently underway in Cape Town, South Africa.
In a keynote address at a ministerial symposium of the Indaba, Afreximbank Group Senior Executive Vice President Denys Denya emphasised that Africa is at a crossroads and must decide whether to continue exporting its wealth and remain a marginal player in the global economy or take bold steps to own its resources.
Denya noted that while the global mining industry generated approximately US$1.7 trillion in revenue in 2023, Africa’s share of this wealth remained disproportionately low.
“Our continent extracts the raw materials that power the world’s industries, yet it is estimated that we retain as little as between four percent and 20 percent of the total value of our minerals due to minimal local processing and limited downstream development,” Denya told African leaders, policymakers, mining industry leaders and global partners.
He highlighted the resulting lost economic opportunities, exposure to volatile commodity cycles and a persistent reliance on external markets for refined products derived from Africa’s resources.
Denya urged governments, financial institutions, investors and industry players to work together to build an Africa where mining is not just about extraction but about transformation, innovation, and wealth creation.
“The choice is ours. The time to act is now,” he said.
He outlined that Africa has the resources, market potential and policy frameworks to transition from a resource-dependent continent to an industrial powerhouse.
However, success would depend on bold, decisive action from all stakeholders.
Policymakers must implement clear, enforceable regulations that mandate local value addition and create investment-friendly environments.
Private sector investors must step up with capital and technology to develop processing, refining and manufacturing facilities.
Denya also stressed the need for regional collaboration, as no single country can build a mining value chain in isolation.
He highlighted the importance of the African Continental Free Trade Area in developing intra-African mineral value chains and strengthening cross-border collaboration.
Attracting capital for mining-related infrastructure, technology transfer and skills development is critical, he added.
“Our mining policies must also prioritize environmental, social and governance standards, ensuring that mining benefits communities rather than displacing them,” Denya said.
He added that this approach would create millions of skilled jobs for the youth, reduce reliance on volatile global markets, and strengthen intra-African trade.
The African Mining Indaba 2025, taking place from February 3 to 6, is the premier gathering where African policymakers, industry leaders and global partners work to shape the future of the African mining sector.
JN/APA