African leaders demand greater share of $29.5 trillion mineral wealth

The Mining in Motion 2026 summit convened in Accra this week, with prominent African leaders and international envoys calling for a radical shift in how the continent manages its natural resources. Francisca Tatchouop Belobe, the African Union Commissioner, revealed that while Africa holds nearly 30% of the world's critical mineral reserves—valued at an estimated $29.5 trillion—it currently retains only 5% of the economic value generated from these resources. This stark disparity has prompted urgent calls for African nations to unify their approach to escape the "resource curse" and ensure that the growing global demand for green technology directly benefits local economies.

To address this imbalance, Commissioner Belobe emphasized the necessity of structural reforms, including the potential banning of raw mineral exports and the establishment of robust regional value chains. The summit, also known as the African Minerals Policy Forum, focused on strategies to harness mineral wealth for job creation, industrialization, and improved living conditions. Leaders argued that moving away from a global extraction model toward domestic processing would allow the continent to safeguard mining communities and attract more sustainable investment.

The gathering also highlighted the grave security risks associated with the sector. Rt. Hon. Dominic Raab, former UK Deputy Prime Minister and current special envoy for the World Gold Council, warned that illegal artisanal and small-scale gold mining is increasingly being exploited by criminal organizations. Raab noted that rising gold prices have attracted drug cartels, mercenary groups, and jihadist extremists, particularly from the Sahel region. He explained that these networks use illegal mining to finance their operations, leading to environmental destruction, human trafficking, and significant losses in state tax revenue for countries like Ghana.

To mitigate these threats, Raab and other experts called for enhanced law enforcement and the formalization of gold supply chains. By integrating small-scale miners into the legal economy and creating a viable market for responsibly mined gold, governments can reduce the leverage of criminal networks and protect national security. The summit concluded with a consensus that coordinated efforts between governments, international bodies, and the private sector are essential to transforming Africa’s mineral wealth into a foundation for long-term stability and economic prosperity.