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BusinessAfrica remains poor due to exploitation of its natural resources - Lands...

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Africa remains poor due to exploitation of its natural resources – Lands Minister laments

Minister of Lands and Natural Resources, Samuel Abu Jinapor, urged Canadian investors to explore the vast potential in Ghana’s mining sector.

Describing it as the backbone of Africa’s economy, he emphasised that Ghana’s mining contributed significantly to government revenue and GDP.

Minister Jinapor highlighted Africa’s abundance, possessing 30% of the world’s mineral reserves, including crucial green and emerging metals.

Emphasising that the future of global mining lies in Africa, he reaffirmed the continent’s commitment to the Africa Mining Vision, aiming for optimal and sustainable mineral resource exploitation for the benefit of its people.

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Expressing concern over Africa’s underdevelopment despite its rich resources, Minister Jinapor cited the 2023 Multidimensional Poverty Index report, revealing that nearly half of the world’s 1.1 billion poor people reside in sub-Saharan Africa.

“Regrettably, over the years, the exploitation of these resources has not optimally benefited the African peoples. According to the 2023 Multidimensional Poverty Index report, nearly half of the world’s 1.1 billion poor people live in sub saharan Africa and using the international monetary funds GDP per capita income 25 out of the 30 poorest countries in the world are in Africa, including countries with large reserves of natural resources,” Samuel Abu Jinapor stated.

He made this statement during Toronto’s Canada-Africa Chamber of Business-hosted 25th annual Africa Mining Breakfast and 22nd annual Investing in Africa Mining Seminar on March 5, 2024.

He urged a more equitable distribution of mining benefits, emphasising the need for Africa to break free from poverty.

Highlighting the potential of the Africa Continental Free Trade Area (AfCFTA) headquartered in Accra, Ghana, Minister Jinapor outlined a massive market of over 1.2 billion people for trade and investment.

Additionally, he underscored Africa’s crucial role in the global transition to green energy, leveraging its abundant mineral resources.

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Expressing optimism, Minister Jinapor hoped that the seminar would foster stronger ties between Africa and Canada, encouraging increased collaboration with Ghana and other African nations in the flourishing mining sector.

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3 COMMENTS

  1. I am sorry I have to disagree with the Minister on this. It is the bad policies as a result of corruption that causes the exploitation and the subsequent loss of value for our produce. Untill and unless we address these human ills in our society we shall always remain poor.

  2. For me africa remain poor due to lack of good leadership in fact due of lack of honesty,integrity, patriotism,humanity,justice goodness from the leadership in one hand and lack of knowledge,respect ,and lack of doing the right thing the mass .

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