The abundance of natural
resources in Africa has been at the heart of many debates, especially in
relation to the level of development in the region compared with other parts of
the world. Africa is endowed with both a great volume and variety of natural
resources. Indeed, the variety of natural resources to be found in Africa is
perhaps far greater than on any other continent. It ranks first in chromium, cobalt,
diamond, gold and vanadium reserves and production, among others. In spite of
this favorable context, most African mineral resource rich countries have so
far failed to harness the full potential of the resource boom to spur their economic growth and development. The value of
Africa’s natural resources – valued in the trillions of dollars – dwarf other
sources of capital such as remittances and aid. From laptops to cell phones,
cars to airplanes, all kinds of everyday products are made using minerals from
Africa. It is not an exaggeration to say that the world depends on Africa's
natural resources. Africa’s natural resources have been the bedrock of the world’s
economy and continue to represent a significant development opportunity for the
global market.
Since the colonial
period, African economies have either deteriorated or stagnated with
detrimental efforts on the Africans. In
comparison to other continents the African economic development progression has
been marginal relative to other resource-rich countries across the globe. The history of resource extraction
in Africa and in particular during the colonial period and the subsequent
governments highly informed by the fading colonial influences is substantially
a history of plunder. Too often, African resources have become a burden for the
countries that harbor them, a curse rather than a blessing, a blockage to
development instead of a source of finance to foster sustainable development. In
Africa, raw
materials resources frequently go hand in hand with social and military conflicts, internal
and international warfare, environmental degradation, evictions and weak or
non-functioning state institutions.
The global economy in the
manner of transnational raw materials corporations has played significant roles
in plundering the economy of Africa. Often with the consent of host governments
this corporations have managed to sign favorable agreements which reduce tax
obligations and limit the royalties to the state at the same time having local
corrupt elites transfer large sums abroad to tax havens and secret accounts.
The corporations do not act in isolation; they are part and parcel of
wide-ranging attempts to secure the flow of raw materials from Africa to the
European Union and to the US.
The key concept in
mobilization of resources for development within Africa lies with the shift in
the balance in terms of the ownership and exploitation of resources and
introduction of fair practices solely influenced by self centered African market
policies to ensure the market and in particular the global economy does not
take advantage of Africa to fuel its economy. Critique of the modes of accumulation
of resources and exploitation for production should be a discipline for all
Africa leaders with emphasize on strong African institutions not dependent on
the international community which functions solely for the benefit of Africa.
Delinking of the Africa economy from the international market is an impossible
move and maybe unthinkable in certain quotas but may be the only way, Africa
will mobilize its resources adequate enough to spur its stagnant economy. The
challenge for the African continent is how to govern and harness the rich pool
of natural resources to achieve a broad-based growth. African governments need
to take strong action to implement concrete measures to ensure that their
countries and their populations benefit from natural resource extraction.
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