It is only in Africa buyer of a scarce commodity determines the price – Akosua Bame

Ghanaian author Akosua Bame has lamented how Africa remains impoverished because of poor management and use of the continent's resources.

Speaking at a public lecture held on Thursday, June 6, 2024, at the British Council on the theme "Looking Beyond the Fourth Republic Towards Nation-Building," the author of "The Mindset Revolution" criticized the reversal of basic economic laws when it comes to the price determination of African resources.

"Every nation outside Africa is strategizing about Africa's resources; America, China, France, Germany, India, Russia, to name but a few. Only African countries are failing to strategize internally about their resources. For the most part, these countries, particularly our former colonialists, feel entitled to secure our resources for the least possible price. It is only when it comes to Africa that the buyer of a scarce commodity determines the price it will pay.

"This contravenes the economic theory of scarcity and how the forces of demand and supply dictate price," she stated.

Africa, despite being abundant with resources, remains the poorest continent in the world due to poor resource management and leadership.

According to the UN Environment Programme, Africa is home to some 30 percent of the world's mineral reserves, 8 percent of the world's natural gas, and 12 percent of the world's oil reserves. The continent has 40 percent of the world's gold and up to 90 percent of its chromium and platinum.

Africa boasts the largest reserves of cobalt, diamonds, platinum, and uranium in the world. The continent holds 65 percent of the world's arable land and 10 percent of the planet's internal renewable freshwater sources.

GA/SARA

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