Africa still remains poor despite rich natural resources - Lands minister laments

The Minister of Lands and Natural Resources, Samuel Abu Jinapor, has appealed to Canadian investors to take advantage of the opportunities in Ghana's mining sector, which he said is the backbone of the African economy.

As reported by TV3 News, he made the comments at the 25th annual Africa Mining Breakfast and the 22nd annual Investing in Africa Mining Seminar, organized by the Canada Africa Chamber of Business, in Toronto, Canada, on Tuesday, March 5, 2024.

He said Ghana's mining sector contributed about 16% of government revenue and 7.1% of GDP, and that Africa had 30% of the world's mineral reserves, including green and emerging metals.

Samuel Abu Jinapor said the future of global mining is in Africa, and that the continent is committed to the Africa Mining Vision, which aims to ensure the optimal and sustainable exploitation of its mineral resources for the benefit of its people.

He, however, lamented that despite the rich mineral endowment, Africa remained poor and underdeveloped, with half of the world's 1.1 billion poor people living 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 subsaharan 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,” he said.

He said the Africa Continental Free Trade Area (AfCFTA), which is headquartered in Accra, Ghana, offers a huge market of over 1.2 billion people for trade and investment.

He added that Africa's mineral resources also positions the continent as a key player in the transition to green energy.

Samuel Abu Jinapor expressed his hope that the seminar would strengthen the cordial relations between Africa and Canada and that more Canadian investors would partner with Ghana and other African countries in the mining sector.

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