President John Dramani Mahama has urged African nations to reconsider their economic strategies, warning that continued reliance on exporting raw materials is undermining the continent’s long-term growth.
In a speech delivered at the African Economic Forum on Thursday, President Mahama emphasized the importance of adding value to natural resources before export. “Africa is rich in resources, yet too often we sell our wealth raw, only to buy back finished products at a much higher cost. This must change,” he said.
President Mahama cited examples from Ghana’s mining and agricultural sectors, pointing out that processing minerals, cocoa, and other commodities locally could create jobs, stimulate industrial growth, and increase government revenue. He called for regional cooperation, investment in local industries, and policies that encourage innovation and value addition.
Economic analysts have long warned that Africa’s dependence on exporting raw materials leaves the continent vulnerable to global market fluctuations and limits its industrial development. By investing in local processing and manufacturing, experts argue, African countries could capture more of the value chain and ensure sustainable economic growth.
The President’s remarks come amid growing discussions across the continent on how to transition from resource-dependent economies to more diversified and industrialized nations.
“Exporting raw wealth benefits no one but foreign companies. Africa must learn to invest in itself, in its people, and in its industries,” President Mahama concluded.
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