President John Dramani Mahama has called on African nations to assert greater sovereignty over their natural resources, arguing that the current system of foreign-dominated extraction leaves the continent with little benefit.
Addressing the 80th United Nations General Assembly in New York, Mahama said Africa must move away from parceling out vast concessions to international companies under agreements that deliver minimal returns to local economies.
“In this era of global uncertainty, Africa must exercise sovereignty over its natural resources to raise the necessary funds to ensure the well-being of its citizens. The days of parceling out vast concession areas to foreign interests for exploitation must come to an end,” Mahama said.
He stressed that while Africa would continue to welcome foreign investment, governments must negotiate stronger terms, including mandatory value addition, to ensure local communities benefit from industries that dominate their territories.
“We are tired of the continued image of poverty-stricken, disease-ridden rural communities living at the periphery of huge foreign-controlled natural resource concession areas,” Mahama said, underscoring the need for investment that generates jobs, technology transfer, and equitable economic growth.
The call sheds light on how Africa manages its resource wealth, particularly as demand for critical minerals intensifies in the global transition to clean energy. Africa holds a significant share of reserves in cobalt, lithium, manganese, and bauxite, yet captures only a fraction of the value from global supply chains.
Mahama’s remarks echo wider concerns, resource contracts often favor multinational firms at the expense of host economies. His call for value addition reflects a broader push for an industrial transformation agenda to link mining, agriculture, and energy resources to domestic manufacturing.
By positioning Africa as a stronger negotiator, Mahama argued, the continent can finance development priorities internally rather than relying heavily on aid or concessional lending, both of which have come under pressure from global economic instability.
