The Vice President has pointed out that revenue from Africa’s mineral production pales in comparison to the true value of its precious minerals because despite being home to 30% of the world’s most sought-after minerals, the continent is still exploited in the global market
BONGANI MALUNGA
Botswana has joined calls for a shift in a narrative that leaves Africa’s natural resources undervalued and the continent’s mineral producers exploited.
Speaking at the 60th Anniversary of the African Development Bank recently, Vice President Ndaba Gaolathe said the systemic undervaluation of Africa’s minerals will continue unless the continent embraces a value defining role as opposed to being a “price taker.”
“It is quiet violence”
He emphasised that as custodians of their resources, African countries should take the lead on policies and safeguard the continent’s future. “When African carbon credits are traded for a fraction of their true value, that is not commerce; it is quiet violence,” the Vice President asserted.
“And what about our mineral wealth? Africa holds over 30% of the world’s critical minerals. From lithium to cobalt, we power the world’s batteries, yet all too often, we are still exporting dust while importing debt. That must end.”
“The call to properly value Africa’s natural capital urges us to see our forests, carbon sinks and biodiversity not as mere footnotes in global economics but as assets of global significance.
African currency
“We must stop the carbon grabs and ensure that Africa is not just a green but also a cash-rich continent.”
Gaolathe also lent his support for a proposal by the African Development Bank to establish a critical minerals-backed African currency.
He lauded the proposed move to potentially include natural capital in national balance sheets as “innovative and sovereign”.