Ghanaian experts warn that Africa must avoid repeating the mistakes made during the oil boom as it develops its critical mineral resources. They emphasize the need for stronger institutions and enhanced regional bargaining power to prevent past errors.
The growing global demand for critical minerals presents Africa with a significant opportunity. This opportunity could drive industrialization, create jobs, and finance development across the continent. However, experts stress that these resources must not be treated as traditional commodities exported without value addition.
This warning comes amid broader concerns about Africa's economic trajectory and its ability to leverage natural resources for sustainable growth. The continent holds about 30 percent of the world’s critical mineral deposits. Yet, it captures only a negligible share of the economic value because most minerals are exported unprocessed. This trend mirrors historical patterns where resource wealth did not translate into widespread development.
Benjamin Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP), highlighted Africa's missed opportunities with oil wealth. Speaking at the 2026 Anglophone Africa Extractive Industries Knowledge Hub (AFREIKH) Summer School in Accra, Mr. Boakye noted that oil generated enormous expectations. However, these expectations often failed to translate into tangible development for citizens. He warned that the critical-minerals boom could become another missed opportunity without changes in resource management.
Mr. Boakye urged African countries to use critical minerals for industrialization, job creation, and building local industries. This approach moves beyond simply extracting and exporting raw materials. He also called for investing mineral revenues in education, healthcare, infrastructure, and productive sectors. Protecting communities and the environment must also be a priority.
Nafi Quarshie, Africa Director of the Natural Resource Governance Institute (NRGI), echoed these concerns. She cautioned that the global energy transition might reproduce Africa’s traditional extractive model under a new “green” label. Ms. Quarshie pointed out that Africa is rich in energy transition minerals but remains energy poor and capital constrained. She stated that a “green transition is not automatically a just transition.” Billions of dollars could flow into critical minerals without creating competitive African industries or skills.
Ms. Quarshie emphasized that Africa’s challenge is not just to extract different minerals. It is to produce different development outcomes. She advocated for stronger institutions, transparent decision-making, better contracts, and responsible revenue management. Meaningful community participation is also crucial. She also urged African countries to strengthen regional cooperation to capture more value. Competing against neighboring countries gives away value, making cooperation and strong bargaining power essential.
Magdalena Wüst, Deputy Head of Cooperation at the Embassy of Switzerland, affirmed the importance of energy and extractive sectors for Africa’s growth. She acknowledged ongoing challenges like weak governance, limited value addition, and revenue leakages. Ms. Wüst stressed that Africa must move beyond being a resource supplier. It must capture greater value from its natural wealth as global energy systems evolve. These warnings come as calls grow across Africa to shift from exporting raw minerals. The focus should be on processing, regional value chains, and industrialization.