Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (GoldBod), has urged Africans globally to ensure the continent's economic rise translates into greater ownership of its resources and industries. Speaking at the EMY Africa – Africa Rising Symposium in London, Mr. Gyamfi stressed that Africa's growing importance should not solely depend on population growth or natural wealth.
He challenged Africans to rethink the continent's development model. Mr. Gyamfi questioned whether Africa would remain a supplier of raw materials and labour or become a hub for innovation and industrialisation. This shift is crucial for creating sustainable economic growth and opportunities for its citizens.
This call aligns with Ghana's broader economic strategy to add value to its natural resources, such as gold and cocoa, rather than exporting them in raw form. The government has consistently advocated for local processing and industrialisation to boost job creation and retain more wealth within the country. This approach aims to reduce reliance on commodity price fluctuations and build a more resilient economy.
Mr. Gyamfi described the African diaspora as one of the continent’s most significant strategic assets. He stated that the diaspora possesses the expertise, technology, networks, and capital necessary to transform Africa’s economies. This includes skills and financial resources that can drive industrial development and innovation across various sectors.
He further argued that Africa’s abundant natural resources should no longer primarily enrich foreign economies. Millions of young Africans remain unemployed despite the continent's vast wealth. Mr. Gyamfi emphasised that Africa’s rise must mean its resources create African industries, jobs, brands, and wealth. This vision aims to foster economic dignity and self-sufficiency for the continent.
African governments must create favourable conditions for investment, Mr. Gyamfi added. He highlighted stable policies, transparent institutions, and respect for contracts as essential elements. These conditions are vital for attracting both domestic and diaspora capital, which can fuel industrial growth and infrastructure development.
The push for greater African ownership and industrialisation reflects a growing sentiment across the continent. Many leaders and economists advocate for moving beyond traditional aid models and towards self-reliant economic development. This includes fostering local entrepreneurship and strengthening regional trade blocs.
Mr. Gyamfi concluded his address by calling on Africans everywhere to collaborate in shaping the continent’s future on their own terms. He asserted that Africa will undoubtedly matter in this century. The critical question is whether Africa will matter on terms shaped by Africans themselves, rather than external forces.
He urged collective action, stating, “We are done with predicting Africa’s future. The time to build that future is now.” This collaborative effort, involving the continent and diaspora, youth and elders, public and private sectors, is essential for a truly transformative rise. This transformation, he believes, will be owned by Africans, ensuring long-term benefits for its people.