The Millennium Development Authority (MiDA) CEO, Alexander Kofi-Mensah Mould, has cautioned African leaders against allowing the continent’s emerging critical minerals boom to become another resource curse. He urged a new approach centered on good governance, value addition, and inclusive development. This statement was made at the High-Level Conference on Governance, Critical Minerals and Conflict in Africa, organized by the Open Society Foundations (OSF) in Accra.
Mr. Mould highlighted that Africa is entering a crucial period in its development journey. Critical minerals are becoming increasingly vital for the global economy. This includes the transition to cleaner energy, advanced manufacturing, and emerging technologies. He described these minerals as “the new oil, the fuel of the green transition and the foundation of tomorrow’s economy.”
This development fits into Ghana’s broader economic narrative of leveraging natural resources for sustainable growth. Ghana has historically relied on gold, cocoa, and oil exports. The country now seeks to diversify its economy and add value to its raw materials. The warning from MiDA’s CEO underscores the importance of learning from past resource management challenges. These challenges have sometimes led to limited local benefits despite significant resource wealth.
“Before we ask what the world wants from Africa, perhaps we should ask a more important question: What does Africa want for itself?” Mr. Mould stated. He noted that the growing global demand for minerals like lithium, cobalt, and graphite presents an extraordinary opportunity for Africa. However, he warned that natural resource wealth alone does not guarantee prosperity. He cited examples of resource-rich countries where some transformed resources into stronger institutions, while others faced conflict and instability. “The difference was never simply the resource. The difference was governance,” he added.
Effective governance, according to the MiDA boss, extends beyond just extracting and managing mineral resources. It requires building public trust in institutions and ensuring transparency and accountability. It also involves managing expectations fairly and ensuring communities benefit meaningfully from resources in their territories. He cautioned that when citizens feel excluded from their natural wealth, economic opportunities can quickly turn into frustration and tension. “When people feel excluded from the benefits of their own natural wealth, opportunity can give way to frustration, and frustration can all too easily give way to instability,” he explained.
Mr. Mould challenged African countries to move beyond a simple commodity-export model. He advocated for building industries, technologies, and enterprises that capture greater value from the mineral value chain. He argued that Africa’s success should not only be measured by the volume of minerals shipped abroad. Success should also be measured by the industries created, jobs generated, skills developed, and African businesses empowered to compete globally. “Can Africa move beyond measuring success by what leaves our shores, and begin measuring success by what we build within them?” he asked.
The future of Africa’s mineral sector, he stressed, should not be seen as a choice between international investment and African ownership. Instead, it should be an opportunity to build partnerships that offer mutual benefits. These partnerships should also strengthen African capacity, leadership, and participation. The debate must ultimately focus on whether Africa’s mineral wealth will become a catalyst for peace, opportunity, and shared prosperity. It should not become another chapter of unrealized potential. “Ultimately, this conference is about far more than minerals. It is about people,” he emphasized.
Future generations, Mr. Mould concluded, will judge current leaders not by the abundance of resources inherited. They will judge them by the wisdom, integrity, and foresight with which those resources were governed. This perspective highlights the long-term implications of current policy decisions. It also stresses the need for robust frameworks to ensure equitable and sustainable development. Policymakers and stakeholders will need to develop practical solutions to guide Africa towards a future where critical minerals support inclusive growth and stability.