This week, the esteemed Economist and Political Risk Analyst, Dr. Theo Acheampong, made significant contributions to the 7th Annual Mining On Top Africa Summit held in Paris. The event gathered leading experts and stakeholders in the mining industry to discuss critical issues and opportunities for sustainable development in the sector.
Dr. Acheampong, a Visiting Fellow at the European Council on Foreign Relations (ECFRAfrica), played a pivotal role in discussions focused on fostering EU-Africa mining partnerships that emphasize sustainable and inclusive growth.
Dr. Acheampong remarked on the success of the summit, highlighting the productive dialogues on enhancing EU-Africa collaborations in the mining sector.
“We had great conversations on developing EU-Africa mining partnerships centred on sustainable and inclusive development.”
Dr. Theo Acheampong, Economist and Political Risk Analyst
This year’s summit placed a strong emphasis on creating value chains that are not only productive but also environmentally friendly and socially responsible.
Dr. Acheampong participated in a crucial panel session where he delved into the creation of sustainable and environmentally friendly value chains while maximizing production.
Drawing from his extensive work at the European Council on Foreign Relations, Dr. Acheampong shared valuable insights into the geopolitical dynamics, bottlenecks, and necessary reforms at both country and regional levels. His address focused on nurturing domestic processing and beneficiating industries, which are vital for the economic advancement of African nations.
In his remarks, Dr. Acheampong shed light on the geopolitical competition narrative, which has become increasingly relevant in the context of Africa’s rich energy and mineral resources.
“Different international players—including traditional ones like China, USA, and Europe, as well as emerging Gulf States like the UAE, Saudi Arabia, and Qatar—are vying for access to Africa’s abundant energy and mineral resources in pursuit of their net-zero and green industrial aspirations.”
Dr. Theo Acheampong, Economist and Political Risk Analyst
This competition underscores the strategic importance of Africa in the global transition towards greener economies.
African Stakeholders and Industrialisation
Dr. Acheampong also emphasized the growing assertiveness of African stakeholders in leveraging the green transition to enhance energy access and drive industrialization.
“Many Africans prioritize providing electricity as a prerequisite for industrialization. Without robust electricity systems, everything else, including the processing of minerals into value-added products on the continent, would not happen.”
Dr. Theo Acheampong, Economist and Political Risk Analyst
The critical need for affordable and reliable power, particularly in heavy industries like aluminium production from bauxite, was highlighted as a fundamental requirement for successful industrialization.
Moving beyond the immediate focus on local content and participation, Dr. Acheampong stressed the necessity for broader industrial policy strategies. He referenced a recent paper by the International Monetary Fund (IMF), noting that approximately 17 African countries have implemented local content regulations in mining and related activities.
While there have been positive developments, such as the emergence of domestic processing industries in countries like Zambia, Zimbabwe, and Ghana, these efforts need further support.
Dr. Acheampong further pointed out the importance of aligning national and regional industrial policies and strategies to attract both domestic and external investments.
“There is a clear need to align national and regional industrial policies and strategies, such as tax incentives, to encourage domestic and external investments, such as those in downstream value chains.”
Dr. Theo Acheampong, Economist and Political Risk Analyst
Dr. Acheampong acknowledged that not every African mining country will develop a downstream processing industry but highlighted the benefits of economies of scale and scope that could be achieved through regional value chains.
Dr. Theo Acheampong’s participation in the 7th Annual Mining On Top Africa Summit brought crucial perspectives on sustainable development and the future of the mining industry in Africa. His insights on geopolitical dynamics, the importance of robust electricity systems, and the need for comprehensive industrial policy strategies resonated with the audience, offering a pathway for enhanced EU-Africa partnerships.
As the global competition for resources intensifies, the discussions and outcomes of this summit will play a significant role in shaping the future of mining and industrialization in Africa, ensuring that growth is both inclusive and sustainable.
READ ALSO: UN Urges Action to Protect Migrants Facing Violence and Death in Africa
