A Ghanaian economist has delivered a sharp warning to African governments at the continent’s most influential mining conference, cautioning that banning raw mineral exports without first building the infrastructure to process them will simply reroute trade rather than create the factories and jobs governments are promising their citizens.
Theophilus Acheampong, technical adviser to Ghana’s Ministry of Finance, made the remarks during a panel discussion at the 2026 Investing in African Mining Indaba held in Cape Town, South Africa, from February 9 to 12, where the geopolitical scramble for Africa’s lithium, cobalt, manganese, and rare earths dominated the agenda.
Speaking at a session that brought together senior representatives from the United States Department of Energy, the African Legal Support Facility, and major mining investors, Acheampong argued that Africa’s future will depend more on governance and strategy than on geology alone. The continent holds approximately 40 percent of global proven critical mineral reserves, yet its share of global exploration spending has declined from around 16 percent a decade ago to roughly 10 percent today, a trend panellists linked directly to policy instability and investor caution.
Acheampong’s core argument was direct: prohibiting the export of raw minerals does not automatically create factories, jobs, or technology transfer. For value addition to happen sustainably, he explained, a country must first have reliable and affordable power, efficient transport and port logistics, skilled labour and technical expertise, access to affordable capital, and guaranteed market access. Without these foundations, an export ban may choke supply chains rather than deepen them.
“African governments should stop confusing export bans with industrial policy. Bans do not automatically translate into value addition without power, logistics, skills, and investable market access; they simply shift trade routes or delay investments,” he said.
Instead, Acheampong called for leverage to be negotiated strategically through structured partnerships, technology transfer agreements, and phased localisation targets, rather than imposed through blanket export prohibitions.
He also urged African governments to anchor their strategies internally rather than depend on foreign powers to deliver development outcomes. “If history has taught us anything, it is the fact that often you cannot rely on other external partners to deliver your country for yourselves. You have to build the institutions at home, and you have to be clear about what you want to achieve,” he said.
The broader conference consensus echoed this message. Speakers across sessions acknowledged that Africa cannot succeed alone and that the balance between strengthened national regulations and legal certainty for investors is crucial to attracting the capital needed to develop local processing capacity.
