Stablecoin Adoption Surges in Nigeria and South Africa Amid Calls for Creative Sector Investment in Ghana

Francisca Tatchououp Belobe urges Africa to prioritize local mineral investors

African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, Francisca Tatchououp Belobe, has called on African nations to shift their focus from merely attracting foreign capital to nurturing local enterprises within the mining sector. Speaking at the Mining in Motion Conference on October 19, Ms. Belobe emphasized that the long-term sustainability of the continent’s mineral development depends on the growth of African-owned businesses capable of processing natural resources. She argued that while foreign investment is common, the true economic potential of Africa's wealth lies in building domestic industrial capacity that creates jobs and retains value within the continent. Ms. Belobe advocated for the implementation of cohesive industrial policies and investment strategies that empower local firms to move beyond raw material extraction. She noted that while mineral resources are held as national assets, their successful development hinges on the ability of African countries to connect these resources with the necessary infrastructure and markets. The Commissioner underscored that the current reliance on exporting unprocessed minerals limits the continent’s economic growth and leaves it vulnerable to global market fluctuations. A central theme of her address was the necessity of regional cooperation and the strategic use of the African Continental Free Trade Area (AfCFTA). Ms. Belobe highlighted that collaboration among African nations is essential for building competitive industries that can thrive on a global scale. By integrating mineral value chains across borders, African countries can leverage the AfCFTA to expand regional markets and ensure that industrialization efforts are supported by a unified continental trade framework. To guide these efforts, the Commissioner pointed to established frameworks such as the African Mining Vision, the African Green Mineral Strategy, and the African Union Commodity Strategy. She stressed that these blueprints provide the roadmap for harmonizing investment policies, but their success is contingent upon coordinated action from member states. Ms. Belobe concluded by urging leaders to prioritize these internal strategies to ensure that Africa’s vast mineral wealth drives comprehensive and inclusive development for its citizens.