To protect its abundant natural resources, African countries must make concerted efforts to combat the illicit trade in resources. This was denounced by reports from the African Development Bank (AFDB) and the United Nations Environment Program (UNEP).
According to Unep data, the continent holds 30% of world mineral reserves, 8% of natural gas reserves and 12% of oil reserves, 40% of world gold reserves, up to 90% of reserves reserves of chromium and platinum, the world‘s largest reserves of cobalt, diamonds, platinum and uranium, but Africa also owns 65% of the world‘s arable land and 10% of the world‘s domestic renewable freshwater supply.
However, only a few countries, including South Africa, Botswana, Ghana, Burkina Faso and Tanzania, account for more than 80% of the value produced by mineral raw materials. Countries like the Democratic Republic of Congo (DRC) and Guinea, also endowed with resources worth an estimated $23 trillion, are absent from this list.
Closing the gap for illegal trade in natural resources can help raise some of the funds Africa needs to sustain an inclusive prosperity. The unregistered exchange of natural resources that undermines the economic progress of the wider African civilization is referred to in this context as “illicit trade”. Minerals targeted for illicit trade in the mining sector are primarily high-value resources, according to the AfDb’s “Illicit Trade in Natural Resources in Africa” report. These include gemstones, precious metals and rare earths: the illegal diamond trade, for example, is rampant in the Marange diamond fields of Zimbabwe, Central Africa, the DRC and Sierra Leone. Cassiterite, which is used to make tin, is the most illegally traded mineral in Africa by volume. In 2013, an estimated 7,000 tons of this substance were illegally exported from the DRC for a total value of $29 million. [Da Redazione InfoAfrica]
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Read our focus on the precious resources present on the continent: https://www.africaeaffari.it/rivista/terre-rare-e-preziosi