Many African countries face a dilemma. After a decade of consistent economic growth, often propelled by high commodity prices, half the continent’s population still lives in poverty. Even if rising demand for raw materials from the booming cities of China and India, among others, has driven growth in Africa’s mining sector, most of the continent has not yet translated mineral wealth into industrialization and widespread economic development. Most African countries continue to export raw materials and then pay a premium to import the products made with them.
Africa Mining Vision
The title for this blog post comes from Mr. Amadou Cisse, Minister of Mines of Mali, who said that the Extractive Industries Transparency Initiative (EITI) “was one of the most beautiful initiatives that the World Bank has ever supported.”
The Minister, along with many of his African peers, participated at the huge Investing in African Mining Indaba event, an annual gathering in Cape Town. Mr. Cisse went on to add that “if there is no transparency, there is no peace.”