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Lusa - Business News - Mozambique: Sub-Saharan Africa should benefit more from green transition - IMF

Washington,May.1,2024(Lusa)- The International Monetary Fund has lamented the fact that countries in sub-Saharan Africa such as Mozambique, which are a major source of the minerals that will fuel the world's transition to renewable energies, there is no processing capacity that could multiply revenues and generate local employment.
Sub-Saharan Africa is already at the center of global critical mineral production. The Democratic Republic of Congo accounts for over 70 percent of global cobalt output and approximately half the world’s proven reserves," reads a blog authored by three IMF economists. "South Africa, Gabon and Ghana collectively account for over 60 percent of global manganese production. Zimbabwe, alongside the Democratic Republic of Congo and Mali, hold substantial but yet-to-be-explored lithium deposits.
The blog post, titled 'Harnessing Sub-Saharan Africa’s Critical Mineral Wealth' and by IMF Africa department economists Wenjie Chen, Nico Valckx and Athene Laws, goes on to cite other countries with significant critical mineral reserves as Guinea, Mozambique, South Africa, and Zambia.
"Global revenues from the extraction of just four key minerals—copper, nickel, cobalt, and lithium—are estimated to total $16 trillion over the next 25 years, in 2023-dollar terms," it continues. "Sub-Saharan Africa stands to reap over 10 percent of these cumulated revenues, which could correspond to an increase in the region’s GDP by 12 percent or more by 2050."
The main difficulty, they point out, lies in the transformation of raw materials, to avoid the continent becoming dependent on new raw materials, as has happened with other products, such as oil or gas.
"The region can generate even greater windfalls by not only exporting raw materials but processing them as well," it points out.
The IMF economists lament the "thousand trucks a day that carry unprocessed lithium from Zimbabwe to ports for shipping to China show that local processing options for critical minerals are too often limited."
Developing processing industries is therefore fundamental, they argue, not only to increase added value, create skilled jobs and increase tax revenues, but also to avoid a dependency on new raw materials.
"By diversifying their economies and moving up the value chain, countries will become less exposed to volatile commodity prices, and more able to protect themselves against exchange rate volatility and foreign currency reserve pressures," the authors write.
Recognising that there is a lack of investment capacity on the part of African countries, faced with liquidity problems and pressured by debt servicing, they recommends a regional approach and international aid.
"Foreign direct investment can help provide the capital and expertise to develop mineral processing industries, but the absence of a substantial regional market makes local processing investments less enticing," they write, adding: "Policymakers need to remedy this.
They argue that collaboration between countries in the region is key, especially if it makes use of the continental free trade zone.

MBA/ARO // ARO.
Lusa

Agency : LUSA
Date : 2024-05-02 10:15:00

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