ACCRA: THE Minister for Minerals, Anthony Mavunde has called upon African nations to mobilise domestic resources to finance mineral exploration, processing and refining instead of relying heavily on foreign funding.
Speaking when chairing a ministerial session at the Mining in Motion 2026 conference in Accra, Ghana, which discussed financing Africa’s mineral future, from exploration to refining, he stated that stronger domestic financing mechanisms will enable countries to develop strategic mineral projects, expand local industries and retain more value from their natural resources.
Additionally, the minister noted that mobilising domestic capital requires firm policy decisions, political commitment and cooperation among governments, financial institutions and the private sector.
Citing Tanzania’s experience, Mr Mavunde said the government has established a mechanism to allocate 10 per cent of revenue from the mining sector to detailed geological surveys, aimed at identifying mineral deposits and expanding exploration.
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He noted that only about 16 per cent of Tanzania’s land area had undergone detailed geological exploration, highlighting the potential for further discoveries and investment.
“The allocation of 10 per cent of mining revenue to detailed exploration is an important step towards reducing dependence on donor funding and enabling Tanzania to finance research into its mineral resources using domestic revenue,” he said.
Moreover, Minister Mavunde said financing should extend beyond exploration and extraction to include mineral processing and refining industries, which could create jobs, develop technical skills, broaden economic activity and increase export earnings from value-added products.
He also highlighted Tanzania’s local content policy as a key instrument for increasing the participation of Tanzanians in the mining industry, particularly through the supply of goods and services to mining operations.
The minister said efforts to promote locally manufactured mining supplies and strengthen the capacity of Tanzanian companies would help domestic businesses benefit from opportunities generated by the sector.
Participants also discussed public-private partnerships, innovative financing mechanisms and infrastructure investment as important tools for developing Africa’s mineral industries.
Regional cooperation and opportunities under the African Continental Free Trade Area (AfCFTA) were also highlighted as ways to expand markets and build value chains linking African countries.
Mr Mavunde said Africa’s mineral wealth will become a stronger driver of industrialisation, employment and sustainable development if countries strengthened domestic financing, invested in processing industries and worked together to capture more value from their resources.