For centuries, the economies of African countries have been made dependent on advanced economies, and despite the enormous amount of natural resources in Africa, over 500 million citizens continue to live in poverty.
A case in point is the cocoa and chocolate industries. Even though Africa produces 75 per cent of all the cocoa in the world, the continent gets only 2 per cent of the $100 billion revenue from the chocolate industry.
It is not any different with the mining sector either.
Jean Noel Francois, the Acting Director, Department of Trade and Industry at the African Union (AU) Commission said at the second conference of African Ministers responsible for mineral resources and development December 12, 2011 in the Ethiopian capital Addis Ababa, that even though Africa’s mineral resources are fuelling growth and development in many industrialised and emerging economies of the world, Africa still remains poor, under-developed and dependent on donor assistance for national budget support.
He further reiterated the fact that Africa consumes very little of its own mineral resources and exports most of it as raw materials, “with little or no local value addition and beneficiation.”