Farai Mabeza
Africa must move beyond simply extracting gold and exporting raw mineral wealth if the continent is to turn its vast resources into lasting prosperity, Ghana Chamber of Mines Chief Executive Officer Dr. Kenneth Ashigbey has said.
Speaking at the recently concluded Chamber of Mines Annual Conference in Victoria Falls, Zimbabwe, Dr. Ashigbey challenged African countries to rethink their approach to gold, arguing that the precious metal has entered a new era where its strategic importance extends far beyond traditional mining.
“The global gold industry is entering a new era. Gold is no longer only a store of value. It is becoming a strategic reserve asset, a geopolitical hedge, a technology-enabled investment instrument, a currency stabilisation tool, and increasingly, a foundation for sovereign resilience,” he said.
Dr. Ashigbey noted that central banks around the world are increasing their gold holdings as countries seek greater financial security and resilience in an uncertain global environment. Ghana, he said, was also embarking on measures to strengthen its gold reserves as part of broader economic strategies.
He argued that Africa’s position as home to some of the world’s richest gold deposits presents a major opportunity — but one that requires a shift in thinking.
“Africa — home to some of the world’s richest gold deposits — stands at the centre of this opportunity,” he said.
However, he warned that the continent continues to capture only a small share of the value created from its own resources.
“Despite our mineral wealth, the African continent still captures only a fraction of the total value chain. We export ore. We export doré. We export concentrate. And too often, we export opportunity. This must change,” Dr. Ashigbey said.
He stressed that the future of African mining should not only be measured by increased production volumes, but by the ability to create industries, jobs, skills and businesses around the entire mining ecosystem.
“African gold’s future is not just deeper extraction, but deeper value creation. Value is not limited to ownership alone; it encompasses the entire value chain. It includes the extent to which inputs into mining are produced locally,” he said.
According to Dr. Ashigbey, the key question facing Africa is not whether the continent has enough gold, but whether it can translate its mineral wealth into broad-based development.
“The real question before us is not whether Africa has gold. The central challenge is this: Can Africa translate its gold wealth into lasting prosperity?” he said.
He identified exploration, financing and governance as critical pillars needed to achieve this transformation.
“The lesson for Ghana, Zimbabwe, and indeed all African countries is simple: Mining policy, regulation, and fiscal administration must be competitive, predictable, and aligned with long-term national prosperity — not short-term revenue pressures,” Dr. Ashigbey said.
He added that such an approach is essential for attracting sustained investment and ensuring that Africa’s gold resources become a foundation for economic independence rather than another missed opportunity.
