Oquaye urges African leaders to explore natural resources for financial independence

Professor Aaron Mike Oquaye, a former Speaker of Ghana's Parliament, has encouraged leaders to explore the natural resources of Africa, i.e. bauxite reserve, timber, manganese, gold, diamond, cocoa and oil resources at the Second General Assembly of the Conference of Speakers and Presidents of African Legislatures (CoSPAL) held in Accra.

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While emphasising on the pressing need for African parliaments to take a leading role in addressing the continent's recurrent dependence on the International Monetary Fund (IMF), Oquaye said, "And as we come from the experience of that conference, we want to reexamine ourselves as to how we, as legislators, are going to take charge of some of the things that touch and concern Africa the most."

He urged African countries to prepare for the potential challenges of the mid-21st century and to ask themselves how they can achieve economic independence. In his words, "We can manage it by what we have."

It is to be mentioned here that Africa's bauxite reserve is one of the richest in the world.

Guinea, Ghana, Sierra Leone and Mozambique are the top four bauxite exporting nations in Africa, jointly accounting for over one-third of the globe's verified bauxite reserves, among which Guinea is the leading country accounting for 7.4 million metric tons of bauxite reserves in 2021, which represented 24 per cent of total global bauxite reserves.

Approximately 85 per cent of the bauxite produced in the world is processed into aluminium because of its wide industrial usage. The aluminium derived from bauxite is used in many products right, from foil in packaging to vital parts in automobiles, solar panels and aerospace technology.

Other natural resources in Africa also hold immense potential to turn the continent's economic development around.

In conclusion, Oquaye reflected upon Africa's past challenges, incorporating decolonisation and the subsequent push for democratisation. He asserted, "The time has come for development," marking a shift in focus from political independence to economic empowerment.