This was the topic of debate at the Ministerial Symposium panel session, held on 5 February 2017, ahead of the Investing in African Mining Indaba in Cape Town.
The group also focused on boosting domestic resource mobilisation.
The Ministerial Symposium or Africa Mining Vision Day session examined gaps in the design and implementation of key instruments used in mineral-rich countries to mobilise domestic revenues.
As such mobilisation grows ever more important for Africa’s long-term development, curbing illicit financial flows, becomes an increasingly urgent issue. Estimates by the United Nations Economic Commission for Africa (UNECA) show that, between 2000 and 2010, more than half (56.2%) of the illicit financial flows from Africa came from the extractive sector.
Giving a pan-African perspective, African Union Commissioner for Trade and Industry, Fatima Haram Acyl, said:“An effective mineral-led industrialisation strategy will therefore require new ways of looking at Africa’s rich minerals and metals endowment.”
Achieving the transformative potential of Africa’s resources requires a new way of thinking about minerals which aligns with the continent’s owned priorities of industrialisation and diversification through value addition, processing, beneficiation and the creation of strong mineral led linkages with other sectors of our economies.
The panel was hosted by the African Minerals Development Centre (AMDC), which has just published a major report on new approaches to tackling illicit financial flows.