Ghana & Afreximbank Forge Strategic Partnership for African Minerals Entrepreneurship

In a significant move to reshape Africa’s mining landscape, Ghana’s Ministry of Lands and Natural Resources has initiated high-level discussions with the African Export-Import Bank (Afreximbank) to explore a strategic partnership. The core objective is to catalyze sustainable and inclusive growth in the continent’s minerals sector by empowering local entrepreneurs and formalizing artisanal mining. This engagement, which took place at the 2026 Invest in Africa Mining Indaba, signals a concerted push towards value addition, long-term financing, and regulatory harmonization across African mining nations.

Introduction: A Continental Vision for Minerals-Led Development

The African mining sector stands at a crossroads. While the continent is endowed with over 30% of the world’s mineral reserves, a significant portion of its value is exported as raw materials, limiting local economic benefits and job creation. The concept of minerals entrepreneurship—moving beyond large-scale corporate mining to include and formalize artisanal and small-scale mining (ASM) operations—has emerged as a critical strategy for ensuring that mineral wealth translates into broad-based development. Ghana, a top gold producer and a major bauxite and iron ore holder, is positioning itself as a continental leader in this paradigm shift. The recent strategic talks with Afreximbank, a pan-African multilateral financial institution, are a practical step toward mobilizing the capital, expertise, and policy frameworks needed to make this vision a reality.

Key Points of the Strategic Engagement

The meeting between Hon. Emmanuel Armah Buah, Ghana’s Minister for Lands and Natural Resources, and Mr. Denys Denya, Senior Vice President of Afreximbank, crystallized several actionable priorities:

• Focus on Strategic Minerals: The dialogue centered on Ghana’s key commodities—gold, bauxite, and iron ore—which are vital for both export revenue and industrial development.
• Financing the Ecosystem: A primary goal is to mobilize long-term financing mechanisms specifically tailored for minerals entrepreneurs, moving beyond short-term trade finance to investment in productive capacity.
• Promoting Value Addition: The partnership aims to support initiatives that process minerals locally (e.g., refining gold, smelting bauxite to alumina) to capture more value within Africa and reduce reliance on raw commodity exports.
• Strengthening Supply Chains: Enhancing the integrity and sustainability of regional mineral supply chains is key to improving market access and meeting international due diligence standards, such as those for conflict-free minerals and responsible gold.
• Formalizing Artisanal Mining: Ghana presented its flagship Responsible Cooperative Mining and Skills Development Programme (rCOMSDEP) as a model for integrating ASM into the formal economy.
• Continental Policy Alignment: Ghana proposed convening a meeting of African Ministers of Mines to drive policy harmonization and create a more predictable, enabling environment for cross-border mining investment and trade.

Background: The Drivers of the Partnership

Africa’s Mining Potential and the ASM Conundrum

Artisanal and small-scale mining provides a livelihood for millions across Africa but often operates informally, with challenges related to safety, environmental degradation, and illicit financial flows. Formalizing this sector is not merely a regulatory exercise; it’s an economic development imperative. Formalized ASM can contribute to government revenue through taxes and royalties, improve worker safety, and facilitate access to international markets that demand traceability. Ghana’s rCOMSDEP program is a direct response to this, aiming to organize miners into cooperatives, provide shared infrastructure (like processing plants), and deliver skills training.

Afreximbank’s Role as a Development Partner

Afreximbank has increasingly positioned itself as a key financier and facilitator for Africa’s industrial transformation. Its strategy includes supporting value-chain development in key sectors, including mining and manufacturing. The bank offers a suite of financial products, from trade finance and project financing to insurance (through its subsidiary, Afrexinsure) and guarantee schemes. Partnering with a member state like Ghana to de-risk and structure investments in the minerals value chain aligns perfectly with its mandate to promote intra-African trade and economic diversification.

The Stage: Mining Indaba 2026

The timing of the talks at the Mining Indaba, Africa’s premier investment event for the mining sector, is highly symbolic. It underscores the intent to attract not just public sector funding but also to signal to private investors that a concerted effort is underway to improve the investment climate for mid-tier and grassroots mining ventures. It places the conversation on African minerals entrepreneurship at the center of the global mining investment agenda.

Analysis: Deepening the Strategic Implications

De-risking the ASM Value Chain

One of the biggest barriers to financing ASM is perceived risk. Afreximbank’s involvement could help develop risk-mitigation instruments. This might include partial credit guarantees for loans to miners’ cooperatives, insurance products for mining operations, or support for traceability systems (using blockchain or other technologies) that prove the ethical and legal origin of minerals. By backing Ghana’s rCOMSDEP, Afreximbank can help create a replicable template for other countries, effectively standardizing the “investment case” for formalized ASM.

Moving from Extraction to Industrialization

The emphasis on value addition is a direct challenge to the historical “resource curse” narrative. Processing bauxite into alumina in Ghana, rather than exporting raw ore, creates more jobs, generates higher export earnings, and builds industrial capacity. Afreximbank can finance the capital-intensive processing plants and associated infrastructure. This aligns with the African Continental Free Trade Area (AfCFTA) goals, as processed minerals become tradable goods within the single market, boosting intra-African trade.

The Power of Ministerial Convening

The proposal for a continental ministers’ meeting is arguably the most strategically profound outcome. Mining policy harmonization addresses a critical bottleneck: the patchwork of national regulations that complicate cross-border investment, mineral trade, and skills mobility. Common standards on licensing, environmental management, and corporate governance could dramatically reduce transaction costs for entrepreneurs operating in multiple countries. This top-down political push, supported by a financial institution like Afreximbank with its continental reach, could unlock a new era of integrated African mining development.

Practical Advice for Stakeholders

For Minerals Entrepreneurs and ASM Cooperatives:

• Document Your Operations: Begin meticulous record-keeping of production, finances, and community engagement. This is foundational for future eligibility under formalization programs like rCOMSDEP and for securing financing.
• Form or Join a Cooperative: Collective action through legally registered cooperatives or associations improves bargaining power, facilitates access to shared infrastructure, and is often a prerequisite for government and bank support programs.
• Engage with National Institutions: Proactively engage with Ghana’s Minerals Commission, Environmental Protection Agency, and the newly empowered bodies under rCOMSDEP to understand compliance requirements and available support.
• Develop Business Plans: Move beyond subsistence mining. Create simple business plans outlining your reserves, production capacity, market access strategy, and financial needs. This is essential for approaching any financier, including Afreximbank partners.

For Investors and Industry Players:

• Monitor Afreximbank’s Pipeline: Watch for announcements of new funds or facilities targeting the African mining value chain, particularly those with components for ASM linkage.
• Explore Partnership Models: Consider joint ventures with formalized ASM cooperatives. Large-scale miners can provide technical expertise and market access, while cooperatives provide local knowledge and community social license.
• Factor in Policy Developments: Stay informed on the outcomes of the proposed ministerial convening. Harmonized policies could open new regional markets and reduce regulatory uncertainty for multi-country operations.

For Policymakers in Other African Nations:

• Study the rCOMSDEP Model: Conduct a diagnostic of your own ASM sector and examine how a program combining formalization, skills development, and shared infrastructure could be adapted to your national context.
• Prepare for Continental Dialogue: Begin internal stock-taking on regulatory hurdles to cross-border mining investment and trade. The upcoming ministerial meeting will require concrete proposals for harmonization.
• Engage Afreximbank Early: National governments should establish dedicated desks to engage with Afreximbank on mining sector financing, ensuring alignment with national development plans.

FAQ: Addressing Common Questions

What is the rCOMSDEP programme?

The Responsible Cooperative Mining and Skills Development Programme (rCOMSDEP) is Ghana’s flagship initiative to transform its artisanal and small-scale mining (ASM) sector. Its core components are: 1) Organizing miners into legally registered, democratically managed cooperatives; 2) Providing shared, centralized processing infrastructure to improve efficiency and environmental management; 3) Delivering comprehensive training in safe mining practices, business management, and environmental stewardship; and 4) Implementing robust traceability systems for gold and other minerals to ensure they are conflict-free and responsibly produced, thereby unlocking premium markets.

How can Afreximbank’s involvement change the game for small miners?

Afreximbank can provide the catalytic capital and risk mitigation tools that traditional commercial banks often avoid. This could include: low-interest, long-term loans for cooperative-owned processing equipment; guarantees that encourage local banks to lend to miners; and financing for national traceability platforms. Furthermore, Afreximbank’s credibility can help “de-risk” the entire ASM ecosystem, attracting other investors and buyers who require assurance of supply chain integrity.

What is meant by “minerals entrepreneurship” versus traditional mining?

Minerals entrepreneurship encompasses a broader, more inclusive view of the mining value chain. It includes not just the large, capital-intensive exploration and extraction companies but also the thousands of small-scale operators, local service providers (equipment hire, transport), processors, and jewellers. It emphasizes business ownership, value creation at multiple stages, and the formal integration of these actors into the national and continental economy. It’s about building a domestic mining *industry*, not just managing a mining *sector*.

What are the potential legal and regulatory hurdles?

Several challenges exist. For Ghana, successfully implementing rCOMSDEP requires clear legal frameworks for cooperative ownership of mineral lands and processing facilities. For the continental initiative, harmonizing vastly different national mining codes, tax regimes, and environmental standards is a complex diplomatic and legislative process. There is also the risk of policy reversal if governments change. Any partnership must be anchored in strong, transparent legal agreements between Afreximbank, Ghana, and potential participating countries to ensure sustainability beyond electoral cycles.

Conclusion: Pioneering a New African Mining Model

The strategic dialogue between Ghana and Afreximbank represents more than a bilateral funding discussion; it is a blueprint for a new African mining paradigm. By focusing on minerals entrepreneurship, the partnership targets the heart of inclusive growth—empowering local actors, capturing value locally, and building resilient supply chains. The success of this model hinges on the effective implementation of Ghana’s rCOMSDEP program and the political will to emerge from the proposed ministerial convening with concrete, actionable agreements on policy alignment.

If executed well, this initiative could see Africa transition from a continent that merely exports raw minerals to one that hosts a vibrant ecosystem of mining-related businesses. This would create millions of formal jobs, boost government revenues for social services, enhance technological and skills transfer, and position African nations as competitive, responsible suppliers in the global critical minerals market. The eyes of the continent are now on this partnership to deliver tangible proof that Africa can, and will, mine its own wealth for its own prosperity.

Sources and Further Reading

• African Export-Import Bank (Afreximbank). (2023). Annual Report 2023: Financing Africa’s Transformation. [Official reports on sector financing strategies].
• Ministry of Lands and Natural Resources, Ghana. (2024). Policy Framework for Artisanal and Small-Scale Mining in Ghana. [Details on national ASM formalization policies].
• Ghana Minerals Commission. (2024). rCOMSDEP Programme Overview. [Official program documentation and rollout status].
• African Union. (2022). African Mining Vision: A Collaborative Framework for Sustainable Development. [Provides the continental policy context for harmonization].
• Invest in Africa Mining Indaba. (2026). Official Event Summary and Communiqué. [Source for the timing and context of the meeting].
• World Bank Group. (2023). Formalizing Artisanal and Small-Scale Mining: A Global Review. [Provides benchmarks and best practices for ASM formalization].
• Natural Resource Governance Institute (NRGI). (2024). State of Mining Contracts in Africa. [Analysis on regulatory frameworks and investment environments].