Geological Resources and Good Governance in Sub-Saharan Africa Holistic Approaches to Transparency and Sustainable Development in the Extractive Sector

Abstract

Mining played a key role in African economies as early as 2000 BC. West Africa and Zimbabwe produced gold that propped up the monetary and commercial systems of Western Europe and Indian Ocean trading zones. Recent exploitation of geological resources in Africa has been characterised by little or no accountability by governments during pre-colonial, colonial and post colonial Africa until the late 1990s. Insufficient information on mapped resources and data regarding the explored Sub-Saharan Africa’s natural resources has restricted countries to poverty amidst vast geological wealth. Geological resources can help drive up economic growth on the continent through development corridors that inter link major cities and mining sites and enhanced bargaining skills with foreign investors. The surge in demand for and increase in commodity prices calls for an urgent review of governance, economic and mining policies to draw in more indigenous players into this sector.