President Ramaphosa Urges US Investment in African Minerals for Economic Growth
South Africa’s President Cyril Ramaphosa, during the opening ceremony of a major US-Africa trade summit in Johannesburg, emphasized that US investment could assist African countries in harnessing their critical minerals and advancing industrialization.
He expressed Africa’s desire to move beyond being mere commodity producers and highlighted the potential for African nations to process these materials locally and export value-added goods.
Ramaphosa called for collaboration with the United States to diversify international supply chains by processing critical minerals within Africa.
Africa boasts abundant natural resources, with 40% of the world’s gold and significant reserves of cobalt, uranium, platinum, and diamonds, as per the UN. Nonetheless, many African nations grapple with high levels of poverty and inequality.
The summit in Johannesburg is focusing on the future of the African Growth and Opportunity Act (Agoa), a trade initiative established in 2000 to strengthen trade relations between the US and Africa.
Agoa grants duty-free access to the US market, set to expire in September 2025. African countries are advocating for an early 10-year extension without alterations to provide stability for businesses and investors.
At the same summit, US Secretary of State Antony Blinken expressed the Biden administration’s intent to collaborate with Congress to enhance Agoa, rather than simply renewing it without changes.
