According to the US Geological reports, Africa ranks as the second most endowed continent regarding minerals. Africa has larger reserves of virtually all minerals on the face of the earth. Most of the products being used all over the world are manufactured using minerals most of them mined in the African region. This is the reason Africa was colonized by the likes of British, Portuguese, France and Belgium. As early as in the 1800s, these colonial powers channeled a lot of capital into mining in Africa. This changed after the Second World War. However, it is devastating to note that up to the 1990’s, many African states received less than five percent of the global mineral exploitation. The World Bank, therefore, came saw the need to create a system that would overcome the shortcoming. After the changes had been starting 2000 all through to 2010, African states began receiving fifteen percent of the global exploitation mainly through infrastructure and profit repatriations.
Mining contributes to the GDP and foreign exchange in many states in Africa. This sector brings in a lot of foreign exchange. Most of the countries in Africa may not be in a position to prospect for minerals. They, therefore, rely on help from developed countries. In return, they benefit from expanded infrastructure. This is usually on agreed terms, and the helping nation will leave the mine after agreed time. They will have taught the natives how to mine and operate machines. The African therefore learn a lot. The mining industry also contributes a significant amount to state treasuries of most countries.
Mining is labor intensive. The mining sector in African nations, employees a large percentage of the natives. This helps increase the GDP of those particular states. When people are earning there is the spending culture. People will earn and will, therefore, spend on goods and services. This earns the country some revenue through taxes from bought goods and the salary of the people employed in the mines. Employment also helps raise the living standards of the people. Individuals with a salary will provide for their families; others will take medical covers that put the families on a different level. Remember that mining provides a broad range of jobs both to the skilled and unskilled and this is a positive thing for the development of the community and standards of living. The mining industry is also responsible for giving back to the community through the provision of social amenities.
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