Africa’s mining potential needs strong financial backing

What the report says

In a commentary published by The Independent Uganda on September 28, 2026, John Tumwine argues that Africa’s mining sector needs stronger financial support if it is to move beyond exporting raw minerals and capture more value through local processing and manufacturing. The piece says rising global demand for critical minerals used in clean energy, advanced manufacturing and digital technologies has made the continent more strategically important.

The article uses Uganda as a central example. It cites recent geological surveys that reportedly found commercially viable deposits of more than 50 mineral commodities and says the country’s untapped mineral wealth has been estimated at between US$4 trillion and US$12 trillion. Tumwine says realizing that potential will require investment across the full mining value chain, including exploration, extraction, refining, transport, infrastructure and industrial development.

The commentary also emphasizes the role of banks and other financial institutions in structuring deals, managing risk and bringing in long-term capital. It points to Uganda’s Mining and Minerals Act, 2022, geological mapping and wider policy reforms as steps intended to improve investor confidence and support responsible development. Stanbic Bank Uganda is presented as an example of a lender involved in mining finance, including support for the Makuutu Rare Earth Project.

Beyond large projects, the article says artisanal and small-scale miners also need access to finance, training and formal markets. It argues that stronger environmental, social and governance standards, along with cooperation between government, business and development partners, are essential if mineral wealth is to translate into jobs, exports and broader economic growth.