For a considerable time, multinational mining agreements in Africa have been contentious due to criticisms that the mineral-rich countries on the continent do not profit economically from these agreements. The deputy minister of mineral resources, Umaru Napoleon Koroma, has emerged as a leading voice for change during the 4th Edition of the ECOWAS Mining and Oil Forum in Benin.
Koroma is pushing for the subregion to unify its mining laws and regulatory frameworks to ensure that the countries of the Economic Community of West African States (ECOWAS) are fairly compensated for their mineral resources. He contends that through the adoption of “model contract laws,” nations and investors can better align their interests with those of the local populace and do away with antiquated regulations that have not proven to be beneficial.
Koroma emphasised the need to move away from concession agreements, which frequently put investors’ interests ahead of the host countries’ economic well-being, during his presentation at the forum. He underlined the significance of levelling the playing field to stop mining companies from taking advantage of variations in national laws throughout the region.
He stands out at the event because of his fervent support of fair mining laws, which has drawn attention and appreciation. Koroma’s demand for a more equitable allocation of mining profits echoes an increasing desire in Africa for increased accountability and openness in the natural resource industry.
Deputy Minister Umaru Napoleon Koroma’s leadership in advocating for change is a ray of hope for a more sustainable and mutually beneficial approach to mineral extraction in the region, as the discussion around mining laws in Africa continues to develop.
