IMF - Sub-Saharan Africa urged to maximize revenues from critical minerals boom

The sub-Saharan African region holds about 30% of the world’s proven critical mineral reserves can be transformed if it can take the opportunity to develop critical minerals markets and processing industries to maximize the potential of the coming demand, the IMF’s latest Regional Economic Outlook says.

The global transition to clean energy is set to further heighten demand for critical minerals, with demand for nickel projected to double, cobalt triple and lithium rise tenfold over the next three decades, according to the International Energy Agency. If sub-Saharan countries can manage this transition properly, the region could be transformed, the analysis says.