Keypoints:
- AfCFTA chief calls for digital gold to boost Africa’s economy
- Tokenisation seen as path to equity, inclusion and wealth creation
- Ghana praised for digital trade leadership in mining reform
THE Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has called on African nations to urgently adopt digital innovations such as gold tokenisation to unlock the continent’s mining wealth for its own citizens.
Speaking at the Mining in Motion 2025 summit in Accra, Ghana on Monday, Mene said Africa’s raw gold exports, though globally significant, continue to benefit external markets more than local economies. He urged countries to move from merely extracting resources to adding value and generating inclusive prosperity through digital technologies.
‘Gold tokenisation can transform Africa’s mining future,’ Mene told delegates. ‘It reduces costs, enhances traceability, promotes financial inclusion and allows Africans to capture more of the value chain.’
He described Africa’s current position as paradoxical — rich in minerals but trapped in economic dependence due to extractive trade models.
‘Africa contributes over 1,000 tons of gold annually, representing more than 20 percent of global output. Yet up to 40 percent of it remains undeclared, and an estimated $30 billion is smuggled each year,’ he said. ‘This deprives us of vital revenue, erodes ethical sourcing, and cuts miners off from financing opportunities.’
Mene said tokenisation — the use of blockchain technology to digitally represent physical gold — offers a way to trace, trade and monetise African gold securely on global platforms, allowing African nations to take control of their resources.
Legal framework already in place
He praised the AfCFTA’s Protocol on Digital Trade — the first of its kind globally — as a ready-made framework to drive this transformation. Mene said it enables secure cross-border digital commerce and positions Africa as a digital trade innovator.
‘With 49 member states ratifying AfCFTA and a market of 1.4 billion people, we are poised to become a continental force in responsible mining and industrial growth,’ he said.
He also commended Ghana for pioneering blockchain-based gold tracking and hosting Africa’s largest AU presence outside Addis Ababa. Mene noted that such systems can help formalise artisanal and small-scale mining, ensuring local benefits and sustainability.
A call for equity and global partnership
Mene’s address highlighted the urgent need to correct historical injustices in global trade and resource distribution.
‘Some sweat for crumbs, others grow rich. That inequity is unsustainable,’ he warned. ‘We are storing the ingredients of global disorder unless we act.’
He called on global gold markets — from London to Dubai — to invest in manufacturing and refining capacity within producer countries. He said this would not only localise value but also bring much-needed market stability.
‘An economically strong Africa is good for global investors,’ Mene said. ‘Let’s not wait for social disaster. Let’s collaborate.’
Women and youth central to Africa’s trade future
He closed by championing the AfCFTA’s legally binding protocols on women and youth in trade — another global first.
‘For the first time in the world, we’ve codified inclusion,’ he said. ‘We’re not just aspiring — we’re committing, legally, to empower African women and youth through trade.’
