Stop Confusing Export Bans with Industrial Policy – African Gov’ts Told

Economist and Political Risk Analyst, Theo Acheampong, has cautioned African governments against mistaking export bans for effective industrial policy, warning that such measures risk undermining long-term economic transformation if not backed by critical structural investments.

His remarks come at a time when global demand for Africa’s critical minerals, including lithium, cobalt, manganese and rare earth elements continues to surge, intensifying geopolitical competition for the continent’s vast natural resources. In response, several African countries have begun considering or implementing restrictions on the export of raw minerals in a bid to promote local value addition.

However, speaking during a panel session at the Mining Indaba Conference 2026 in Cape Town, Dr. Acheampong described this approach as overly simplistic and potentially counterproductive.

“Export bans do not equate to industrial policy, explaining that prohibiting raw exports without building the necessary industrial ecosystem may fail to deliver meaningful value addition, he stressed.

According to him, sustainable industrialisation requires a foundation of reliable and affordable power, efficient transportation systems, modern port infrastructure, and a skilled workforce capable of supporting advanced processing and manufacturing activities.

He further emphasised the importance of access to affordable capital and guaranteed market access, noting that without these essential elements, policies aimed at restricting exports could end up disrupting supply chains rather than strengthening them.

“African governments should stop confusing export bans with industrial policy. Bans do not automatically translate into value addition without power, logistics, skills, and investable market access; they simply shift trade routes or delay investments,” he said.

Dr. Acheampong argued that rather than imposing blanket bans, governments should adopt more strategic and collaborative approaches to resource governance. These include negotiating structured partnerships with global investors, securing technology transfer agreements, and implementing phased localisation strategies that gradually build domestic capacity.

Such an approach, he noted, would enable African countries to leverage their resource wealth more effectively while attracting long-term investment and fostering sustainable industrial growth.

His comments also highlight a broader challenge across the continent, how to convert natural resource wealth into inclusive economic development. While export restrictions may appear to offer a quick pathway to industrialisation, experts warn that without the right enabling environment, they could instead deter investors and reduce competitiveness.

As Africa positions itself within the global energy transition and critical minerals value chain, stakeholders say the focus must shift from short-term controls to long-term industrial strategy, one that prioritises infrastructure, human capital development, and policy consistency.

Ultimately, Dr. Acheampong’s message underscores a key principle: true industrialisation cannot be legislated through bans alone, but must be built through deliberate, sustained investment in the fundamentals that drive economic transformation.