Zambia is moving to play a bigger role in how Africa trades its mineral wealth, with President Hakainde Hichilema proposing a Pan-African minerals and metals exchange designed to keep more of the industry’s value on the continent.

The proposal comes as African governments seek to reduce their dependence on exporting raw minerals and instead expand local processing, refining and manufacturing.

Demand for copper, cobalt and other critical minerals continues to grow as countries invest in electric vehicles, renewable energy and modern power infrastructure.

For Zambia, Africa’s second-largest copper producer, the exchange is seen as a way to strengthen regional trade, improve price discovery and support industries that create more jobs at home.

Officials also believe it could help African countries gain a stronger voice in global mineral markets.

The initiative reflects a broader shift across the continent as governments look for practical ways to ensure natural resources contribute more directly to economic growth and employment rather than leaving Africa largely in raw form.

Focus on keeping more value in Africa

Jito Kayumba, President Hichilema’s adviser on finance and investment, said many Africans want to play a bigger role in industries built around the minerals found in their own countries.

“The desire of many young Zambians, as well as many Africans across the continent, is to be greater participants in the minerals that come from their soils,” Kayumba said.

He added that public calls for more local participation have become stronger in recent years as governments look for ways to expand industrial development.

Regional cooperation takes center stage

The proposed exchange is included in Hichilema’s election manifesto ahead of next month’s presidential vote.

Kayumba said that if the president wins another term, discussions with partner countries would begin immediately.

Zambia has already held talks with the Democratic Republic of Congo and two other African countries on the proposal.

The exchange would build on Zambia’s metals-trading partnership with Mercuria Energy Group and could provide a platform for African producers to trade more of their minerals within the continent.

Mining strategy aims to support jobs

A separate agreement between Zambia and the Democratic Republic of Congo signed in 2022 to develop an electric-vehicle battery value chain has made limited progress because governments had little direct access to minerals produced by private mining companies.

Kayumba said the trading platform could help improve access to mineral supplies needed for future regional projects.

Zambia is Africa’s second-largest copper producer and one of the continent’s leading suppliers of critical minerals used in clean energy technologies.

The government has made mining, mineral processing and value addition central to its economic strategy while encouraging greater regional cooperation across Africa’s minerals sector.

According to the International Energy Agency, Africa captures less than 1% of the global value created from clean energy technology manufacturing despite producing a large share of the world’s critical minerals.

Kayumba said creating more jobs from those resources is essential as Africa’s young population continues to grow, warning that stronger economic opportunities will be needed to support long-term stability across the continent.