From GhanaWeb.

Africa is rich in raw materials like gold, platinum, oil, chromium and arable land, but most of them are exported in their raw form for processing in foreign countries.

The continent needs more strong industries that add value to raw materials before export, according to Charles Yeboah Frimpong with the University of Ghana.

Nigeria’s oil, Ethiopia’s leather, Egypt’s textiles and South Africa’s input suppliers are good examples of industries developing value added activities, Frimpong said in an article in GhanaWeb.

Africa has about 12 percent of the world’s oil reserves, 42 percent of its gold, 80 to 90 percent of chromium and platinum, and 60 percent of arable land.

“Making the Most of Africa’s Commodities: Industrializing for Growth, Jobs, and Economic Transformation” was the theme of the Economic Commission for Africa’s Economic Report on Africa 2013.

Frimpong advocates commodity-based industrialization in Africa that he says will provide employment, income and price benefits. By adding value to their raw materials locally, African countries could diversify their technological capabilities and expand skills, he said.

But success will require acknowledgment that one size does not fit all.

Read more at GhanaWeb.