Balancing economic development, social responsibility, and environmental conservation through financial assurance programs in sub-Saharan Africa’s mining industry

Financial assurance is pivotal in promoting responsible mining practices and ensuring sustainable mine closure in sub-Saharan Africa. The study evaluates the role of financial assurance programs in balancing economic development, social responsibility, and environmental conservation in South Africa, Zambia, Ghana, and Kenya. In this study, we utilized Levy and Ellis’ systematic approach to conduct a literature review. The study examines the regulatory frameworks, implementation guidelines, and problems associated with poor implementation of financial assurance programs and recommendations. It highlights the importance of public involvement, regular reviews, and compliance with legislation in enhancing the effectiveness of financial assurance. The research also explores recommendations, such as collaboration with international financial institutions and adopting standardized methodologies, to strengthen financial assurance systems and promote responsible practices and environmental conservation. By addressing the problems associated with financial assurance, countries in sub-Saharan Africa can advance toward sustainable mining and ensure the protection of the environment and the well-being of local communities.