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The existing financial sources for artisanal and small-scale mining in mineral-rich countries in Sub-Saharan Africa: a review

Author

Listed:
  • Makungu Paschal

    (Gujarat University)

  • Jignesh Kauangal

    (Shree Narayana College of Commerce)

  • Said Nuhu

    (Ardhi University)

Abstract

Reliable financial source for artisanal and small-scale mining (ASM) has been a topic of concern for researchers, politicians, policy makers, civil society organisations, international donors and other development stakeholders in mineral-rich countries. This paper uses a systematic literature review of peer-reviewed journal articles published from 2010 to 2022 to identify and evaluate ASM financial sources in Sub-Saharan Africa (SSA). The main financial sources identified are cooperative funds, government support, international development organisations, commercial banks, mineral buyers and individual financiers. Although informal financial sources (like private sponsors and mineral buyers) are reported to be exploitative and insufficient, the miners depend on them as they face bureaucratic and complicated procedures to access credit from formal sources like banks and government microcredits. Simplified formalisation procedures enable miners to easily comply with formal financial source conditionality. Government policies in mineral-rich countries should be aligned to create a conducive environment for multiple financial source availability so as to ensure economical decisions for profitable mining and better livelihood outcomes for people in ASM.

Suggested Citation

  • Makungu Paschal & Jignesh Kauangal & Said Nuhu, 2024. "The existing financial sources for artisanal and small-scale mining in mineral-rich countries in Sub-Saharan Africa: a review," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 37(1), pages 45-53, March.
    • Handle: RePEc:spr:minecn:v:37:y:2024:i:1:d:10.1007_s13563-023-00397-9
    DOI: 10.1007/s13563-023-00397-9
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