Africa is rich in critical minerals, yet millions of its people continue to face mounting debt and limited economic opportunities.

The African Group at the UN says the continent must stop losing the value of its resources through illicit financial flows, unfair deals and the export of raw materials.

The African Group made this position clear during the UN General Assembly's joint debate on Africa's development.

The continent wants a bigger share of the wealth generated from its own natural resources, because mineral extraction alone will not deliver economic transformation, particularly in their current form.

Namibia is chairing the African Group at the UN for the month of October, and its Permanent Representative, Penda Naanda, delivered the collective statement.

The capacity to negotiate fair agreements, enforce contracts and retain more revenue from resources is another area which the Group identified as essential to drive industrialisation.

The African Continental Free Trade Area is thus seen as a key instrument to achieve this; however, resource losses remain another major obstacle.

The Africa Group also insists that resource wealth must improve the daily lives of ordinary people through better schools, healthcare, infrastructure and social protection.

The reports before the Assembly by the UN Secretary-General state that Africa faces a sovereignty deficit.

This deficit is estimated at US$2.1 trillion, and it leaves the continent a net exporter of capital despite its vast wealth.