By Kwamina Panford
This ebook explores how African international locations can convert their usual assets, quite oil and fuel, into sustainable improvement resources. utilizing Ghana, one of many continent’s latest oil-producing nations, as a lens, it examines the "resource curse" confronted via different manufacturers - comparable to Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these nations promises invaluable classes for brand new oil manufacturers in Africa and in different places. counting on a extensive diversity of fieldwork and policymaking adventure, Panford indicates sensible measures for resource-rich constructing international locations to remodel typical assets into worthy resources which may support create jobs, improve human assets, and increase residing and dealing stipulations in Ghana specifically. He indicates financial, felony, and environmental antidotes to source mismanagement, which he identifies because the significant situation to socioeconomic improvement in international locations that experience traditionally trusted normal assets.
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Additional info for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
Fishing trawlers from China, Russia and other eastern and western European countries fish for different species from the Northwest coast of Africa. The continent’s immense fishing potential is illustrated by Mauritania’s sale of fishing rights to 43 European Union (EU) boats for $146m a year (Lofraniere 2008). Although not unique, the DR Congo’s variety of natural resources represents the enormity and diversity of Africa’s natural wealth. Some estimates value the DR Congo’s natural resources alone at over $24 trillion (Globe and Mail 2015).
In addition, resource-rich societies are said to be more corrupt and often experience bad or repressive forms of governance (Sachs and Warner 2001; Collier 2003; Auty 1993). In addition to the misuse of alleged massive revenues from natural resources (referred to as rent or windfall incomes), resource curse advocates argue that large revenue flows make regimes less accountable to citizens. This easily degenerates into more financial corruption and abuse of power. They also argue that with “massive revenues” pouring into government accounts, there are many disincentives for politicians to allow term limits.
That is, if systemic efforts are not made to generate jobs with good wages by refining and adding value to Ghana’s crude domestically. Protagonists of the natural resource curse also extend the theory to cover more negative effects. They refer to these as the “paradox of plenty” (Karl 1997; Stevens 2003) to draw attention to the negative wider social and political outcomes of resource abundance. They contend that nations with more natural resources exhibit higher levels of socioeconomic inequality and greater degrees of poverty than those without.