Download Africa’s Natural Resources and Underdevelopment: How Ghana’s by Kwamina Panford PDF
By Kwamina Panford
This publication explores how African nations can convert their average assets, rather oil and gasoline, into sustainable improvement resources. utilizing Ghana, one of many continent’s most up-to-date 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 international locations delivers helpful classes for brand spanking new oil manufacturers in Africa and in other places. hoping on a wide diversity of fieldwork and policymaking adventure, Panford indicates useful measures for resource-rich constructing nations to remodel normal assets into beneficial resources which could support create jobs, enhance human assets, and increase residing and dealing stipulations in Ghana particularly. He indicates financial, felony, and environmental antidotes to source mismanagement, which he identifies because the significant trouble to socioeconomic improvement in nations that experience traditionally trusted common assets.
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Extra resources for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
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. They also adopt the position that resource-rich countries are prone to social conflict, violence, and/or even warfare than less well-endowed societies (Stevens 2003). 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).
The main culprits are declining terms of trade. Africa earns less from exports, mostly unprocessed commodities, while the cost of manufactures/merchandise imports, insurance, and interest on foreign loans continues to rise. For example, the UN reports that “from 1970 to 2002, Africa had a $450 billion external debt and paid $550 billion in interest and principal but was still $295 billion in debt” (AU 2011, 42). See also Van de Wall (2015, 54–61) and Hill (2006). 10. The dire state of unemployment is reflected in the following statistics.
Instead, they seize measures to prolong their rule at heavy political costs to their citizens. Human Rights Watch wrote a report in 2003 to show how such a condition existed in Angola (Abati and Owuor no date, 10): 38 K. PANFORD When a government is the direct beneficiary of a centrally controlled major revenue stream and is … not reliant on domestic taxation or a diversified economy … those who rule the state have unique opportunities for self-enrichment and corruption, particularly if there is no transparency in the management of revenues.