By Kwamina Panford
This publication explores how African nations can convert their traditional assets, fairly oil and fuel, into sustainable improvement resources. utilizing Ghana, one of many continent’s most recent oil-producing nations, as a lens, it examines the "resource curse" confronted by way of different manufacturers - resembling Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these nations supplies precious classes for brand spanking new oil manufacturers in Africa and in different places. hoping on a large variety of fieldwork and policymaking adventure, Panford indicates useful measures for resource-rich constructing nations to remodel typical assets into priceless resources which may support create jobs, improve human assets, and enhance dwelling and dealing stipulations in Ghana specifically. He indicates economic, criminal, and environmental antidotes to source mismanagement, which he identifies because the significant drawback to socioeconomic improvement in international locations that experience traditionally depended on traditional assets.
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Extra info for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
While being trained at the ILO (Geneva Switzerland, 1985–1986), the author learned that African governments were made to expect the new informal sector to act as a “super sponge” that would 30 K. PANFORD absorb the thousands of employees who lost jobs caused by the privatization of state companies and trade liberalization. These led to the collapse of domestic industries (Panford 1994, 1998, 1999, 2001; Mkandawire 1988; Darko 2010). The informal sector, which by default has become the main engine for new jobs, is characterized by low productivity and technology, lack of safety, and decent wages.
5 40 K. PANFORD These developments have led to the neglect of the need for African raw material producers to improve their capacity to negotiate for better financial terms from MNOCs (Africa Progress Panel 2013). Aside from skewed or even biased approaches to resource management, I also raise concerns over the application of the resource curse theory. It is applied in an ahistorical, teleological or positivist manner. Such methodological approaches make the related negative outcomes absolute, inevitable, or even irrefutable.
Because … political power … becomes the primary avenue for achieving wealth, the incentive to seize power and hold onto it indefinitely is great. This … has a corrosive effect on governance. … Instead of bringing prosperity … revenue stream- such as oil revenue … exacerbate an undemocratic … ruler’s or governing elite’s worst tendencies by providing the financial wherewithal to entrench and enrich itself. … The long rule of some African leaders, including DR Congo’s (then Zaire’s) Mobutu Sese Seko (1965–1997), Paul Biya of Cameroon (1982 to present), Angola’s Jose Eduardo dos Santos (1979 to present) and Equatorial Guinea’s Teodoro Obiang (the continent’s longest-serving head of state), epitomizes a trend that seems to support the correlation between large resource-generated revenues and bad governance.
Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity by Kwamina Panford