By Kwamina Panford
This ebook explores how African international locations can convert their normal assets, relatively oil and gasoline, into sustainable improvement resources. utilizing Ghana, one of many continent’s most up-to-date oil-producing international locations, as a lens, it examines the "resource curse" confronted through different manufacturers - equivalent to Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these international locations promises worthy classes for brand spanking new oil manufacturers in Africa and in different places. hoping on a huge diversity of fieldwork and policymaking adventure, Panford indicates useful measures for resource-rich constructing international locations to remodel normal assets into worthy resources which may support create jobs, enhance human assets, and enhance dwelling and dealing stipulations in Ghana particularly. He indicates monetary, felony, and environmental antidotes to source mismanagement, which he identifies because the significant hindrance to socioeconomic improvement in nations that experience traditionally depended on average assets.
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Extra resources for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
Finally, in spite of modifications, most African educational systems are not thoroughly overhauled and still retain European legacies that do not make them functionally salient to 22 K. PANFORD the needs of modern-day Africa, especially in the economic realm. Hence much of Africa’s contemporary education shows a disconnection between the classroom, real life, work, and industry. This has resulted in a seemingly intractable vicious cycle of a weak educational system not producing necessary skills needed to accelerate real economic growth which will then boost further economic expansion and, in turn, engender an improved and relevant education and training and better living conditions.
That is, instead of natural resource abundance improving economies and social conditions, it is said to induce adverse economic, social and political repercussions. ” Since these rents are “unearned” or akin to windfalls (similar to lottery or jackpot winnings), they are abused and not invested judiciously. Hence resource-rich nations in poor regions lagging in development compared to their resource-poor neighbors (Sachs and Warner 1997, 1998). A comparison of modern-day Ghana (relatively resource-poor) to its resource-rich neighbors, Nigeria, Angola, DR Congo and Equatorial Guinea illustrates this point.
Exploitation of land and labor is essential for human social advance, but only on the assumption that the product is made available within the area where the exploitation takes place. Colonialism was not merely a system of exploitation, but CAN NATURAL RESOURCE-RELATED SOCIAL AND ECONOMIC MALADIES... 41 one whose essential purpose was to repatriate the profits to the so-called mother country. From an African viewpoint, that amounted to consistent expatriation of surplus produced by African labour out of African resources.