Africa’s Natural Resources and Underdevelopment: How Ghana’s by Kwamina Panford

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By Kwamina Panford

This booklet explores how African nations can convert their traditional assets, rather 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 by way of different manufacturers - similar to Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these international locations promises invaluable classes for brand spanking new oil manufacturers in Africa and in different places. hoping on a extensive diversity of fieldwork and policymaking event, Panford indicates useful measures for resource-rich constructing international locations to remodel common assets into helpful resources which could aid create jobs, improve human assets, and increase dwelling and dealing stipulations in Ghana specifically. He indicates economic, criminal, and environmental antidotes to source mismanagement, which he identifies because the significant problem to socioeconomic improvement in international locations that experience traditionally depended on common assets.

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Modern-day natural resource extraction, especially oil production, is both technology- and capital-intensive. This severely constrains the sector’s capacity to create local jobs to substantially increase incomes to boost local economies. First, oil drilling, the offshore type in particular, takes place in the depths of the ocean far from most settlements. Today’s drilling also uses high technology and skills involving 3- or 4-Dimensional (3D or 4D) images, seismic data and other sophisticated and expensive equipment.

Ghana received $16 billion from 2007 to 2011 in oil investments while immediately after June 2007, the national oil company, GNPC and the then Ministry for Power and Energy were inundated with more than 40 fresh requests for OG exploration, production and development (EDP) licenses (Obeng-Odoom 2014). The Chinese, not to be outdone, are also in hot pursuit. Led by SINOPEC, they have massive stakes in Angolan and Ghanaian petroleum projects. In Ghana, a Chinese loan funded a $1 b gas infrastructure to convey LPG from Jubilee Field to Atuabo in the Ellembele District, Western Region for processing and domestic use.

With the application of the concept Dutch disease to countries that were not industrialized, its definition was broadened to encompass “all 36 K. PANFORD the negative macro-economic effects associated with the “resource curse” (Stevens 2003, 14). It is now used to describe how relying on a dominant natural resource could lead to the neglect of other economic activities, especially agriculture, in Africa. In this sense, the Dutch disease, as a term, may be similar to what in development economics was referred to as a monocultural economy, as may have been observed in Nigeria after its oil boom of the 1970s and 1980s.

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