By Kwamina Panford
This e-book 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 modern oil-producing international locations, as a lens, it examines the "resource curse" confronted via different manufacturers - similar to Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these nations gives you useful classes for brand new oil manufacturers in Africa and somewhere else. counting on a vast diversity of fieldwork and policymaking adventure, Panford indicates functional measures for resource-rich constructing nations to rework ordinary assets into important resources which could support create jobs, enhance human assets, and enhance dwelling and dealing stipulations in Ghana particularly. He indicates financial, felony, and environmental antidotes to source mismanagement, which he identifies because the significant predicament to socioeconomic improvement in nations that experience traditionally trusted typical assets.
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Additional resources for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
Liberia was officially not colonized, but it could still be validly classified as a US “foreign-dominated” territory. To promote the US’ automobile industry, in 1926, the US Government used its mammoth treasury and naval power to back Harvey Firestone’s unusually favorable 1 million acre lease of Liberian virgin land at the CAN NATURAL RESOURCE-RELATED SOCIAL AND ECONOMIC MALADIES... 43 incredibly cheap rate of 6 cents/acre for 99 years. To commit Liberia to perpetual servitude, while simultaneously safeguarding US naval interests in West Africa, the US Government also sanctioned a $5m loan from Firestone to Liberia.
Orthodox natural resource curse theory presents what are mostly resource management and allied issues in an ahistorical fashion that ignores crucial facts of history, questions about relations of production, the terms of sale of resources and their utilization (Obeng- Odoom 2014). Ghana started commercial oil production in 2010 but has more than 120 years of experience producing gold, diamond, cocoa and timber (Panford 2012; Daily Graphic 2014). Thus, like many other African countries, including the D R of Congo, Liberia and South Africa, Ghana has had experience of extractive industries for more than a century.
The author lived at Koforidua (54 miles from the Ghanaian capital, Accra). From the 1950s to 1980, he always used potable water and electricity from publicly-owned and operated water and power stations. Since the 1990s, by contrast, he has used unfiltered well or borehole water and has had to cope with unpredictable power supply. The situation since 2010 has worsened. One of the few predictable features of Ghana today is unpredictable electricity, water and Internet supply. As it were, this is becoming the norm on a continent on which only one-third of the population has access to electrical power.