Tweet

Why Africa’s oil riches don’t make Africans richer

Guest post by: G Kofi Annan

Article Overview: Here’s an interesting read from Wharton School’s Knowledge network.

Why Africa’s oil riches don’t make Africans richer

Here’s an interesting read from Wharton School’s Knowledge network:

But most Africans are seeing little benefit from this influx of oil drillers and investment. In fact, because of an economic paradox known as the “Resource Curse,” they are often hurt by exports of their countries’ oil. “Between 1970 and 1993, countries without oil saw their economies grow four times faster than those of countries with oil,” Ghazvinian notes, adding that oil exports inflate the value of a country’s currency, making its other exports uncompetitive. At the same time, workers flock to booming petroleum businesses, which saps other sectors of the economy. “Your country becomes import-dependent,” he says. “That decimates a country’s agriculture and traditional industries.”

Related Articles
  What is the best way to develop my sales skills?
  Profitable Online Business Ideas and the Recession Part 2
  Contribution
  How can you make more of your customers open your emails?
  Know your magic numbers

Article Tags: africans, agriculture, benefit from, currency, curse, flock, influx, knowledge network, oil drillers, oil exports, paradox, petroleum, sectors of the economy, time workers, wharton school



Related Forum Posts
Re: How will an african make money truely on the net? - Hello, Tope: I can sense your pain and concern and I understand. I know it seems like discrimination of a sort, and perhaps it is to some degree. However, in my opinion, I simply see it as part of the "growing pains" of the global community and Internet econimics. I don't think Africans are experiencing anything in that respect too much different than many Europeans and North Americans felt in the early days of the Internet. Oh, how we went through some of the same challenges with payment systems, etc., that you are now describing for Africans! For us, systems improved as needs were identified, and order and payment processes were fine-tuned to make them more easily available to greater numbers of people and easier to use. I think Africans will experience something similar as technology improves and service providers begin to recognize the needs and the potential in the African market. I would say to you, "be patient," but I know that's not the answer you are looking for! You need solutions now, not next year. Other forum members have offered some suggestions and I am hoping to see more ideas follow as members read this topic thread. The only thing I can suggest at the moment is to be vocal, keep the discussion going within all of your circles of influence (not just the EvanCarmichael.com forums), get fellow Africans talking about it to make the issue publicly known and perhaps that will help draw attention to the need. GT :-]
Paypal now Available to South Africans - I don't know if there are many South Africans on this forum, but recently Paypal announced that South Africans can now receive payments from them. They have done a deal with First National Bank so all that needs to be done is to open an account with this bank and you can receive money from your Paypal account. This is great news as it opens up a lot more opportunities for those of us living in this part of the world. MichelleJ
Re: How will an african make money truely on the net? - Hi From what I understood, if you are verified with Paypal, you can receive payments into your Paypal account and withdraw money in this country if you get their debit card. I will make further enquiries as there must be a way, there are many South Africans doing business on the internet. I know that other African countries such as Nigeria are unable to use Paypal etc. but don't think it applies to us here. MichelleJ
Re: Does a New Company need a "Big" PR firm? - I agree with SHri, it really depends on the target audience and how much service you really need. if you are doing National campaign than you want a firm that has the National contacts. Lots of smaller companies dont have as many resources or connections. Many firms are going to a pay for performance model which I think will do the PR and advertising industry good. no more $5000 retainers for sending out a couple of press releases - no matter how well written or targeted! if they dont get picked up, they dont get paid. J
Re: Advice needed to earn money online!!!! - There's a lot of good advice here - but I do agree that it's important that you find something that you enjoy and are interested in. The more enthusiastic you are about what you are selling, the easier it will be to sell - that's just logical! As David says, don't go for anything that promises riches overnight, or any that tell you that all you have to do is sign up and sit back - it takes time and effort to make a profit. If you are unsure about any program that you are considering, then come back here and ask. There's probably someone who will know whether it's legit or not. Good luck! Ros


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Civility in the Workplace---Is it Decreasing?

What Aweber Can Do For Your Online Business

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.