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

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.”





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With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website

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G Kofi Annan
(Visit G Kofi's Website) G. Kofi Annan is a Ghanaian creative director and strategist (cultural trends, marketing, branding) who specializes in the emerging African market. He is the principal of Anna nsi LLC, a boutique consultancy which bridges the gap between the African market and the global community. Annansi LLC produces both Annansi Chronicles and Annansi Clothing Co., a premium streetwear apparel line. Kofi is an active board member of the African Film Commission, and has appeared and been quoted in influential media outlets including Reuters, FastCompany.com, Inc. Magazine, PSFK.com, i-D Magazine, The Source Magazine, Complex.com, VH1, and BET. He is currently researching a book on the relationship between Africa’s brand image and foreign investments.

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