Why Africa’s oil riches don’t make Africans richer
Why Africa’s oil riches don’t make Africans richer
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.”
Why Africas oil riches dont make Africans richer - To learn more about this author, visit G Kofi Annan's Website.
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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.”
Why Africas oil riches dont make Africans richer - To learn more about this author, visit G Kofi Annan's Website.
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