By Kwamina Panford
This e-book explores how African nations can convert their normal assets, really oil and gasoline, into sustainable improvement resources. utilizing Ghana, one of many continent’s latest oil-producing nations, as a lens, it examines the "resource curse" confronted by means of different manufacturers - corresponding to Nigeria, Angola, and Equatorial Guinea - and demonstrates how mismanagement in these nations provides necessary classes for brand spanking new oil manufacturers in Africa and in other places. counting on a vast diversity of fieldwork and policymaking adventure, Panford indicates useful measures for resource-rich constructing international locations to rework traditional assets into precious resources that could support 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 quandary to socioeconomic improvement in international locations that experience traditionally depended on normal assets.
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Extra resources for Africa’s Natural Resources and Underdevelopment: How Ghana’s Petroleum Can Create Sustainable Economic Prosperity
In 2006 the Lesotho Promise was categorized as the world’s 15th-largest rough diamond (GRAFF Accessed 17 February 2016). Other important gem producers include Angola, Zimbabwe, Liberia and Sierra Leone (World Diamond Council Accessed 23 February 2016). South Africa tops the rankings for gold production in Africa followed by Ghana, which is number 8 in the world. There is a new harbinger of Africa’s commercial and geostrategic relevance in the sphere of energy, oil, and gas (OG) in particular. This is so important because OG is not only the single largest item traded18 but also due to the fact that oil supply has profound global security, energy and enormous economic implications.
Because gold is one of the best conductors of electricity, key components of the car’s airbag such as electrical terminals are gold plated to make them work more predictably during automobile accidents. Without key raw materials such as tungsten and colombo tantalite (coltan), many features of the modern “smart phone” and “smart television” would be inoperable. The billion Apple iPhones and other fancy gadgets sold by 2015 would, for instance, not vibrate without tungsten mined in the Eastern DR Congo.
Africa accounts for three-quarters of the world’s platinum supply, and half of its diamonds and chromium. It has up to one-fifth of the world’s gold and uranium … and it is increasingly home to oil and gas production with over 30 countries now in this category. ” In addition to impressive quantities of high-quality minerals, ores, and rare earth materials, Africa generates a wide range of agricultural and forest products. Among the latter are: cola nut; shea butter; coconut (copra); rubber (latex); cocoa; groundnut (peanuts); cotton; coffee; and tea.