Managing Natural Resources to Ensure Prosperity in Africa
"The discovery and extraction of natural resources has the potetial to finance rapid, sustained and broad-based development. However, the historical record of resource discoveries in developing countries is deeply worrying. Often discoveries have led to the plunder of those resources, whereby the few expropriate revenues that should benefit the many, and the present generation unsustainably consume revenues that should benefit future generations. For countries to avoid the recurrence of plunder and take full advantage of the unprecedented opportunity of new resource discoveries, a set of distinct policy responses are required. To inform African policy makers, this brief outlines a series of five key policy decisions needed to ensure that resource wealth is effectively captured and utilized for national development."