An Essay on Natural Resource Governance in Africa

Abstract

Africa is richly endowed with natural resources that would have placed it on a world map as the most developed continent. This has not been the case as the management of these resources has been a recurring challenge; awfully and embarrassingly dismal to many countries. Oil and natural gas in particular have been notoriously precarious. Not many countries have succeeded in turning the revenues from these natural resources whether land, sea, forests and other bio diversity, to enduring economic benefits and this phenomenon has been described as the “resources curse”. This has not only stalled development but it has created such grinding poverty and socio-economic exclusions, which has elicited both crimes and insurgency. This is largely due to the recklessness and irresponsibility of Africa’s political leadership, Dutch Disease, lack of transparency and accountability among others. This essay looks at the all-important issue of natural resource governance in Africa, it challenges, efforts at mitigating these challenges and possible recommendations. The essay recommends that resource rich countries must invest into the future, build our institutions and diversify their economy. One effective way to do it is the Sovereign Wealth Fund, keeping in mind the international best practices and also develop a knowledge institutions and cultivate a knowledge-based economy.