Abstract and Keywords
African resource-rich developing countries (RRDCs) can avoid the resource curse by strengthening political accountability and effective management of the resource rents. The roadmap for turning Africa’s newly found oil and mineral resource into a “precious boon” for development hinges on three pillars: getting the best deal and prices for the resource; efficiently utilizing the resource by adopting the “right” fiscal institutions; and, equitably distributing the resource to maximize the society’s welfare. Needless to stress that the proposed strategy is premised on the presence of accountable and transparent polity and effective economic governance, though the former might also positively influence political and economic governance.
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