Abstract and Keywords
Empirical studies and international experiences of resource-rich developing counties (RRDCs) point to a resource bane rather than a boon. Most countries have failed to effectively deploy oil and mineral resource rents to build a broad-based domestic capital base for sustaining growth and economic diversification. In large measure this is because they started with initially weak economic institutions and “bad” political governance with limited checks and balances. Moreover, with natural resource rents flowing in, institutions were further worsened, due to weakening political accountability among other corrosive effects of the resource rents. However, though progress on the governance front is likely to be a daunting task, the recent democratic transitions in Africa hold a lot of promise for the Continent. Moreover, the two global initiatives of EITI and NRC can have substantial positive catalytic roles.
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