Follow the Money

Some “killer facts” from Oxfam:

“¢ Over 60 percent of the world’s poorest people live in countries rich in natural resources – but they rarely share the wealth.

“¢ 12 of the world’s 25 most mineral-dependent countries and six of the world’s most oil-dependent countries are classified by the World Bank as “highly indebted poor countries.”

“¢ In Africa, about 3/4 of the continent’s trade relates to the natural resource sector. In 2003, US investment in African oil exceeded 10 billion per year, some 2/3 to 3/4 of all its total investment in the continent.

“¢ African oil exporters are likely to receive $400 billion in government revenues over the next decade, an amount that would dwarf feasible increases in official aid.

“¢ By 2015, oil revenues in oil-producing countries could exceed annual aid needs by $35 billion.

“¢ In Angola, more than $4 billion in state oil revenues disappeared from government coffers between 1997 and 2002, an amount roughly equal to the entire sum the government spent on social programs in the same period.

4 Responses to Follow the Money

  1. WAG says:

    So I guess Bob McDonnell’s urging that “We are blessed here in America with vast natural resources, and we must use them all” might not actually lead to higher economic growth.

  2. Wes Rolley says:

    I have just started to read Dead Aid by Dambiso Moyo. She seems to make a convincing case for ending aid to Africa and that such actions would actually be better than pouring all that money into the accounts of corrupt government officials.

    I have not thought this through completely. However, American actions regarding energy policy and climate change will have a significant effect on Africa in multiple ways, from reducing oil revenues, to multinational corporations buying land for growing biofuels to population dislocations from the impacts of climate change.

    Once again we treat Africa as a resource colony.

  3. Jeff McLeod says:

    so we should…cut off the aid that we’re giving them? oh

  4. James Newberry says:

    See the book, The Tyranny of Oil.

    See the oil insecurity state create militarism and “war,” national disease and health care costs, national debt, war profiteering and climate disaster. It is all debt, presented as private profit.