Managing Oil Wealth in Africa
IMF Podcasts, October 2, 2012
Source details
- Canonical URL
- Managing Oil Wealth in Africa
Other formats
Bibliographic details
- Published: October 2, 2012
In This Episode
- The episode was published on October 2, 2012.
- Topic: Despite oil wealth, countries of the Central African Economic and Monetary Community struggle with the “Resource Curse”.
- Guest: Sharmini Coorey, Director of the IMF’s Institute for Capacity Development, describes challenges of managing oil wealth in the region and outlines policies to help overcome them.
- Hosts/Production: Bruce Edwards (producer of the IMF podcast program) and Rhoda Metcalfe (independent journalist and audio producer).
Key findings on challenges
- Countries in Central Africa still face big economic challenges despite their oil wealth.
- The “Resource Curse” affects these countries, implying that natural resource wealth has not translated into broadly shared economic development.
- The region’s experience highlights governance, institutional capacity, and policy-design weaknesses that impede the effective management of oil revenues.
Policy recommendations and solutions described
- Strengthen institutional capacity to manage oil revenues (as articulated by Sharmini Coorey, IMF, Institute for Capacity Development).
- Design and implement policies to overcome the Resource Curse through improved fiscal management, transparency, and long-term planning.
- Emphasize capacity development for policymakers and institutions responsible for natural resource management.
Key people and roles
- Sharmini Coorey — Director, IMF’s Institute for Capacity Development (guest providing analysis and policy guidance).
- Bruce Edwards — Producer, IMF podcast program; award-winning audio producer and journalist.
- Rhoda Metcalfe — Independent journalist and audio producer.