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the-looting-machineThe trade in oil, gas, gems, metals and rare earth minerals wreaks havoc in Africa. During the years when Brazil, India, China and the other "emerging markets" have transformed their economies, Africa's resource states remained tethered to the bottom of the industrial supply chain. While Africa accounts for about 30 per cent of the world's reserves of hydrocarbons and minerals and 14 per cent of the world's population, its share of global manufacturing stood in 2011 exactly where it stood in 2000: at 1 percent.

In his first book, The Looting Machine, Tom Burgis exposes the truth about the African development miracle: for the resource states, it's a mirage. The oil, copper, diamonds, gold and coltan deposits attract a global network of traders, bankers, corporate extractors and investors who combine with venal political cabals to loot the states' value. And the vagaries of resource-dependent economies could pitch Africa's new middle class back into destitution just as quickly as they climbed out of it. The ground beneath their feet is as precarious as a Congolese mine shaft; their prosperity could spill away like crude from a busted pipeline.



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from Daily Times (Pakistan)..By XinhuaApril 26, 2015 ACCRA: A 600 million-dollar oil and gas free port enclave to be built in Ghana will open up the country’s oil and gas industry to the African regional offshore market. Frank Hagan-Brown, Commercial Executive of Atuabo Free Port, told Xinhua in an interview that this would cut down the cost of operations and servicing for the companies operating in Ghana’s oil and gas fields. Construction work at the harbor to
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Tagged in: Economic Forecasts
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Tagged in: Natural Disasters
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