Africa's oil wealth raises stakes for transparency
Author | Simon Willson |
Position | IMF External Relations Department |
Pages | 17-19 |
Page 17
With the rapidly growing importance of natural resource wealth in many African economies, the IMF and the World Bank have stepped up efforts to help countries avoid the "resource curse." Transparency and accountability are key tools in ensuring that living standards rise for all citizens, not just for the select few. An IMF-World Bank workshop in Malabo, Equatorial Guinea, for regional and national parliamentarians put the spotlight on best practices in resource management.
Page 19
As more African countries debate the benefits and the pitfalls of their newfound oil wealth, questions of fiscal transparency and accountability are gaining increased urgency. A one-day workshop in Malabo, Equatorial Guinea, January 27, organized by the IMF and the World Bank, took up the topic, with parliamentarians from the six countries of the Economic and Monetary Community of Central African States (CEMAC)- Cameroon, the Central African Republic, the Republic of Congo, Chad, Equatorial Guinea, and Gabon-and Equatorial Guinea's national parliamentarians.
Transparency in oil resource management was once virtually a taboo topic. To have it as the theme of a workshop, observed CEMAC Interparliamentary Commission President Batho Obam Nsue Mangue, is itself revolutionary. But, as IMF Deputy Managing Director Agustín Carstens told the legislators, transparency and accountability are now seen as essential for ensuring that resource wealth is used for the benefit of the whole of a country's population. Carstens highlighted recent international initiatives, including the IMF's Guide on Resource Revenue Transparency (see related story, page 21). He underscored that adhering to principles of transparency and accountability can translate to better economic results-citing Botswana's handling of diamond production revenues, which has also been conducive to business and investment in the nondiamond sector; the Republic of Congo's quarterly external...
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