Natural Resource Charter ~ Better Pathways...

The BBC writes Africa urged to manage resources noting that commodity-fueled cash inflows could and should be used in a way which really benefits their citizens. The core of the article cites Oxford development economist Paul Collier who argues...

"...that an open and transparent system for the auctioning of commodities is a simple way of ensuring citizens get value for money. "All too often it has been good deals for the companies and quite often good deals for the minister who negotiated it but not good deals for ordinary citizens," he says. A part of the charter related to how better to manage the sale of rights for mineral extraction. The historical method of allocating mining rights has not benefitted the general populace. "It has ruined African governance because it has encouraged corruption, so we want to alter that pattern of behaviour," explains Dr Collier."

This would be helped by adopting the Natural Resource Charter...

"...a set of principles for governments and societies on how to use the opportunities created by natural resources effectively. Some of the poorest countries in the world have large amounts of natural resources and these can provide a pathway out of poverty. Yet in the past, these opportunities have often been missed, and resource abundant countries have consequently remained poor."