Africa's Resources Key To Development (Hubert Hutchinson sent these comments to Africa Policy Round Table :March 21, 2007)
Posted Nov 2, 2007 in the EconomyBanking category.
It is well documented that Africa is the richest continent on the face of the planet yet its people are amongst the worlds poorest. Is this fact a mere matter of coincidence or is it a conspiracy? It is quite ironic that the richest continent (rich in natural resources) should be beleaguered by debt and should be overtly reliant on aid and economic assistance from developed countries when it has the means to take care of itself. Japan for example has little or no natural resources yet it is amongst the 10 richest countries on the face of the globe. How then do we reconcile these differences and explain the gulf in fortunes between a country like Japan and many African countries that are endowed with natural resources?
The reality is that many developed countries became developed through the exploitation and utilisation of Africa’s natural (and human) resources. The scramble for Africa and resulting colonisation in the 19th century has enabled many countries in the Rich North to make huge strides towards economic development whilst depriving Africans in the process. It is well documented for instance that a city like Brussels was built on the Belgian exploits of the Congo. Though African nations have gained independence from colonisation, the scramble for Africa still continues today. This is most evident with countries such as Germany, USA, and Japan over the last several decades seeking to exploit Africa’‘s mineral wealth. This scramble has seen China in more recent times joining the race to gain a foothold in Africa as they move towards rapid development themselves. This leaves no doubt therefore that Africa’‘s resources are still very much essential to developed nations.
It is therefore evident that the key to Africa’s development lies in its natural resources and that it should be at the heart of any strategies towards development and economic independence.