Africa’s New Oil: Power, pipelines and future fortunes

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In Africa’s Odious Debts, Boyce and Ndikumana reveal the shocking fact that, contrary to the popular perception of Africa being a drain on the financial resources of the West, the continent is actually a net creditor to the rest of the world. The extent of capital flight from sub-Saharan Africa is remarkable: more than $700 billion in the past four decades. But Africa’s foreign assets remain private and hidden, while its foreign debts are public, owed by the people of Africa through their governments. Léonce Ndikumana and James K. Boyce reveal the intimate links between foreign loans and capital flight. Of the money borrowed by African governments in recent decades, more than half departed in the same year, with a significant portion of it winding up in private accounts at the very banks that provided the loans in the first place. Meanwhile, debt-service payments continue to drain scarce resources from Africa, cutting into funds available for public health and other needs. Controversially, the authors argue that African governments should repudiate these ‘odious debts’ from which their people derived no benefit, and that the international community should assist in this effort. A vital book for anyone interested in Africa, its future and its relationship with the West. Front Cover African Arguments About the Author Title Page Copyright Contents Maps and Figures Acknowledgements Abbreviations and Acronyms Introduction 1: Chad: A Model Project Revenue Management Environment The Political Context A Law with Flaws The Military Threat The End of the Model Project The End of the Rebels Lessons Learned for the World Bank? 2: The Aftermath Escaping the Resource Curse: Key Themes Revenue Management Civil Society: The Silver Lining Environmental Protections Development of Local Content and the Impact on the Wider Economy Bringing it all Together: Is Chad Resource Cursed? 3: Lessons Learned for China? ‘We Don’t Understand Why the Western Media is so Critical’ The Political Context: Guns, Money and Oil The Chinese Contract Local Content and Wider Economic Impact Djérmaya Refinery China and Transparency The Deal Unravels Environmental Concerns 4: Resource Nationalism in Niger Local Content and Revenue Sharing Political Context Resource Nationalism: The Issue of the Moment Civil Society and Journalism Contracts and Revenue Transparency Slow Progress Future Success Assessing China’s Success 5: Civil Society Power in Ghana Ghana’s Black Gold Transparency and Revenue Management Contracts Local Content Pathway out of Poverty? The Impact on The Economy of the Oil-producing Region Regional Compensation and The Environment Eldorado Missed? Accountability and Quality of Spending The Limitations of Transparency Ghana’s Transparency Scorecard 6: The East African Miracle? Towards A Regulatory Framework: Uganda Kenya Women Kenya Versus Uganda: Will They or Won’t They? Conclusion Breaking The Resource Curse: An Evaluation Revenue Management Chad: Lessons Learned Beyond Transparency Notes Bibliography Index Back Cover