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Emergence of the Gulf of Guinea in the Global Economy: Prospects and Challenges

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  • Damian Ondo Mañe
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    Abstract

    The Gulf of Guinea's tremendous potential is creating investment opportunities for the region. Some of its resources, such as oil, minerals, and forests, continue to attract significant investments whereas others, like natural gas, could be exploited to their full potential if necessary investments were undertaken. Nevertheless, the Gulf of Guinea has to cope with numerous challenges, both exogenous and endogenous, before it can fully benefit from its riches. One of these problems stems from the overwhelmingly weak institutions and governance, pointed by stylized facts, which add to the risks of "natural resource curse" and can feed the theory of the "Paradox of Plenty." The case is made that regional institutional arrangements and increased involvement of the international community and the African Diaspora should complement the efforts in which countries in the region should engage to address policy and governance issues. Complementary avenues are proposed, including maintaining stability and security, making better use of the region's own assets, putting in place a favorable business environment, and augmenting exports with value addition.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/235.

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    Length: 26
    Date of creation: 01 Dec 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/235

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    Related research

    Keywords: Oil; Development; Natural gas; Energy;

    This paper has been announced in the following NEP Reports:

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    1. Xavier Sala-i-Martin & Arvind Subramanian, 2003. "Addressing the Natural Resource Curse: An Illustration from Nigeria," NBER Working Papers 9804, National Bureau of Economic Research, Inc.
    2. Thomas Baunsgaard, 2003. "Fiscal Policy in Nigeria: Any Role for Rules?," IMF Working Papers 03/155, International Monetary Fund.
    3. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
    4. Johannes Wiegand, 2004. "Fiscal Surveillance in a Petro Zone: The Case of the CEMAC," IMF Working Papers 04/8, International Monetary Fund.
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