East Africa is the global oil and gas industry’s hottest frontier. Barely a month goes by, it seems, without a major discovery in Mozambique, Tanzania, Uganda, or the eastern Democratic Republic of the Congo.
Congo's conflict minerals With its abundance of mineral resources, the Democratic Republic of Congo could be one of the most prosperous countries in Africa. But as is often the case on this continent, valuable natural resources are more of a curse than a blessing.
By Richard Dobbs and Fraser Thompson of the McKinsey Global Institute By 2030, nearly half of the world’s economies could be resource rich countries. It is vital for the future economic prospects of these countries – and to satisfy the world’s need for their resources – that they do better than many have done in the past in translating their sub-soil wealth into long-term prosperity.
Terra Lawson-Remer and Joshua Greenstein say, "Many resource-rich African countries make poor use of their wealth... Instead of creating prosperity, resources have too often fostered corruption, undermined inclusive economic growth, incited armed conflict and damaged the environment."