- Harinder Malothra, Milan Cuc, Ulrich Bartsch, and Menachem Katz
- Published Date:
- January 2004
©2004 International Monetary Fund
Production: IMF Multimedia Services Division
Cover Design: Luisa Menjivar
Photo Credits: Corbis and Holger Floerkemeier for the IMF
Typesetting: Alicia Etchebarne-Bourdin
Lifting the oil curse: improving petroleum revenue management in Sub-Saharan Africa / Menachem Katz … [et al].—Washington, D. C. : International Monetary Fund, 2004.
Includes bibliographical references.
I. Africa, Sub-Saharan—Economic policy. 2. Fiscal policy—Africa, Sub-Saharan. 3. Petroleum industry and trade—Africa, Sub-Saharan. I. Katz, Menachem, 1946–
Disclaimer: The views expressed in this work are those of the authors and do not necessarily represent those of the IMF or IMF policy. The IMF has not edited this publication. Some documents cited in this work may not be available publicly.
Please send orders to:
International Monetary Fund, Publication Services
700 19th Street, NW, Washington, DC 20431, U.S.A.
Telephone: (202) 623-7430 Telefax: (202) 623-7201
With increasing international interest in the oil to be found off Africa’s western and southern coast, there is also intensified scrutiny of the reasons for the disappointing economic performance of the oil-producing countries in the region during the last two to three decades. The question is how to turn oil revenue into a blessing, rather than the curse it may have been in many oil-based economies. This paper discusses the latest thinking on best-practice institutions and policies, compares this with current practice in the African oil-exporting countries, and presents a way forward, taking into account African policymakers’ concerns.
This Special Issues Paper is based on a background paper prepared for a workshop on macroeconomic policies and governance in sub-Saharan African countries held jointly by the African Department (AFR) of the IMF and the Oil and Gas Policy Unit and the Africa Region of the World Bank, during April 29–30, 2003, in Douala, Cameroon. The workshop brought together high-level policymakers from Angola, Cameroon, Chad, the Democratic Republic of the Congo, the Republic of Congo, Equatorial Guinea, Gabon, Nigeria, and São Tomé and Príncipe, including ministers of finance, ministers of oil, governors of central banks, and heads of national oil companies, as well as IMF and Bank staff. This paper also takes into account African policymakers’ concerns and suggestions as expressed during the workshop.
The paper reflects the contributions of several staff members in the African Department. In particular, the authors are grateful to Magnus Alvesson, Rodolphe Blavy, Deborah Malama Chungu, Jean-François Dauphin, Mansour Ndiaye, and Joseph Ntamatungiro. We also benefited greatly from comments and suggestions from Rolando Ossowski of the IMF’s Fiscal Affairs Department, Charles McPherson from the World Bank, and numerous other reviewers. We would also like to acknowledge the help provided by Marie-Jeannette Ng Choy Hing in document preparation, and thank Tom Walter from African Department and Sean M. Culhane of the External Relations Department for editing the paper and coordinating the production of the publication.