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Archived Series > IMF Special Issues

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Cover Lifting the Oil Curse
Lifting the Oil Curse
Improving Petroleum Revenue Management in Sub-Saharan Africa
Mrs. Harinder K Malothra
,
Mr. Milan M Cuc
,
Mr. Ulrich Bartsch
, and
Mr. Menachem Katz

Abstract

How can a country turn oil revenues into a blessing rather than a curse? With growing international interest in new offshore oil deposits in sub-Saharan Africa, there is also greater scrutiny of the reasons why many oil-producing countries in the region have experienced disappointing economic performance over the past 20 to 30 years. This paper discusses the latest thinking on best-practice institutions and policies, compares this thinking with current practice in African oil-exporting countries, and presents a plan for the future, taking into account African policymakers’concerns.

Keywords:
ISI; SI; oil-producing country; government; country; revenue; government oil revenue; SSA oil-exporting country; oil sector oversight; oil revenue; Oil; gas and mining taxes; Oil sector; Oil prices; Exchange rate arrangements; Sub-Saharan Africa; Africa; Global; Southern Africa; West Africa