The Quest for Greater Transparency in Extractive Industries in Africa Posted By : Wolassa L. Kumo
Introduction Africa is endowed with rich and diverse natural resources ranging from oil and gas to various minerals including diamond, gold, uranium, copper, zinc, cobalt and so on. At the end of 2010, 17 of the 53 African countries produced and exported oil with Libya and Nigeria holding the world's 8th and 10th biggest oil reserves respectively. Ghana became the latest African country to join the club of world oil producers in December 2010 when it pumped crude oil from an offshore field in the Gulf of Guinea for the first time. Other major oil producers include Angola, Equatorial Guinea, Egypt, Gabon, Chad, Sudan, Cameroon, the Central African Republic, and etcetera. Africa currently holds over 10% of the world's oil reserves and supplies over 12% to the global market. Countries rich in mineral resources in Africa include South Africa, Democratic Republic of the Congo (DRC), Botswana, Namibia, Mozambique, Niger, Zambia, Mali, Sierra Leone, Mauritania, Liberia and etcetera....