Lifting the Oil Curse,Improving Petroleum Revenue Management in Sub-Saharan Africa

Improving Petroleum Revenue Management in Sub-Saharan Africa

Author: Menachem Katz

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This paper discusses macroeconomic and governance issues in relation to oil sector policies in oil-producing countries in sub-Saharan Africa (Angola, Cameroon, the Republic of Congo, Equatorial Guinea, Gabon, and Nigeria, as well as in Chad which had started production by mid-2003). The paper is based on a background paper prepared for a workshop (organised jointly by the IMF and World Bank) which included government ministers, governors of central banks and heads of national oil companies from the region.

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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.