Transforming raw materials into manufactured goods African countries can turn their natural resources from a bane into a boon Africa, blessed with many minerals and other natural resources, has often fallen prey to the resource curse. This disease comes in two forms: revenues from natural resources push up a country’s currency exchange rate and depress other sectors, particularly manufacturing; and/or governing politicians become “rent-seekers”, seizing control of these assets and using the income to stifle opposition to their rule. Despite Africa’s wealth in oil, gold, chromium, platinum and other minerals, very little manufacturing takes place on the continent. Rent-seeking and…
