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Oil Wealth, Resource Curse And Development: Any Lessons For Ghana?, Felix Kumah-Abiwu, Edward Brenya, James Agbodzakey

Felix Kumah-Abiwu

Ghana’s new status as an oil-producing country has invigorated the scholarly debate on the resource curse theory, which assumes that countries with vast natural resource wealth like oil, diamond and gold are likely to experience slow economic growth and development as compared to countries with scarce natural resources. Although the development literature is well endowed with cases of countries with huge natural resources that have experienced slow economic growth, the literature is also clear on few other countries with enormous natural resources that continue to experience high economic growth due to strong political institutions and democratic practices. Norway and Botswana …