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African countries are tapping their fossil fuel wealth. Why aren’t they getting rich?

08 December 2022
 A growing body of research suggests that rather than serving as a boon for development, major fuel discoveries tend to spawn corruption and economic instability in countries that lack strong financial institutions and legal systems. More recent research suggests that these effects are not only reserved for the period after governments receive windfalls from fossil fuels. In what’s called the “presource curse,” the anticipation of oil and gas revenues may engender corruption and lead governments to prematurely restructure their economies and pile on debt.