African Forum and Network on Debt and Development: Natural Resources and Financing Development

The absence of sound policies and procedures governing natural and mineral resources can be a source of economic instability, social conflict, and lasting environmental damage.2 The lack of transparency in the negotiation of mining contracts and agreements perpetuates corruption. [...]income meant for national development ends up benefiting a few elites instead of the masses through education, health, and infrastructure. Renewable natural resources, such as fisheries and forestry, present a viable source of green growth that could generate export earnings and promote food security. The Africa Progress Panel suggests six principles for managing Africa's forests sustainably: greater transparency in commercial logging contracts and disclosure of the beneficial owners of the companies involved; enhanced monitoring and regulation; spreading information about the value of forests; including China (a key player in the logging trade) in the proposed solutions; and strengthening action by consumer countries such as tightening legislation on importers.