Building the New State: The Challenge of the “Resource Curse” in South Sudan futureagricultures
The document discusses the challenges facing South Sudan related to its oil resources and the risk of falling victim to the "resource curse". It provides an overview of different approaches to understanding the resource curse, including Dutch Disease, rent-seeking, volatility, specialization, and political economy. It then analyzes South Sudan's level of oil abundance, economic vulnerability based on resource curse theories, and political vulnerability. The key risks identified are South Sudan's heavy dependence on oil resources which will be depleted within 12 years, economic challenges from volatility and rent-seeking, and weak political institutions.
Managing local content policies in the extractive industriesAlexander Decker
This document summarizes a research paper about managing local content policies in Nigeria's extractive industries. It begins with an introduction describing how developing countries are placing more emphasis on local content participation by international oil companies. It then reviews literature on local content policies and challenges, including Nigeria's history with oil wealth and civil conflicts. The paper aims to provide insights into managing local content policies in Nigeria's extractive industries, highlighting challenges and opportunities, and providing recommendations.
Regime wise analysis of debt in Pakistan 2013Mehvish Raouf
Military regimes in Pakistan generally pursued policies that strengthened the macroeconomic environment and reduced debt levels through high economic growth rates and foreign assistance. In contrast, democratic regimes struggled with political instability, poor governance, and increasing debt burdens. Currently, Pakistan's public debt exceeds 90% of GDP and the government relies on loans from the IMF and other international organizations to repay debt obligations.
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
During this week's Invast Insights we cover:
► The impact of Iraq on oil markets
► The depression in mining won’t last forever
► Australian listed energy producer
► S&P500 looks like a good short
GRAB A 4 WEEK INVAST INSIGHTS FREE TRIAL (WEEKLY NEWSLETTER)
http://invast.com.au/insights
CONNECT WITH INVAST TODAY
Facebook ► https://www.facebook.com/invastglobal
Twitter ► http://twitter.com/InvastGlobal
Linkedin ► http://www.linkedin.com/company/invast
Invast ► http://www.invast.com.au
Google+ ► https://plus.google.com/+InvastAu/
The document provides a market update on several African countries, including Zambia, Nigeria, Kenya, Tanzania, Uganda, and Rwanda. For each country, it discusses political, economic, and business news. Some key points covered include widening rifts in Zambia undermining the political outlook; Nigeria using soft power to address militia issues; Kenya facing inflation issues from food prices and vulnerability from reduced US aid; and Tanzania leading corruption fighting efforts. The document also discusses debt, equity, and economic issues in each country.
The document discusses falling oil prices and their relatively minor impact on producers. It notes that oil prices have remained steady between $100-110 per barrel for several years, with fluctuations of less than 10%, due to factors like more stable global demand and key producers like Saudi Arabia better managing supplies. The document also reports that a UAE company has opened a new oil drilling rig, and that a GCC report found the region is making progress on social development metrics like education and utilities, but faces challenges in areas like personal freedoms and environmental sustainability. It closes by mentioning that India and Pakistan are negotiating a deal for India to supply Pakistan with LNG.
The document discusses opportunities for sovereign wealth funds (SWFs) in Africa, with a focus on Nigeria. It contains the following key points:
1) SWFs are increasingly looking to emerging markets like Africa for investment opportunities, as some move away from Western markets following losses. Total SWF assets exceed $3 trillion.
2) Sub-Saharan Africa offers strong growth potential and natural resources. Many countries have improving economic fundamentals like rising foreign reserves and better debt metrics.
3) Nigeria presents a compelling investment case as Africa's largest economy with significant oil reserves and a growing population. Though impacted by the global crisis, its economic and political fundamentals remain strong.
Building the New State: The Challenge of the “Resource Curse” in South Sudan futureagricultures
The document discusses the challenges facing South Sudan related to its oil resources and the risk of falling victim to the "resource curse". It provides an overview of different approaches to understanding the resource curse, including Dutch Disease, rent-seeking, volatility, specialization, and political economy. It then analyzes South Sudan's level of oil abundance, economic vulnerability based on resource curse theories, and political vulnerability. The key risks identified are South Sudan's heavy dependence on oil resources which will be depleted within 12 years, economic challenges from volatility and rent-seeking, and weak political institutions.
Managing local content policies in the extractive industriesAlexander Decker
This document summarizes a research paper about managing local content policies in Nigeria's extractive industries. It begins with an introduction describing how developing countries are placing more emphasis on local content participation by international oil companies. It then reviews literature on local content policies and challenges, including Nigeria's history with oil wealth and civil conflicts. The paper aims to provide insights into managing local content policies in Nigeria's extractive industries, highlighting challenges and opportunities, and providing recommendations.
Regime wise analysis of debt in Pakistan 2013Mehvish Raouf
Military regimes in Pakistan generally pursued policies that strengthened the macroeconomic environment and reduced debt levels through high economic growth rates and foreign assistance. In contrast, democratic regimes struggled with political instability, poor governance, and increasing debt burdens. Currently, Pakistan's public debt exceeds 90% of GDP and the government relies on loans from the IMF and other international organizations to repay debt obligations.
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
During this week's Invast Insights we cover:
► The impact of Iraq on oil markets
► The depression in mining won’t last forever
► Australian listed energy producer
► S&P500 looks like a good short
GRAB A 4 WEEK INVAST INSIGHTS FREE TRIAL (WEEKLY NEWSLETTER)
http://invast.com.au/insights
CONNECT WITH INVAST TODAY
Facebook ► https://www.facebook.com/invastglobal
Twitter ► http://twitter.com/InvastGlobal
Linkedin ► http://www.linkedin.com/company/invast
Invast ► http://www.invast.com.au
Google+ ► https://plus.google.com/+InvastAu/
The document provides a market update on several African countries, including Zambia, Nigeria, Kenya, Tanzania, Uganda, and Rwanda. For each country, it discusses political, economic, and business news. Some key points covered include widening rifts in Zambia undermining the political outlook; Nigeria using soft power to address militia issues; Kenya facing inflation issues from food prices and vulnerability from reduced US aid; and Tanzania leading corruption fighting efforts. The document also discusses debt, equity, and economic issues in each country.
The document discusses falling oil prices and their relatively minor impact on producers. It notes that oil prices have remained steady between $100-110 per barrel for several years, with fluctuations of less than 10%, due to factors like more stable global demand and key producers like Saudi Arabia better managing supplies. The document also reports that a UAE company has opened a new oil drilling rig, and that a GCC report found the region is making progress on social development metrics like education and utilities, but faces challenges in areas like personal freedoms and environmental sustainability. It closes by mentioning that India and Pakistan are negotiating a deal for India to supply Pakistan with LNG.
The document discusses opportunities for sovereign wealth funds (SWFs) in Africa, with a focus on Nigeria. It contains the following key points:
1) SWFs are increasingly looking to emerging markets like Africa for investment opportunities, as some move away from Western markets following losses. Total SWF assets exceed $3 trillion.
2) Sub-Saharan Africa offers strong growth potential and natural resources. Many countries have improving economic fundamentals like rising foreign reserves and better debt metrics.
3) Nigeria presents a compelling investment case as Africa's largest economy with significant oil reserves and a growing population. Though impacted by the global crisis, its economic and political fundamentals remain strong.
The document discusses various topics related to government policies and the economy in Iran and the broader Middle East region. It provides an overview of Iran's government structure and history, as well as its current economy which is heavily dependent on oil and natural gas. It also discusses GDP growth rates in the Middle East, Iran's demographics, foreign direct investment trends, and relations between countries in the region including Israel/UAE, Israel/Bahrain, Canada/Iran, and the involvement of other international powers like the US, Russia and Europe. Ongoing economic challenges and diversification efforts in the Middle East are also addressed.
Harnessing Natural Resources For National Development: Solid Minerals As The ...Above Whispers
Speech by
H.E. Dr. Kayode Fayemi, CON
Minister of Solid Minerals Development
at the
3RD CHIEF (DR.) JOHN AGBOOLA ODEYEMI ANNUAL LECTURE
Ile-Ife, Osun State, Nigeria | Friday, April 29, 2016
Pakistan has a mixed economy based on agriculture, industry, and services. It faces several economic challenges including consuming more than it produces, importing more than it exports, and government spending exceeding revenues. Other issues include poverty, corruption, an unstable government, terrorism activities, and energy/water shortages. The economy relies heavily on textile exports and fuel imports. Maintaining political stability and improving social indicators are keys to strengthening Pakistan's economy.
inancial marketing and institution of Israil ppt [autosaved]Anand Mohan Jha
Israel has a developed economy centered around Tel Aviv. Its GDP is $252.8 billion and it has the second largest number of startup companies in the world. The Bank of Israel serves as the country's central bank and regulates its financial system, working to maintain price stability. The Tel Aviv Stock Exchange is Israel's main stock market, with over 600 listed companies and a market capitalization of over $200 billion.
Foreign trade and its importance in the economy of Iran in the international ...Private
Iran is one of the world’s most closely watched nations as a historical entity, about 2.500 years ago, of the Achaemenids Dynasty (559 to 330 BC) period.
The Islamic Republic of Iran (denomination after the revolution in 1979), also know as Persia territory, as historical entity and despite political, religious, and historic dimensions of the society, Iranians maintain a deep connection to their past.
The Iran’s economy is a mirror of the International Community nowadays. Economic policies and decision-making process in economic terms are guests from the international sanctions, particularly the unilateral sanctions from United States of America, which accuse Iran of supporting international terrorism and maintain the nuclear programme as global weapons.
Kinzer et al. (2005: 61) wrote about the impact of sanctions against countries, he said “this isolation has hampered the short and long term growth of its markets, restricted the country´s access to high technology, and impeded foreign investment”.
A form of foreign pressure, sanctions are typically meant to alter the policies of other countries. There is much pessimism on whether they ever work.
The main question, related with this working paper, and we should do is how Iran can trade in the economic global arena, in the contemporary global markets in the sanctions context? Can we found true economic policies in this context and with the contemporary conservative politicians, with the leadership of Mahmoud Ahmadinejad, since 2005? Can the economic sanctions destabilize the Iran government, the target of the International Community? Understand the political economy, especially the foreign trade and the impact of the international sanctions in the economy of Iran is the purpose of this paper, with special focus on the United States sanctions, in the line of Marinov (2005).
We using the electronic database of The World Factbook published by Central Intelligence Agency (CIA), The Statistical Centre of Iran, World Trade Organization, United Nations and European Union, and a qualitative research based in published academic work until 2003.
Key-words: International community; International sanctions; Impacts; Foreign trade; Iran;
An analysis-of-nigerias-economy-and-vulnerability-to-oil (3)Folahan Johnson
The Nigerian economy has long been dependent on oil revenues, which caused major swings based on volatile global oil prices. In the 1970s, oil production and prices increased, which expanded the government's spending and led to growing debt levels. By the 1980s, falling oil production and prices caused economic declines. The government had continued relying on and expanding spending based on oil revenues, rather than diversifying the economy, leaving Nigeria vulnerable to oil market swings.
Greetings,
Attached FYI ( NewBase Special 11 June 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Renewable Energy Targets Quadrupled Globally Since 2005, New IRENA
• Saudi: SR4.4 trillion Last 5 years spending drives growth
• Saudi Arabia keeps pumping at three-decade high: OPEC
• US becomes biggest oil producer in 2014
• Mozambique: Thai oil company PTTEP to Invest $1.5 bn in LNG Project
• Russian oil and gas reserves jump most in BP league table
• US: Proposed Clean Power Plan rule would reduce coal production
• Oil prices fall as World Bank cuts economic growth outlook
• N America may be more affected than Mideast by lower oil’
• BP chief says energy industry faces turning point amid US energy
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy
The document discusses the concept of the "natural resource curse" or "resource trap", where countries with large natural resource wealth tend to have less economic growth than countries with fewer natural resources. Some of the main causes of this are political conflicts over access to resource revenues, volatility of commodity prices, rapid depletion of finite resources, and currency appreciation that damages other industries. To avoid this curse, countries need policies like sovereign wealth funds to invest resource revenues wisely, economic diversification, and good governance around resource extraction.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
An examination of the constitutionality of amnesty programme in the niger del...Alexander Decker
This document examines the constitutionality of the amnesty program granted by the Nigerian government to militants in the Niger Delta region. It provides background on the rise of militancy in the region due to neglect of the people and environmental damage from oil extraction. The amnesty program aimed to pacify militants, especially the Movement for the Emancipation of the Niger Delta, who were attacking oil infrastructure and disrupting oil production. However, the paper argues that since the amnesty program was not passed into law by the National Assembly, it is unconstitutional in its current form. The presidency would need to work with the National Assembly to pass a law legitimizing and regulating any amnesty granted to militants.
Greetings,
Attached FYI ( NewBase Special 26 January 2015 ) , with energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
Mena energy subsidies fall by $60bn
Iraq:Kurd producers unrelenting to boost supply at low oil prices
Jordan:Aapproves investing in building LPG tanks Terminal
Oman:Energy masterplan sees 15pc share from renewables
South Africa to grant Karoo shale gas licences in 2015
US: EIA updates Eagle Ford maps to provide greater geologic detail
Oil price rebound likely by ’15 end on lower shale output
China: Oil Price Slump Spurs CNPC to Focus on Natural Gas and Cut Costs
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally , via GCC leading satellite Channels.
National oil company database a project by the natural resource governance in...MYO AUNG Myanmar
National Oil Company Database
A project by the Natural Resource Governance Institute
https://www.nationaloilcompanydata.org/publications
National Oil Company Database
A project by the Natural Resource Governance Institute
National oil companies (NOCs) play huge roles in their home-country economies and are critical players in global oil and gas markets. This open database compiles information on the production, revenues and performance of 71 NOCs. Data has been drawn from official public documents, and assembled using a consistent methodology to facilitate cross-cutting analysis and benchmarking of companies.
https://www.nationaloilcompanydata.org/api/publications/content/NFInSnhdYNC4ntCohaYqok1u2jHAG4vvLXK1jwrL.pdf
The National Oil Company Database
https://www.nationaloilcompanydata.org/api/publications/content/BWEOxwl3qpbpPk5RkZmWr3g5TEvNgLD4LD21foHP.pdf
Massive and Misunderstood Data-Driven Insights into National Oil Companies
https://www.nationaloilcompanydata.org/api/publications/content/6zCffQ0LimL0rd5IFmvZYNVFDOCSLCQZYB8kZysF.pdf
National Oil Company Database Methodology Guide
https://www.nationaloilcompanydata.org/indicator-group-definition
National Oil Company Database Definitions of Indicators and Filters
https://www.nationaloilcompanydata.org/api/publications/content/kdSZE3keoscR2srqW0Xua7GuROzNBdPnMrjjvYV7.pdf
National Oil Company Database How-to-Use Guide
Ever since Corona Pandemic began, employee retention and employment
generation have inevitably become most important responsibilities of
Governments at the Centre, States & also Private Entrepreneurs. Mining,
Quarrying and Water resources management are the biggest outdoor sources of
employment besides Agriculture, for lakhs of youth, many of whom have
migrated back to their villages & towns. The mining sector has the potential to
grow to employ about 48lakh persons directly and create a total of 5 crore jobs
in mines and related ancillary industries and services, by 2025. The ratio of
direct to indirect employment in the Mining Sector is 1:10. “An investment of
US$ 1 in exploration is estimated to give a return of US$15” (Ernst and Young
Rept.-2011, p. 34). Another independent study says, that “for every rupee of
investment in mining there is an investment of Rs.12 in the downstream value
chain ancillary industries". Specially in case of gold, every tonne of gold mined
will save 55million US$ in Forex and ploughs Rs.150 to 200 Crores into the
Local Rural Economy in the form of wages, ancillary industries, supplies of
materials and machinery, skill development, rural infrastructure , education,
health care, entertainment etc., besides generating revenue to the Govt.
Therefore, mining serves to alleviate poverty to a large degree. As per
McKinsey Global Institute, India needs to create 150 million non-farm jobs by
2025, to significantly reduce poverty. The Confederation of Indian Industry
(CII) in 2011 had done a study for the Ministry of Mines and brought out a
“Skill Mapping Report”. As per this report, in the period up to 2025, there will
be a need for some 3,000 geoscientists and 40,000 mining engineers over and
above the normal supply. Achieving self-sufficiency in minerals and reducing
the dependence on import of metals and minerals, on a fast track investment
mode, are the other most important national goals set by the Hon’ble Finance &
Corporate Affairs Minister as a follow up on the Prime Minister’s call for a
“Self-reliant India Movement” on the 12 th May2020. The Hon’ble Finance Min-
ister made Policy Reforms -related pronouncements to fast track investments
into Coal Sector & Non-coal Minerals Sector.
This document summarizes concerns about China's growing influence in Africa due to its economic need for oil and other resources. It notes that China has become Africa's largest trading partner and top oil supplier, obtaining a quarter of its oil from several African states. However, some states like Niger and Chad have resisted Chinese oil deals and sought more favorable terms due to concerns the deals did not sufficiently benefit them and that environmental regulations were being violated. The document examines China's strategy of non-interference in domestic politics to gain access to resources, but questions whether this could enable exploitation of African states.
The document summarizes Nigeria's economic challenges in 2016 and provides an outlook for 2017. Some key points:
- 2016 was a difficult year for Nigeria with negative GDP growth, high inflation, currency depreciation and other issues.
- 2017 may see a slow and uneven recovery if oil prices remain around $55 per barrel, allowing GDP growth of around 1%. High inflation and exchange rate volatility are still risks.
- The recovery path will be treacherous, with scenarios ranging from a fast V-shaped rebound to a continued recession depending on factors like oil prices, the Niger Delta situation, and monetary/fiscal policies.
- Events to watch that could influence the economy in 2017 include oil price
The Role of the Nigerian State in the Socio-Political Conflict in the Niger-D...inventionjournals
The Nigerian state has been affected by several conflicts socially and politically. The leadership have made promises which were not kept and they have not shown the political will to tackle the conflicts in the country. Hence, the Odua People Congress in the South West, the Boko Haram in the North East and the Niger Delta Militia in the South South of Nigeria respectively. This work focuses on the Niger Delta Conflict which has caused havoc in the country recently. The justification of this work is to attempt to look at the actions and inactions of the leadership of the country which have fueled these conflicts and proffer recommendations to remedy the situation. Expofacto theory was adopted to established the role of the Nigerian state in these conflicts using historical/descriptive and prescriptive approaches. The findings are that; government has not provided employment for the youths, has not clean the polluted environment, misappropriation of compensations, divide and rule policy, lack of consensus among the ruling class as regards the interest of the citizens. Recommendations: Deprivation in the region should be tackle, provide employment for youths, clean the polluted environment, discountenance force and use peaceful means to settle conflicts etc
Presentation Pakistan Regional Apparatus; Challenges & ResponseShahid Hussain Raja
The prime objective of a state is to improve the quality of life of its citizens. For this, the state formulates a comprehensive set of interdependent policies.
Foreign policy is one such policy formulated to achieve the above objectives by utilising the foreign relations of a country
This presentation attempts to explain foreign policy challenges of Pakistan in its rapidly changing regional apparatus and how to respond to them
Kindly do read Part 1 & 2 of this series for acquainting yourself with the basic concepts of foreign policy and history of foreign relations of Pakistan
This document provides an overview of government policies related to Iran and the broader Middle East region. It discusses Iran's demographics, government structure, economy (including GDP, natural gas, and foreign direct investment), and relationships with other countries like Canada, the UAE, Israel, Lebanon, and Saudi Arabia. It also examines US involvement in the Middle East and trends in the region's economy, including its reliance on oil/gas and increasing investments in technology.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
The document discusses various topics related to government policies and the economy in Iran and the broader Middle East region. It provides an overview of Iran's government structure and history, as well as its current economy which is heavily dependent on oil and natural gas. It also discusses GDP growth rates in the Middle East, Iran's demographics, foreign direct investment trends, and relations between countries in the region including Israel/UAE, Israel/Bahrain, Canada/Iran, and the involvement of other international powers like the US, Russia and Europe. Ongoing economic challenges and diversification efforts in the Middle East are also addressed.
Harnessing Natural Resources For National Development: Solid Minerals As The ...Above Whispers
Speech by
H.E. Dr. Kayode Fayemi, CON
Minister of Solid Minerals Development
at the
3RD CHIEF (DR.) JOHN AGBOOLA ODEYEMI ANNUAL LECTURE
Ile-Ife, Osun State, Nigeria | Friday, April 29, 2016
Pakistan has a mixed economy based on agriculture, industry, and services. It faces several economic challenges including consuming more than it produces, importing more than it exports, and government spending exceeding revenues. Other issues include poverty, corruption, an unstable government, terrorism activities, and energy/water shortages. The economy relies heavily on textile exports and fuel imports. Maintaining political stability and improving social indicators are keys to strengthening Pakistan's economy.
inancial marketing and institution of Israil ppt [autosaved]Anand Mohan Jha
Israel has a developed economy centered around Tel Aviv. Its GDP is $252.8 billion and it has the second largest number of startup companies in the world. The Bank of Israel serves as the country's central bank and regulates its financial system, working to maintain price stability. The Tel Aviv Stock Exchange is Israel's main stock market, with over 600 listed companies and a market capitalization of over $200 billion.
Foreign trade and its importance in the economy of Iran in the international ...Private
Iran is one of the world’s most closely watched nations as a historical entity, about 2.500 years ago, of the Achaemenids Dynasty (559 to 330 BC) period.
The Islamic Republic of Iran (denomination after the revolution in 1979), also know as Persia territory, as historical entity and despite political, religious, and historic dimensions of the society, Iranians maintain a deep connection to their past.
The Iran’s economy is a mirror of the International Community nowadays. Economic policies and decision-making process in economic terms are guests from the international sanctions, particularly the unilateral sanctions from United States of America, which accuse Iran of supporting international terrorism and maintain the nuclear programme as global weapons.
Kinzer et al. (2005: 61) wrote about the impact of sanctions against countries, he said “this isolation has hampered the short and long term growth of its markets, restricted the country´s access to high technology, and impeded foreign investment”.
A form of foreign pressure, sanctions are typically meant to alter the policies of other countries. There is much pessimism on whether they ever work.
The main question, related with this working paper, and we should do is how Iran can trade in the economic global arena, in the contemporary global markets in the sanctions context? Can we found true economic policies in this context and with the contemporary conservative politicians, with the leadership of Mahmoud Ahmadinejad, since 2005? Can the economic sanctions destabilize the Iran government, the target of the International Community? Understand the political economy, especially the foreign trade and the impact of the international sanctions in the economy of Iran is the purpose of this paper, with special focus on the United States sanctions, in the line of Marinov (2005).
We using the electronic database of The World Factbook published by Central Intelligence Agency (CIA), The Statistical Centre of Iran, World Trade Organization, United Nations and European Union, and a qualitative research based in published academic work until 2003.
Key-words: International community; International sanctions; Impacts; Foreign trade; Iran;
An analysis-of-nigerias-economy-and-vulnerability-to-oil (3)Folahan Johnson
The Nigerian economy has long been dependent on oil revenues, which caused major swings based on volatile global oil prices. In the 1970s, oil production and prices increased, which expanded the government's spending and led to growing debt levels. By the 1980s, falling oil production and prices caused economic declines. The government had continued relying on and expanding spending based on oil revenues, rather than diversifying the economy, leaving Nigeria vulnerable to oil market swings.
Greetings,
Attached FYI ( NewBase Special 11 June 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Renewable Energy Targets Quadrupled Globally Since 2005, New IRENA
• Saudi: SR4.4 trillion Last 5 years spending drives growth
• Saudi Arabia keeps pumping at three-decade high: OPEC
• US becomes biggest oil producer in 2014
• Mozambique: Thai oil company PTTEP to Invest $1.5 bn in LNG Project
• Russian oil and gas reserves jump most in BP league table
• US: Proposed Clean Power Plan rule would reduce coal production
• Oil prices fall as World Bank cuts economic growth outlook
• N America may be more affected than Mideast by lower oil’
• BP chief says energy industry faces turning point amid US energy
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy
The document discusses the concept of the "natural resource curse" or "resource trap", where countries with large natural resource wealth tend to have less economic growth than countries with fewer natural resources. Some of the main causes of this are political conflicts over access to resource revenues, volatility of commodity prices, rapid depletion of finite resources, and currency appreciation that damages other industries. To avoid this curse, countries need policies like sovereign wealth funds to invest resource revenues wisely, economic diversification, and good governance around resource extraction.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
An examination of the constitutionality of amnesty programme in the niger del...Alexander Decker
This document examines the constitutionality of the amnesty program granted by the Nigerian government to militants in the Niger Delta region. It provides background on the rise of militancy in the region due to neglect of the people and environmental damage from oil extraction. The amnesty program aimed to pacify militants, especially the Movement for the Emancipation of the Niger Delta, who were attacking oil infrastructure and disrupting oil production. However, the paper argues that since the amnesty program was not passed into law by the National Assembly, it is unconstitutional in its current form. The presidency would need to work with the National Assembly to pass a law legitimizing and regulating any amnesty granted to militants.
Greetings,
Attached FYI ( NewBase Special 26 January 2015 ) , with energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
Mena energy subsidies fall by $60bn
Iraq:Kurd producers unrelenting to boost supply at low oil prices
Jordan:Aapproves investing in building LPG tanks Terminal
Oman:Energy masterplan sees 15pc share from renewables
South Africa to grant Karoo shale gas licences in 2015
US: EIA updates Eagle Ford maps to provide greater geologic detail
Oil price rebound likely by ’15 end on lower shale output
China: Oil Price Slump Spurs CNPC to Focus on Natural Gas and Cut Costs
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally , via GCC leading satellite Channels.
National oil company database a project by the natural resource governance in...MYO AUNG Myanmar
National Oil Company Database
A project by the Natural Resource Governance Institute
https://www.nationaloilcompanydata.org/publications
National Oil Company Database
A project by the Natural Resource Governance Institute
National oil companies (NOCs) play huge roles in their home-country economies and are critical players in global oil and gas markets. This open database compiles information on the production, revenues and performance of 71 NOCs. Data has been drawn from official public documents, and assembled using a consistent methodology to facilitate cross-cutting analysis and benchmarking of companies.
https://www.nationaloilcompanydata.org/api/publications/content/NFInSnhdYNC4ntCohaYqok1u2jHAG4vvLXK1jwrL.pdf
The National Oil Company Database
https://www.nationaloilcompanydata.org/api/publications/content/BWEOxwl3qpbpPk5RkZmWr3g5TEvNgLD4LD21foHP.pdf
Massive and Misunderstood Data-Driven Insights into National Oil Companies
https://www.nationaloilcompanydata.org/api/publications/content/6zCffQ0LimL0rd5IFmvZYNVFDOCSLCQZYB8kZysF.pdf
National Oil Company Database Methodology Guide
https://www.nationaloilcompanydata.org/indicator-group-definition
National Oil Company Database Definitions of Indicators and Filters
https://www.nationaloilcompanydata.org/api/publications/content/kdSZE3keoscR2srqW0Xua7GuROzNBdPnMrjjvYV7.pdf
National Oil Company Database How-to-Use Guide
Ever since Corona Pandemic began, employee retention and employment
generation have inevitably become most important responsibilities of
Governments at the Centre, States & also Private Entrepreneurs. Mining,
Quarrying and Water resources management are the biggest outdoor sources of
employment besides Agriculture, for lakhs of youth, many of whom have
migrated back to their villages & towns. The mining sector has the potential to
grow to employ about 48lakh persons directly and create a total of 5 crore jobs
in mines and related ancillary industries and services, by 2025. The ratio of
direct to indirect employment in the Mining Sector is 1:10. “An investment of
US$ 1 in exploration is estimated to give a return of US$15” (Ernst and Young
Rept.-2011, p. 34). Another independent study says, that “for every rupee of
investment in mining there is an investment of Rs.12 in the downstream value
chain ancillary industries". Specially in case of gold, every tonne of gold mined
will save 55million US$ in Forex and ploughs Rs.150 to 200 Crores into the
Local Rural Economy in the form of wages, ancillary industries, supplies of
materials and machinery, skill development, rural infrastructure , education,
health care, entertainment etc., besides generating revenue to the Govt.
Therefore, mining serves to alleviate poverty to a large degree. As per
McKinsey Global Institute, India needs to create 150 million non-farm jobs by
2025, to significantly reduce poverty. The Confederation of Indian Industry
(CII) in 2011 had done a study for the Ministry of Mines and brought out a
“Skill Mapping Report”. As per this report, in the period up to 2025, there will
be a need for some 3,000 geoscientists and 40,000 mining engineers over and
above the normal supply. Achieving self-sufficiency in minerals and reducing
the dependence on import of metals and minerals, on a fast track investment
mode, are the other most important national goals set by the Hon’ble Finance &
Corporate Affairs Minister as a follow up on the Prime Minister’s call for a
“Self-reliant India Movement” on the 12 th May2020. The Hon’ble Finance Min-
ister made Policy Reforms -related pronouncements to fast track investments
into Coal Sector & Non-coal Minerals Sector.
This document summarizes concerns about China's growing influence in Africa due to its economic need for oil and other resources. It notes that China has become Africa's largest trading partner and top oil supplier, obtaining a quarter of its oil from several African states. However, some states like Niger and Chad have resisted Chinese oil deals and sought more favorable terms due to concerns the deals did not sufficiently benefit them and that environmental regulations were being violated. The document examines China's strategy of non-interference in domestic politics to gain access to resources, but questions whether this could enable exploitation of African states.
The document summarizes Nigeria's economic challenges in 2016 and provides an outlook for 2017. Some key points:
- 2016 was a difficult year for Nigeria with negative GDP growth, high inflation, currency depreciation and other issues.
- 2017 may see a slow and uneven recovery if oil prices remain around $55 per barrel, allowing GDP growth of around 1%. High inflation and exchange rate volatility are still risks.
- The recovery path will be treacherous, with scenarios ranging from a fast V-shaped rebound to a continued recession depending on factors like oil prices, the Niger Delta situation, and monetary/fiscal policies.
- Events to watch that could influence the economy in 2017 include oil price
The Role of the Nigerian State in the Socio-Political Conflict in the Niger-D...inventionjournals
The Nigerian state has been affected by several conflicts socially and politically. The leadership have made promises which were not kept and they have not shown the political will to tackle the conflicts in the country. Hence, the Odua People Congress in the South West, the Boko Haram in the North East and the Niger Delta Militia in the South South of Nigeria respectively. This work focuses on the Niger Delta Conflict which has caused havoc in the country recently. The justification of this work is to attempt to look at the actions and inactions of the leadership of the country which have fueled these conflicts and proffer recommendations to remedy the situation. Expofacto theory was adopted to established the role of the Nigerian state in these conflicts using historical/descriptive and prescriptive approaches. The findings are that; government has not provided employment for the youths, has not clean the polluted environment, misappropriation of compensations, divide and rule policy, lack of consensus among the ruling class as regards the interest of the citizens. Recommendations: Deprivation in the region should be tackle, provide employment for youths, clean the polluted environment, discountenance force and use peaceful means to settle conflicts etc
Presentation Pakistan Regional Apparatus; Challenges & ResponseShahid Hussain Raja
The prime objective of a state is to improve the quality of life of its citizens. For this, the state formulates a comprehensive set of interdependent policies.
Foreign policy is one such policy formulated to achieve the above objectives by utilising the foreign relations of a country
This presentation attempts to explain foreign policy challenges of Pakistan in its rapidly changing regional apparatus and how to respond to them
Kindly do read Part 1 & 2 of this series for acquainting yourself with the basic concepts of foreign policy and history of foreign relations of Pakistan
This document provides an overview of government policies related to Iran and the broader Middle East region. It discusses Iran's demographics, government structure, economy (including GDP, natural gas, and foreign direct investment), and relationships with other countries like Canada, the UAE, Israel, Lebanon, and Saudi Arabia. It also examines US involvement in the Middle East and trends in the region's economy, including its reliance on oil/gas and increasing investments in technology.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
Renewable and clean energy for Guatema. IDA PSW potential support. L.MerinoLucia Merino
Unlocking financial opportunities for sustainable development in Guatemala by increasing access to affordable and clean energy A financial solution on the framework of the International Development Association Private Sector’s Window (PSW)
The document proposes setting up a pool of entities to organize Brazil's biodiesel production chain using Jatropha curcas, promoting development and poverty alleviation. The main focus is Brazil's semi-arid region. The goal is to consolidate a socially responsible biodiesel industry in Brazil in partnership with BIOVALE ENERGY. It commits to environmental, social and governance principles and mobilizing to enhance effectiveness in implementing the principles.
Nigeria needs $350 billion to address its infrastructure gap over the next 10 years according to the African Development Bank. The government's revenue is only $30 billion, mostly from oil, so it must raise income and involve the private sector. Key priorities are expanding investment in infrastructure, establishing stable economic policies, reducing oil dependence, and increasing skills training. Challenges include low private investment, youth unemployment, economic instability from corruption and violence. Nigeria must make major capital investments across sectors like power, roads, and sanitation to achieve development goals by 2030. Financing will require increasing domestic revenue, sovereign wealth funds, government bonds, and private investment facilitated by extended loan terms and guarantees.
A paper presented by the Consul-General of the Federal Republic of Nigeria, Atlanta to the forum of American-Nigerian International Chamber of Commerce, Atlanta.
The Extractive Industries Transparency Initiative (EITI): Voluntary Codes of ...Dr Lendy Spires
The document discusses the Extractive Industries Transparency Initiative (EITI), a voluntary code of conduct that aims to promote transparency in how revenues from extractive industries like oil, gas and mining are collected and used in developing countries. It examines Nigeria's implementation of the EITI to assess if it meaningfully increases transparency and accountability or just deflects criticism. The EITI seeks to encourage resource-rich developing nations to use extractive revenues to reduce poverty rather than enrich corrupt officials, but codes of conduct have limitations and don't replace the need for legislation and regulation.
President Buhari's efforts to curb corruption through recovering stolen funds are commendable but more needs to be done. Implementing an asset repatriation program could help achieve success more efficiently by encouraging the voluntary return of stolen assets from abroad in exchange for amnesty. Such programs have been implemented successfully in other countries and are recognized globally. For Nigeria's program to be effective, it must comply with international anti-money laundering standards and involve cooperation across agencies.
Deepening your knowledge on how 'oil money' is spenteepening your knowledge o...YACNIGERIA
This presentation looks into the National Extractive Industries Transparency Initiative (NEITI) report. This report covers an audit of 9 resource rich states and 3 other Government institutions.
The West Africa-America Chamber of Commerce & Industries presents: David Lary
The West Africa-America Chamber of Commerce & Industries presents: Doing Business in Nigeria: Creating Wealth from
Opportunities in Africa’s Largest Market
NOC, Local and Foreign Investor Interests in the Oil Sector - The New ParadigmDonald Ibebuike
1. NOCs now control over 90% of the world's proven oil and gas reserves, reversing their fortune from the 1970s when they controlled less than 10%. This has enabled NOCs to raise capital and outbid IOCs for assets.
2. IOCs now face challenges replacing reserves as resource-rich nations restrict access. In contrast, NOCs have an average reserve life of 78 years compared to 13 years for IOCs.
3. Leading NOCs like Petronas and Petrobras have become global players through investments in technology and expanding operations internationally, increasing competition for IOCs.
This document discusses issues around transparency and corruption in the allocation of oil contracts and licenses in Africa. It finds that governments in Angola and Nigeria often lack transparency in how they choose companies for oil contracts and licenses. In some cases it appears companies have been given special access, raising doubts about the integrity of the process. It also notes that governments sometimes award licenses to companies whose true owners, or beneficial owners, are hidden, raising suspicions that government officials or their proxies may own some companies. The document recommends measures like public disclosure of license allocation rationales and beneficial ownership to increase transparency and reduce corruption.
1) Less developed countries have several policy options to improve their environment and development, including proper pricing of resources, community involvement, clarifying property rights, economic alternatives for the poor, raising women's status, and reducing industrial emissions.
2) Developed countries can help by liberalizing trade, providing debt relief, and offering financial and technological assistance, such as reducing agricultural subsidies that undermine developing country exports.
3) Debt-for-nature swaps allow environmental groups to purchase developing country debt at a discount and exchange it for local bonds, using the funds to conserve natural areas while relieving developing countries of debt obligations.
Are there enough resources for financing an Arab Development Transformation?UNDP Policy Centre
The fundamental development challenge in the Arab region is one of economic transformation or, more pertinent, a lack thereof. Heavy sectoral weights of extractive industries lead to dependence on global oil prices, even in oil-producing countries. The structure of production limits employment generation for skilled and semi-skilled labour. Low-skill services and informal activities then absorb the labour force, with corresponding harm to aggregate productivity and living standards. The slow emergence of manufacturing capacities distinguishes the economies of the Arab region from other developing countries. Compared to suitable aggregates or, more poignant, the successful Asian emerging economies, manufacturing exports from the Arab region do not contribute sufficiently to growth. Concurrently, growth is volatile and saving and investment rates are significantly below what is required to undertake this economic transition. This paper by the International Policy Centre for Inclusive Growth (IPC-IG) approaches fiscal space by asking: What barriers to the creation and use of such fiscal space must be removed in order to undertake such a transformation? In posing this question, the paper seeks to clearly demarcate its treatment of the fiscal space issue from that of the fiscal fundamentalist: its concern is to ensure that fiscal space is created
not in the abstract for an unspecified purpose.
http://www.cairnindia.com Cairn Connect is an internally created publication for all employees and stakeholders. It aims to create a common thread of communication and provide a vision to work together towards creating energy security for the nation.
New base 23 october 2017 energy news issue 1088 by khaled al awadiKhaled Al Awadi
- The Public Investment Fund of Saudi Arabia is hosting a summit to raise its profile and attract investment as it plans to expand its assets to over $2 trillion, becoming the world's largest sovereign wealth fund.
- The PIF will be significantly boosted by transferring ownership of state oil company Saudi Aramco to it and through an initial public offering of Aramco shares, projected to raise $106 billion for the PIF.
- While some analysts question whether Aramco is truly worth $2 trillion, the listing is expected to greatly increase the PIF's international investments and help diversify Saudi Arabia's economy away from oil dependence over time.
Leveraging on Private Sector Development Window to unlock private sector fund...robert muendo
The presentation shows how Kenya can increase her attractiveness to private investors through policy change, infrastructure support and climate resilience action in order to unlock potential for smallholder farming.
The United States Energy Industry EssayJessica Lopez
The document discusses the United States energy industry and natural gas. It notes that natural gas is playing an increasingly important role as an alternative to other fossil fuels like coal because it burns cleaner. While the US energy industry leads in drilling techniques like hydraulic fracturing, other countries are beginning to adopt these methods as well. The long-term health and environmental effects of techniques like fracking are uncertain and debated.
Total operates in the global oil and gas business environment, facing challenges in exploration and exploitation activities. Exploration requires dealing with physical geology, geopolitical factors, and unstable political conditions in some countries like Bolivia, Libya, and Burma that have impacted Total's operations. Exploitation requires advanced offshore drilling technologies as oil reserves are in deeper waters, with Total developing fields in deep sea areas of Angola, Nigeria, and other regions. Maintaining technological capabilities is crucial for Total to remain competitive in accessing new reserves as traditional oil becomes harder to find and produce.
Country overview & investment opportunities - ArgentinaEY Argentina
Argentina provides investment opportunities across multiple sectors totaling more than US$265 billion. Key sectors highlighted in the document include infrastructure (US$142 billion), energy (US$35 billion), mining (US$30 billion), oil and gas (US$25 billion), agribusiness (US$26 billion), and industrial goods (US$8 billion). The political and economic environment in Argentina has stabilized under President Macri, pursuing pro-market reforms and macroeconomic normalization after years of interventionist policies. Challenges remain in reducing inflation, the fiscal deficit, and poverty while generating sustainable economic growth and employment.
Similar to Intergenerational versus intragenerational equities and the (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Intergenerational versus intragenerational equities and the
1. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
Intergenerational Versus Intragenerational Equities and the
Development of Resource-Rich But Poor Countries: The Case of
Ghana
Daniel Yaw Oppong1 William Boateng,2*
1. Faculty of Law, Central University College, Accra, Ghana
2. Department of Sociology and Anthropology, University of Cape Coast, Cape Coast, Ghana
* E-mail of the corresponding author: wib981@gmail.com
Abstract
The fundamental objective of the paper is to proffer credible and empirical evidence to show that whilst the
concept of intergenerational equity may be laudable, the proposition by the intergenerational equity theorists that
a reasonable portion of resource revenue ought to be saved in financial instrument is not a prudent policy for the
management of natural resource revenue in countries currently experiencing under development.
The paper seeks to argue that basic amenities like education and health, which are currently in huge
deficit, must be provided for in the country before a policy for saving of revenue in financial instruments are
fashioned out and implemented in Ghana. This stance is buttressed by the legitimate concern that monies be
locked up in some financial institutions (mostly of foreign origin) whilst the country borrows huge sums of
money from these same foreign sources at huge interest. The intergenerational equity proposition is therefore
seen as a principle that is rooted in antiquity.
Recommendations made include the following; that resource-rich but poor countries ought to put in
place legal and institutional framework and where they exist they must be resourced and all enforced to ensure
that the country derives maximum benefits from resource endowment. Also, resource-endowed but poor
countries ought to sieve policies imposed or introduced by foreign sources like the IMF and the World Bank
before adopting and implementing them in their various countries.
Keywords: Intergenerational equity, Intragenerational equity, developing countries, Resource-Rich but poor
countries, Ghana
Introduction
Sometime in June 2007, petroleum was discovered in commercial quantities off the West Coast of Ghana,
referred to as the Jubilee Fields. However, the first production of oil in the Jubilee fields occurred in December
2010. The Jubilee Field is estimated to have about 80 million barrels of proven reserves and upside potential of
about 3 billion barrels of oil. 1It has also been said that when considered as a proportion of Ghana’s annual
income, production from the Jubilee Field at its peak is estimated to generate up to 30% of the government’s
income, if pegged at a price of US$75/barrel.2 Ghana’s oil reserves can be said to be relatively small on a global
scale as its potential three billion barrels are significantly below those of major oil producers such as Saudi
Arabia with 265 billion, Canada with 175 billion, Venezuela with 95 billion and Nigeria with 38 billion.
However, that the petroleum revenue will impact on the Ghanaian economy since production in 2010 cannot be
over estimated. For instance, it has been predicted that in view of Ghana’s levels of income, the reserves are
likely to comprise a relatively significant portion of the Gross Domestic Product (GDP) of the country. It is
predicted further that Ghana’s estimated oil reserves at its peak, may place it fifteenth (15th) in the world by
barrels of oil per dollar of GDP of US$1.0 billion per year on the average.
This estimated reserve is about the same amount of development assistance Ghana receives per annum
from its foreign donors.3 Ghana’s real Gross Domestic Products (GDP) growth in 2011 was 14.4% comprising
6.9% from oil revenue and 7.5% representing revenue from the other sectors. This means that revenue from oil
alone accounted for about 48% of Ghana’s real GDP growth in 2011, exceeding the conservative estimates
referred to above.4 Indeed critical sectors like agriculture and road construction, which suffered negative growth
in 2010, would have performed worse but for the injection of a portion of the petroleum revenue comprising
1Public Interest and Accountability Committee (PIAC) [2012]
2Rick Vander Ploeg, Radoslav (Radek) Stefanski and Samuel Wills – Harnessing Oil Revenue in Ghana,
www.theigc.org - 15 July, 2011, pgs 2-3 Accessed on 24.05.13
3 Ibid Rick et al. p.1
4 Ghana’s 2012 Budget p.15
155
2. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
GH13, 147,652.00 and 134,102,367.20 or its dollar equivalent of $8,374,300 and $85,415520.5 respectively as at
December 2011.
The evidence shows that there would have been further negative growth in road investments and
worsening growth for agriculture investments without the injections from petroleum revenue aforementioned.1
Again, it is estimated that Ghana could produce 120 million cubic feet of gas per day, which upon completion of
the gas plant in the Western Region will be processed to earn Ghana estimated revenue of US$260 million
annually per a price of US$2 per a thousand cubic feet.2 On the whole, gas and related activities and taxes
therefore could earn the country more than US$260 million per year.
In general terms, petroleum serves myriad and diverse purpose, including electricity, transportation,
industrial and domestic applications, heating and indeed over 2,000 end-products. Furthermore, petroleum is said
to be the most valuable commodity in the world. There is evidence to show that two (2) billion dollars a day
now changes hands in worldwide petroleum transactions. It is indeed referred to as “the world’s first trillion
dollar industry in terms of annual dollar sales” 3. In relation to the International Oil Companies (I0Cs) engaged in
the petroleum exploitation, extraction and refinery, and some limited number of citizens in the petroleum
producing countries, the Petroleum industry provides jobs for millions of people worldwide. 4 The ILO has
further estimated that each job in petroleum exploration, extraction and refinery generates one to four indirect
jobs in the industry through the supply of the needed inputs or benefits from value-added activities. 5
There is evidence to the effect however that most countries, especially developing countries that are
endowed with natural resources such as petroleum spend their energies and resources to fashion out legal and
institutional framework such as the Petroleum Revenue Management Act6 that will ensure that their natural
resources will secure them development and improve the living conditions of the present generation. On the
contrary, very little is done to put in place efficient legal and institutional framework to ensure that natural
resources are managed efficiently to benefit generations yet unborn. Indeed, where these institutional and legal
framework exist, very little is done by such countries to transform the legal and institutional framework into
practical steps, including education on and commitment to the enforcement of the laws and regulations geared
towards the achievement of this goal in contumacious disregard of the widely accepted principle of
intergenerational equity and its bed-mate intra-generational equity. In some instances, the legal and institutional
framework are nothing more than a wholesale importation of laws and policies from the industrialized
economies who in some cases impose certain policies on the underdeveloped countries through the IMF and the
world Bank in most cases without modification to suit the peculiar needs of the people in that particular country.
One of such policies is the investment of petroleum revenue in foreign financial instruments.7
The fundamental question for determination by this paper is whether or not the proposition by
intergenerational equity proponents to the extent that revenue from natural resources ought to be saved in some
financial instruments to ensure that future generations also benefit from resource endowment is feasible as far as
resource-rich but poor countries such as Ghana is concerned. The paper seeks to argue that in view of the
undoubted huge deficit in basic amenities like educational that the said basic infrastructure are provided for in
the country before a policy for saving of revenue in financial instruments are fashioned out and implemented in
Ghana.
Thus question that can legitimately be asked is: Why should monies be locked up in some financial
institutions (mostly of foreign origin) whilst the country borrows huge sums of money from these same foreign
sources at huge interest. Indeed it is no secret that most of such foreign loans are secured by sovereign guarantee
by which the borrowing- State mortgages all its resources however strategic and wherever they may be found.
The fundamental objective of the paper, therefore, is to proffer credible and empirical evidence to show
that whilst the concept of intergenerational equity may be laudable, the proposition by the intergenerational
equity theorists that a reasonable portion of resource revenue ought to be saved in financial instrument is not a
prudent policy for the management of natural resource revenue in countries currently experiencing under
development. In the view of the paper, this project will serve as a process for the strengthening of the foundation
1 PIAC Report supra at pp. 24-25
2 International Labour Organization (ILO) 2002. Oil and Gas Production; Oil refining
Ghttp/www/oil.org/public/English/dialogue/sectors/oilgas.htm
3 Doyle J. 1994 CRUDE AWAKING: The Oil Mess in America: Wasting Energy Jobs the Environment
Washington, DC: Friends Earth.
4 ILO report supra
5 Ibid 96 ILO report
6 The Petroleum Revenue Management Act, 2011 (Act 815)
7 See the Petroleum Revenue Management Act (Act 815)
156
3. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
for further inquiry by researchers and indeed that all stakeholders may be interested in building on that
foundation. It may also serve as a beacon for law and policy makers to fashion out appropriate legal and
institutional frameworks geared towards the maximization of the benefits of resource endowment.
Review of Relevant Literature on the Topic
According to Edith Brown Weiss, the concept of intergenerational equity is premised on the principle that;
“[e]very generation needs to pass the Earth and our natural and cultural resources least as good condition as we
received them.”1 In support of her claim, the author posits that the principle of intergenerational equity is
anchored on three basic principles as follows;
“First, each generation should be required to conserve the diversity of the natural and cultural resource
base, so that it does not unduly restrict the options available to future generations in solving their problems and
satisfying their own values, and should also be entitled to diversity comparable to that enjoyed by previous
generations. This principle is called "conservation of options." Second, each generation should be required to
maintain the quality of the planet so that it is passed on in no worse condition than that in which it was received,
and should also be entitled to planetary quality comparable to that enjoyed by previous generations. This is the
principle of "conservation of quality." Third, each generation should provide its members with equitable rights of
access to the legacy of past generations and should conserve this access for future generations. This is the
principle of "conservation of access."2
The principle of intergenerational equity is said to be the central to the concept of sustainable
development 3 which in itself borders on the promotion of equitable relationships between generations, as
espoused in the Brundtland Commission4 in which it was established that the concept refers to “development that
meets the needs of the present without compromising the ability of future generations to meet their own needs."
The commission’s report was adopted by the United Nations at The Earth Summit in Rio thus: “Equity derives
from a concept of social justice. It represents a belief that there are some things which people should have, that
there are basic needs that should be fulfilled, that burdens and rewards should not be spread too divergently
across the community, and that policy should be directed with impartiality, fairness and justice towards these
ends.”5
This position is further confirmed by Weiss Brown when she posits that the concept of intergenerational
equity is the essence of sustainability which can be possible only if the present generation considers the Earth
and its resources …”not only as an investment opportunity but as a trust, passed to us by our ancestors, to be
enjoyed and passed on to our descendants for their use.”6 The author states further that members of the present
generation are not only beneficiaries of the Earth but also that we “hold the Earth in trust for future generations.7
The author states further that the principle recognizes the right of each generation to use the Earth's resources for
its own benefit, subject to certain constrains that limit the actions of the present generation in dictating how each
generation should manage its resources thereby ensuring “a reasonably secure and flexible natural resource base
for future generations that they can use to satisfy their own values and preferences.”8
Whilst general principles of equity address imbalances within a society9 intergenerational equity seeks
1 E. Brown Weiss, ‘In Fairness to Future Generations: International Law, Common Patrimony, and
Intergenerational Equity’ (Transnational/United Nations University, 1989, adapted in ‘Environmental change
and international law: New Challenges and Dimension’ Edited by Edith Brown Weiss, United Nations
University Press. The United Nations University, 1992 available at http://unu.edu
2 Ibid
3Sharon Beder in ‘Costing the Earth: Equity, Sustainable Development and Environmental Economics’ New
Zealand Journal of Environmental Law, 4, 2000, pp. 227-243.
4Also known as the World Commission on Environment and Development 1990, Our Common Future,
Australian edn, Oxford University Press, Melbourne, p.85.
5The Rio Summit was held in 1992 to discuss what is popularly known ‘Agenda 21’ pursuant to which the Rio
Declaration was made.
6 See Weiss Brown at n. 12 above.
7 Ibid
8 Ibid
9For instance article 5(6) of the 1992 Constitution of Ghana stipulates “…the State [of Ghana] shall take
appropriate measures to-(b) reasonable regional and gender balance in recruitment and appointment to public
offices…(d) [and undertake] even and balanced development of all regions and every part of each region of
Ghana …[by] redressing by redressing any imbalance in development between the rural and urban areas.”
157
4. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
to preserve opportunities universally for future generations. It also focuses on temporal-that is, it is time-specific-rather
than geographic distribution of available resources over time among generations. That is, its main focus is
on prudent management and distribution of the benefits of resources for the benefit of a determinable generation.
This means that the timeframe over which a principle of intergenerational equity can be said to operate must, for
practical purposes, be limited.1Sixty years (the rough time lapse between a grandparent’s birth that of her
grandchild), or ninety years (the length of a long human life) has been cited as a plausible timeframe within
which a generation is measured.2
There is no doubt that the concept of intergenerational equity is known world-wide. Indeed there is
incontrovertible evidence to the effect that: “African customary law contains deep roots for the principle that we
are only tenants on Earth, with obligations to past and future generations. Under the principles of customary land
law in Ghana, land is owned by a community, which goes on from one generation to the next. This proposition is
confirmed by a profound statement by Nana Sir Ofori-Atta who said: "I conceive that land belongs to a vast
family of whom many are dead, a few are living, and countless are still unborn.”3 Customary laws and practices
of other African communities and indeed of peoples in other areas of the world, also view natural resources as
held in common with the community promoting responsible stewardship and imposing restrictions on rights of
use.
Similarly, Samuel Awuah-Nyamekye and Paul Sarfo-Mensah have also confirmed that: “Ownership of
land is often tied to the living, the dead and unborn. In the various tribal societies, which constitute the
traditional areas, the living with the chiefs as the principal trustees is said to be holding the land in care for their
ancestors and the unborn. This spiritual connectedness may invoke extreme conservatism to protection and
management of land.”4
It is significant to note that the principle of intergenerational equity is not only rooted in customary laws
and practices of other African communities, and indeed of peoples in other areas of the world, also view natural
resources as held in common with the community promoting responsible stewardship and imposing restrictions
on rights of use…5 but also in most of the established religions of the world, like Judaism and Christianity.6
Additionally, the principle of intergenerational equity is deeply rooted in international law7 . For
instance, the Preamble to the Universal Declaration of Human Rights begins thus: `'Whereas recognition of the
inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of
freedom, justice and peace in the world...”8 The concept of intergenerational equity indeed accords with Principle
1Alan S. Manne, Equity, Efficiency, and Discounting, in DISCOUNTING AND INTERGENERATIONAL
EQUITY
2 Birnbacher,
3 The statement is attributed to Nana Sir Ofori-Atta one of the distinguished Chiefs who ruled over the Akyem
Abuakwa Traditional Area in Ghana. The statement was cited by N.A. Ollennu, in in his book titled ‘Principles
of Customary Land Law in Ghana’, 4 (Sweet & Maxwell, 1962). For further discussion of relationship between
generations, see also A. Allott, Essays in African Law, 70 (Greenwood Press, 1975).
4Ensuring Equitable Distribution Of Land In Ghana: Spirituality Or Policy? A Case Study From The Forest-
Savanna Agroecological Zone Of Ghana. The International Indigenous Policy Journal Vol. 2 Issue 4,
Traditional Knowledge, Spirituality, and Land,10-21-2011, Article 9, p. 1-http://ir.lib.uwo.ca/iipj < Accessed on
24.05.13.See also Busia, K. A. (1951). The Position of the Chief in the Modern Political System of Ashanti.
London: OUP.
5See Schapera, A Handbook of Tswana Law and Custom (F. Cass, 1970); X. Vlanc Jouvan, "Problems of
Harmonization of Traditional and Modern Concepts in the Land Law of French-Speaking Africa and
Madagascar," Integration of Customary and Modern Legal Systems in Africa (Africana, 1971). L. Obeng,
"Benevolent Yokes in Different Worlds," in (Global Resources: Perspectives and Alternatives, 21-32 (C.N.
McRostie, ea. University Park Press, 19%0).
6See for example Genesis 1:1-31, 17:7-8. "I will maintain my Covenant between Me and you, and your offspring
to come, as an everlasting covenant throughout the ages, to be God to you and to your offspring to come. I give
the land you sojourn in to you and to your offspring to come, all the land of Canaan, as an everlasting
possession. I will be their God." Genesis 17:7-X. Islamic law is also said to regard man as having inherited "all
the resources of life and nature" and having certain religious duties to God in using them.44 Each generation is
entitled to use the resources but must care for them and pass them to future generations. On this see ‘Islamic
Principles for the Conservation of the Natural Environment’, 13-14 (IUCN and Saudi Arabia, 1983) cited in
Weiss Brown supra.
7 See Weiss Brown, supra
8 The Declaration was adopted by the United Nations General assembly on 10th December,1948 t Parlais de
Chaillot, Paris.
158
5. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
3 of the Rio Declaration on Environment and Development which states that; “the right to development must be
fulfilled so as to equitably meet developmental and environmental needs of present and future generations.”1 The
essence of the Declaration is that all members of the human family have a temporal dimension, which brings all
generations within its ambit. The reference to equal and inalienable rights also affirms the basic equality of such
generations in the human community which transcends the current generation, thus envisaging a partnership
between the living, the dead and the unborn. This partnership bond therefore makes it imperative for each
generation to pass the planet on in no worse condition than it received it in and to provide equitable access to its
resources and benefits. Each generation is thus both a trustee for the planet with obligations to care for it and a
beneficiary with rights to use it.2 The concept of intergenerational equity indeed accords with Principle 3 of the
Rio Declaration on Environment and Development which states that; “the right to development must be fulfilled
so as to equitably meet developmental and environmental needs of present and future generations.”3
This fiduciary relationship therefore imposes a duty on generation to conserve and maintain the planet
at the level of quality received, as failure to do so will impose an enormous obligation on succeeding generation
to repair any damage resulting from the default of any particular generation at a heavy cost. 4 Whilst admitting
that in the course of time, a reasonable harm or injury may be inevitable and therefore proposes that to insulate
future generations from the debilitating effect of the possible default on the part of any generation to maintain
the Earth and its natural resources in a qualitative state, Brown proposes that such generation ought to distribute
the costs (harm) across several generations, by means of revenue bonds and other financial measures, so that the
benefits and costs of remediation are distributed together. This, according to Brown, therefore imposes a duty on
the generation “inflicting the harm to pass on a sufficiently higher level of income so that immediate successor
generations have sufficient wealth to manage the deterioration effectively.”5
It is important to state at this point that the concept of intergenerational equity evolved with its bedmate
‘intra-generational equity’. In contrast to the tenets of the principle of intergenerational equity which transcends
a determinable generation espoused above, the notion of intra-generational equity, as the term suggests is
concerned with the maintenance and distribution of the benefits and costs of natural resource extraction between
contemporaries across the entire jurisdiction endowed with such natural resources.
The Principles of Intergenerational Equity and the Concept of Investment
As highlighted variously in this paper, the concept of intergenerational equity states is anchored on the principle
that humans hold the natural and cultural environment of the Earth6 in common both with other members of the
present generation and with other generations, past and future. The concept is predicated on the under-listed
principles. It needs to be said however that the list must not be seen as exhaustive. It comprises the notion that:
(a) All humans must treat the Earth well. This means that:
(i) humans need to treat the Earth (including all natural resources) as if it was not given to us
159
by our parents.
(ii) the Earth (including all the natural resources) is loaned to humans by our children.
(iii) the Earth (and all the natural resources) is borrowed by humans from their children.
(b) The concept further draws on the economic principles of “Generational Savings and Dis-savings”. Savings in
this sense refers to the transfer of capital, which ought to be greater than the quantum inherited. The second
strand, referred to as Dis-savings also refers to the transfer of capital smaller than as inherited.
1Rio Declaration on Environment and Development, UN Doc. A/CONF. 151/26 (1992), reprinted in 31 ILM 874
2 Weiss Brown see note 12 above. The author says further that the principle of intergenerational equity may be
said to be the cornerstone of other branches of International Law, including: The United Nations Charter, the
Preamble to the Universal Declaration of Human Rights, the International Covenant on Civil and Political
Rights, the Convention on the Prevention and Punishment of the Crime of Genocide, the American Declaration
on the Rights and Duties of Man, the Declaration on the Elimination of Discrimination against Women, the
Declaration on the Rights of the Child, and many other human rights documents reveal a fundamental belief in
the dignity of all members of human society and in an equality of rights that extends in time as well as space.
3Rio Declaration on Environment and Development, UN Doc. A/CONF. 151/26 (1992), reprinted in 31 ILM 874
4 Ibid.
5Ibid. This paper will subject this claim to critical analysis in the course of this discussion.
6Earth is defined generally to include the natural resource endowment.
6. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
(c) The advocates of the concept of intergenerational equity have also fashioned out the principle of ‘Everlasting
Mortgage’ and ‘Everlasting Partnership’1 between the living, the dead and the yet unborn.
A number of commentators have proposed several measures to ensure the maximization of the benefits
of resource endowment to ensure that it benefits both the present and future generations. Such advocates include
Paul Stevens2. According to him, although it would seem extreme, it is better to leave natural resources in the
ground. He explains further that it is not being suggested that natural resources ought to be left in the ground
indefinitely, rather, the proposition is that natural resources ought to be developed at a slower pace than is
currently being done. Even though Stevens accepts the proposition that the need for economic development calls
for an expeditious extraction of natural resources, he however posits that if a country is to derive maximum
benefits from natural resource endowment, then a slower development pace is common sense.3
This proposition has been corroborated by Humphreys et. al. 4 that “… leaving oil in the ground…just
might be the safest place for the asset, especially if there exists the risk that governments may use revenue for
their purposes rather than for the good of society as has happened so often already.” This position has also been
emphasized by Joseph E. Stiglitz who, in justifying the proposition for the need to delay the extraction of oil said
that “…there is a strong argument for waiting: the assets will not disappear. Indeed if the price of oil rises
overtime, the value of the assets beneath the ground grows overtime…the return to waiting may be higher than
on any other investment the government might make.”5
Other proponents and stakeholders have however fashioned out other strategies with a view of ensuring
that all generations enjoy the benefits of resource endowment. This policy, it is argued, helps to prevent a
situation where spending commitments cannot be kept and sustained when commodity prices collapse.
According to Eifert, Gelb and Tallroth6, high quality spending mainly prevents rent-seeking, patronage and
waste, and that;
“Rapid growth in public spending, which often follows oil price increases, reduces spending quality and
introduces entitlements, including recurrent cost commitments, which are often not sustainable in the long run.
Efficiency often suffers from a high proportion of unfinished projects as well as from capital investments that
cannot be effectively used because of shortages of recurrent resources.”
One of such measures is the creation of a fund into which revenues from natural resources are saved.
One of such funds which have gained global recognition is the Norwegian Government Petroleum Fund, now
called Government Pension Fund – Global, which was established by legislation7 “to facilitate government
savings to fund the pension expenditure of the National Insurance Scheme, and to strengthen long-term
considerations in the allocation of government petroleum revenues.”8
A number of commentators and the laws of some resource-endowed developing countries have
variously proposed that resource funds should be saved in stabilization and heritage funds instead of utilizing
them as capital expenditure, that is the provision of public goods such as schools, hospitals and road construction
in order to ensure that the benefits of resource endowment is not only enjoyed by the current generation but also
1 On this see n. 31 above
2 Paul Stevens, Resource Impact – Curse or Blessing? A Literature Review, (Centre for Energy, Petroleum and
Mineral Law and Policy, University of Dundee, 25 March 2003)
3Ibid p.18. Again the Paramount Chief of the Akyem Abuakwa Traditional Council in Ghana is known to have
engaged in a crusade against the destruction as a result of illicit mining operations and that it would be better to
protect butterflies than engage in mining operations which does not benefit the people.
4Escaping the Resource Curse (2007) Columbia University Press, p.15.
5 Id p. 39
6 Benn Eifert, Alan Gelb and Nils Borje Tallroth, ‘The Political Economy of Fiscal Policy and Economic
Management in Oil Exporting Countries’ (World Bank Policy Research Working Paper 2899, The World Bank,
Washington D.C., 2002) p2.
7 Government Petroleum Fund Act No.36 of 22 June 1990 (the Act). The 1990 Act has been superseded by
Government Pension Fund Act No.123 of 2005, which came into effect on 1 January 2006. The latter Act
amalgamates the Government Petroleum Fund and the National Insurance Scheme Fund. The merged fund is
now called Government Pension Fund – Global. The original macroeconomic policy objectives were price
stabilisation to shield the national economy from international oil price volatility, and savings for sustainable use
and management.
8Ibid
160
7. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
for future generations. This means that a resource-rich country ought not to increase its spending even if its
revenue is more than budgeted for as a result of resource booms.
The over ridding principle for the setting aside of a portion of oil revenue and saved in an account is to
161
ensure that it
a) cushions the impact on or sustain public expenditure capacity during periods of unanticipated revenue
short falls whether caused by a fail in the petroleum price or through adverse production charges. This
is the rational for the establishment of the Ghana Stabilization Fund.1
b) provides an endowment to support the welfare of future generations after the underground petroleum
has been depleted.2
In recent times, savings in petroleum funds in the form of investment in financial institutions in particular have
become popular in most oil-rich countries3 as against savings in the nature of investment expenditure on projects
such as education to develop human capital, or on transport infrastructure to provide market access and reduce
transportation costs in doing business.
“Foreign savings” policy is justified by the proponents on the ground that: “Holding the account (for the
savings) in domestic institutions or in domestic currency would increase the vulnerability of the country to the
“Dutch Disease”, which would result in further distortions of the economy.”4 Even more preposterous, with all
due deference, is the suggestion that “…most domestic banking systems do not have the controls and capacity
necessary to ensure the integrity and safety of an oil account, particularly given its potential magnitude. Further,
the selection of a domestic institution to be custodian [of oil revenue] is likely to be a highly politicized
process”.5
In the opinion of the authors of this paper, the overriding motive for the insistence by the powerful
institutions and individuals from the developed countries that resource rich but poor countries ought to invest a
reasonable portion of their resource revenue in foreign financial instruments like the Eurobond is to enable those
developed countries and their institutions recycle these same monies back to those resource rich but poor
countries as loans and investment by the international oil companies in the oil and gas sector which further
ensures their subjugation of those countries indebted to them.
The dismal position expressed above to be counteracted implies that countries like Ghana instead of
investing a reasonable portion of resource revenues in a foreign financial institution which in turn recycles such
huge funds as loans to and investment in natural resource projects in poor but resource-rich countries, such
countries should rather invest such moneys in ‘public goods’ such as education, health and road infrastructure.
This is because, apart from the claim that such oil revenues invested in foreign institutions are recycled back to
these same resource-rich but poor countries like Ghana, as has been shown earlier, there is evidence to the effect
that such funds are not yielding the expected returns for these underdeveloped resource-rich-nations causing
further impoverishment not only for the current generation but also for future generations.
The need for accumulation of human capital which is undoubtedly a potent tool for the realization by a
resource-abundant country of its development goals for both the current and future generations has been
succinctly established by numerous experts and commentators on the subject. Evidence suggests that countries
that emerge from poverty accumulate human and physical capital and then, once they become richer, are
1 Memorandum to the Petroleum Revenue Management Bill
www.mofex.google.gh/sites/default/files/reports/petroleumrevenue…Accessed on 25.05.2013
2 ibid s.11. We shall subsequently subject these proposals to critical analysis and seek to establish our preferred
potion which is that revenue from natural resources, especially petroleum in developing countries is best utilized
if same are invested public goods instead of keeping them in an account or other financial instruments like
bonds.
3 See for example the Ghana Petroleum Revenue Fund 2011 (Act 815) See also the Sao Tome and Principe Oil
Law available at http://www.earthinstitute.columbia.edu/cgsd/STP/documents/OilRevenueLawgazeted_ooopdf
Accessed on 15.04.2013
4Joseph C. Bell and Teresa Maurea Faria: Critical Issues For Revenue Management Law. This was the authors’
contribution to the Escaping the Resource Curse book. See note 15 at p. 286 of the book
5 Id at p.299. In view of the credit crunch disaster and the underpinning massive unprecedented corruption and
financial malfeasance due mainly to noncompliance with basic financial regulations and best practices, one
wonders whether persons like Joseph Bell and Teresa Mauria will still stand by such propositions as the one
contained in note 73 below.
8. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
increasingly likely to improve their institutions1 . Thus, instead of saving resource revenue in financial
instruments, same should rather be invested in the provision of the public goods emphasised in this paper. Indeed
it is strongly argued that if Ghana’s first President Doctor Kwame Nkrumah had saved the huge monies in the
coffers of the state at the time of independence, a large number of Ghanaians may not have benefitted from the
policy of free education and indeed the huge educational infrastructure constructed in the 1960s would not have
seen the light of day. Significantly the policy of free education implemented by the said first President was
purposely to address the imbalance existing between the northern part of Ghana and the southern part of the
country. There is no doubt that these policies which on the face of it appears to be akin to the principle of intra-generational
equity, in view of the obvious benefits that has trickled down on subsequent generations after the
generation in whose time these projects were implemented.
This paper agrees in part with the various propositions by the proponents of the intergenerational
concept who have sought to establish that the current generation ought to save revenue from natural resources to
cater for the needs of future generations. The paper does not however share the position of the intergenerational
equity proponents that natural resource revenue from resource-endowed but poor countries be invested in an
account instead of investing in public goods as expatiated above. In the view of this paper, Governments in
resource-endowed but poor countries will be better off if they put in place, reform or enforce institutional and
legal framework that will ensure that the imbalance regarding development in such countries is addressed by the
country the benefits of which will invariably trickle down on future generations as well. It is in this regard that
Ghana must be commended at least for putting in place some legal framework geared towards correcting the
developmental deficit in the country as a whole and the imbalance between the Regions in the country.
The Constitution of Ghana2 is replete with a number of provisions with the view to addressing such
developmental imbalances. For instance it is provided under that Constitution that; “The State shall take all
necessary action to ensure that the national economy is managed in such a manner as to maximize the rate of
economic development and to secure the maximum welfare, freedom and happiness of every person in Ghana
and to provide adequate means of livelihood and suitable employment and public assistance to the needy.”3
The State shall, in particular, take all necessary steps to establish a sound and healthy economy whose
underlying principles shall include - undertaking even and balanced development of all regions and every part of
each region of Ghana, and, in particular, improving the conditions of life in the rural areas, and generally,
redressing any imbalance in development between the rural and the urban areas;4
It is further provided under the Constitution that: “The State shall take appropriate measures needed to
protect and safeguard the national environment for posterity; and shall seek co-operation with other states and
bodies for purposes of protecting the wider international environment for mankind.”5
Thus, in the case of resource-rich but poor countries like Ghana, the principle of intra-generational
equity which refers to the prudent management of natural resource extraction and the revenue accruing from it to
ensure the maximization of the benefits associated with it for the current generation appears to be more
appropriate. The writers are not by this pronouncement adverse to the sterling tenets of the concept of
intergenerational equity. The opinion of this paper however is that in view of the enormous deficit in basic
amenities in underdeveloped countries it would be more prudent to ensure the utilization of the revenue from the
natural resources for the provision of such necessary basic amenities before considering investing same in
financial instruments like bonds. Ghana should invest revenue from natural resources in such financial
instruments and also in local financial institutions.
Other countries such as Alaska in the United States have however adopted other measures such as direct
cash distribution to the citizenry. The Alaska fund is referred to as ‘Permanent Fund’. The Fund, by law receives
at least 25 percent of oil royalties received by the state government. Each year a dividend from this fund is given
to all those have resided in the state for at least one calendar year. The dividend is calculated as 52.5% of the
1 Id., at pp. 297-98. For instance, the United States of America and Norway have been cited as excellent
examples of the proposition that human capital accumulation leads to economic growth. According to Gavin
Wright and Jesse Czelusta,1 based on the US historical experience as the World’s leading educator in mining
engineering and metallurgy by the late nineteenth century, natural resource must not be seen as a mere “gifts of
nature” or resource endowment. But that they are better understood as the results of investment of various kinds
in capital infrastructure and knowledge in a broad sense.
162
2 The 1992 Constitution of Ghana
3 Ibid at Article 36 (1)
4 Article 36 (2) (d)
5 Article 36 (9)
9. Journal of Law, Policy and Globalization www.iiste.org
ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.28, 2014
Fund’s nominal investment income (hence not including the share of oil royalties that has been added to the
fund) averaged over five years, divided by the number of eligible recipients. In most years it has lain between
US$800 and US$2,000.1
It is interesting to note that Ghana has adopted a similar strategy geared towards improvement of the
lives of the indigent in the country. The policy is referred to as the Livelihood for Empowerment Programme
(LEP). This policy is however not linked specifically to revenue from natural resources.
Conclusion and Recommendations
This paper has sought to establish that the concept of intergenerational equity is a principle that is rooted in
antiquity. It is further shown that the principle of intergenerational equity is well known and accepted globally.
This paper does not however share the position of the intergenerational equity theorists to the extent that they
seek to offer a universal proposition that a reasonable portion of revenue from natural resources be saved on
financial instruments as same is deemed inimical to the drive for the provision of basic amenities for the benefit
of the public in underdeveloped countries like Ghana.
In view of the foregoing therefore this paper recommends that resource-rich but poor countries ought to
put in place legal and institutional framework and where they exist they must be resourced and all enforced to
ensure that the country derives maximum benefits from resource endowment. Further, resource-endowed but
poor countries ought to sieve policies imposed or introduced by foreign sources like the IMF and the World Bank
before adopting and implementing them in their various countries. Parliament should therefore amend the
Petroleum Revenue Management Act (Act 815) in order to adopt the direct cash distribution policy adopted by
some countries like Bolivia, Chile, and the state of Alaska in the United States of America.
1 Alaska Permanent Fund Corporation website:
http://www.apfc.org/home/Content/aboutFund/aboutPermFund.cfm and
http://www.apfc.org/home/Content/dividend/dividend.cfm. .
163
10. The IISTE is a pioneer in the Open-Access hosting service and academic event
management. The aim of the firm is Accelerating Global Knowledge Sharing.
More information about the firm can be found on the homepage:
http://www.iiste.org
CALL FOR JOURNAL PAPERS
There are more than 30 peer-reviewed academic journals hosted under the hosting
platform.
Prospective authors of journals can find the submission instruction on the
following page: http://www.iiste.org/journals/ All the journals articles are available
online to the readers all over the world without financial, legal, or technical barriers
other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.
MORE RESOURCES
Book publication information: http://www.iiste.org/book/
IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar