Angola's Misplaced Billions_Essay

Angola's Misplaced Billions_Essay - AEM 427 Emerging...

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AEM 427 Emerging Markets Professor: Ralph Christy 09/16/2008 “Title” “Angola’s Misled Billions” does not happen to be a case that simply addresses the shortcomings of a particular company, but is the story of the misdirection of an entire country lead by what has become one of the most corrupt governments in the world. Upon initial inspection a plethora of problems can be cited as the major causes of such an eroded body of government; however, one must peer through Angola’s outer façade of injustices in order to uncover the core of Angola’s issues. One must look past the 6 billion dollars unaccounted for in Oil Revenues between 1996 and 2001. One must look past the fact that the wealth of the top 59 citizens was equal to 34% of overall GDP in 2000, despite those 59 citizens being only .0004% of the population. One must look past the fact that 93% of GDP comes from industry and services while only 7% come from agriculture, yet 85% of Angola’s labor force works in agriculture and only 15% in industry and services. One must look past these blatant inequalities and the hundreds just like them in order to uncover the true source(s) of Angola’s corruption, which are the American, English, Canadian, Korean, South African, Italian, Japanese, Portuguese, and Malaysian etc. oil companies who overlook Angola’s corrupt policies and unequal treatment of its citizens in their quest for large profits. Strengths/ Economy: Angola has vast potential to reposition itself as a very dominant, unified nation based on their immense amount of natural resources alone. Before Angola’s civil war in 1973 per capita income was around $5,000 and has since dropped to around $500. Over 70% of Angolans were living off of less than a dollar a day. With roughly only 12.8 million citizens and hundreds of millions of dollars coming into the government as “signature bonuses” for off shore drilling, this should not be the case. Angola is the second largest producer of crude oil in Africa, with reserves estimated to exceed 7 billion barrels. That is nearly 700 barrels per citizen, or around $14,000 per citizen, a much more promising number then the $500 per capita mentioned earlier. And that’s just oil. Angola was also the 4th largest
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producer of diamonds in 2002. The people of Angola are essentially walking on a gold mind.
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This essay was uploaded on 02/20/2009 for the course AEM 4420 taught by Professor Christy,r. during the Fall '06 term at Cornell.

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Angola's Misplaced Billions_Essay - AEM 427 Emerging...

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