Africa’s resource curse is primarily the result of market-related factors, particularly commodity price fluctuations, which are, in turn, aggravated by political factors that relate to institutional quality and rent-seeking, law firm Herbert Smith Freehills partner Peter Leon told delegates at the recent East and Central Africa Mining Forum event, in Kigali, Rwanda.
“The African continent is endowed with abundant natural resources, including about 30% of the world’s mineral reserves. However, historically most resource-rich countries have been categorised as low-income countries.