Why Is Africa Still the Poorest Continent – Despite Rich Natural Resources?

Why is Africa still the poorest continent – despite rich natural resources?

As one of the millions of African Diasporas that have left their respective countries in search of a better life, I have always wondered why our continent houses one of the poorest countries in the world. Africa is abundant in natural resources and yet is riddled with famine, drought and diseases. Why? There are lots of possible reasons that have run through my mind. Could it be because most of the countries were under foreign rule for a very long period of time during which, their natural resources were pillaged and used to better the economy of the colonizing country while stifling the economy of the country being colonized? Well, Ethiopia, my home country, is one of the two countries in Africa that has not been colonized but is still one of the poorest nations in the country. Besides, there is evidence that shows that colonized countries have better infrastructure which help in the economic development of the countries. Could it be because of the corrupt and power hungry individuals that most African countries are ruled by, who would rather watch their country in an economic free fall than give up their power? The few countries that hold democratic election have been accused of having voter fraud and of having rigged the election by the United Nations watch dog. Could it be because of their reluctance to give up old cultures that could potentially prevent socioeconomic and technological growth? Well, India and china are a few of the countries that hold on to their cultural beliefs but are experiencing unprecedented growth.

The last Econ 640 class lecture made me think of another possible reason. In that lecture professor Michael Clark talked about Hong Kong. Hong Kong in 1845 was a pile of barren rock without much natural resource to speak of. It had absolutely nothing to offer any other nation in terms of trade. Then his next slide showed the picture of how Hong Kong looks today...