How can West Africa benefit most from the extractive industries?

Remarks by K.Y. Amoako at the IMF West Africa Extractives Forum

Honorable Ministers,

Ladies and gentlemen,

It’s a true pleasure to participate in this important event. I want to thank Natalia for the kind invitation. ACET and the IMF have a long and robust partnership, which has only grown under Natalia’s leadership of the IMF office in Accra. 

The topic of my address today — how West Africa can benefit the most from extractive industries — actually can be boiled down two words: economic transformation. There you have it: the question is answered! Problem solved!

Don’t worry Natalia — I have a little more to say than that. As we all know, the issue is far more complex than two, two hundred, or two thousand words can do justice. That’s why during my brief time with you today, I aim to emphasize one overarching point: that under an economic transformation strategy, few sectors offer the potential for such immediate and widespread impact on sustainable development as extractives.

This is the main message I hope to convey, and it’s certainly an important and relevant one, especially given the professional interests and economic expertise gathered here.

But before I get into the specifics of all that, let me take a step back and explain why it is important to focus on economic transformation policy, including for extractives.

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