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Submitted by Mutwiri on
The local natural resources in Africa are exploited sucessfully by citizens but they lack the aspect of value addition.They are exported as raw materials at low cost and processed elsewhere.They are then imported back as finished products at high prices.Hence the balance of payments problems in Africa. Recently, we have seen some countries from developed world offer finanacial and technical assistance to African Countries for infrastructural development.In return, these developed countries get raw materials for their industries.The Extractive Industries Transparency Initiative should therefore be actualized to disclose the proceeds from the extractive industries.