As your article in the last issue of your magazine makes abundantly clear, (Where does all the oil money go? African Business, June issue), there is a real need for a clear policy to be arrived at in order to ensure that Africa's oil and gas revenues of today are directed towards sustainable development to meet the needs of future generations. It is my contention that this objective requires a continent-wide initiative.
I propose that all oil and gas producing countries in Africa should make a common commitment to earmark, or hypothecate, a certain percentage of the revenues they earn from hydrocarbon exports in order to establish a common investment fund.
If just a small percentage of Africa's oil and gas revenues were directed into this fund, the continent would have a sizeable war-chest. I propose that this be called the Africa Oil and Gas Investment Fund (AOGIF for short). It would be used in three ways.
Firstly, AOGIF would be a vehicle to help those less fortunate African countries that do not enjoy hydrocarbon reserves face ever higher energy...