Why Africa
Is Poor
Wall Street Journal,
Feb 18, 2010
President Obama headlined his first
trip to sub-Saharan Africa last July with a stop in
Ghana. Speaking to the parliament in Accra, Mr. Obama
praised the country's growth and its example that
"development depends on good governance." Eight months
later, Ghana's government is turning the nation into a
cautionary tale for foreign investors.
Exhibit A is the case of Kosmos Energy, a U.S. company
based in Texas, which has lately seen capricious
government meddling in a deal to sell a $4 billion stake
in a Ghanaian oil field to ExxonMobil Corp. Ghanaian
Energy Minister Joe Oteng-Adjei suggested in a letter......More