Zimbabwe discovers oil, gas deposits
- Thread starter Doobie Doo
- Start date
I WONDER HOW THIS WILL AFFECT THEIR MONEY. THEY HAVE BEEN TRYING TO REVIVE THEIR CURRENCY FOR A MINUTE. IF THEY HAVE OIL THEY CAN BACK THEIR OWN CURRENCY AGAIN. THOSE OLD 150 BAZILLION BANK NOTES LOOKING GOOD RIGHT NOW LMAO.
The Odum of Ala Igbo
Hail Biafra!
The Odum of Ala Igbo
Hail Biafra!
Once oil starts flowing, dollars will start flowing in. The value of the Zim currency will increase as the country will go flush with cash. But having a strong dollar will destroy its other export products...
I Really Mean It
Veteran
The continent of Africa is a veritable treasure trove of resources, deposits like this existing all over her land. If Australia wants to help Zimbabwe get the bag, cool. To those automatically saying Zimbabwe will be exploited, what other options does the government have? 
You're right, I didn't even know about Norway.
Looks like they got lucky, their government had already embarked on massive Social Democratic reforms before oil was discovered, "aimed at flattening the income distribution, eliminating poverty, ensuring social services such as retirement, medical care, and disability benefits to all, and putting more of the capital into the public trust." That kept them from being screwed over by the massive power differentials that oil wealth tends to create.
Instead, they tax the oil profits at 78%. They put the money into a public fund to ensure that future generations will be taken care of, and use the interest on the trust for the public welfare.
That's pretty much how you have to do things if you want to take advantage of oil money. You have to fix your country FIRST, before the money gets there, so the systems and mentality are already in place to use it the right way.
The continent of Africa is a veritable treasure trove of resources, deposits like this existing all over her land. If Australia wants to help Zimbabwe get the bag, cool. To those automatically saying Zimbabwe will be exploited, what other options does the government have?
The government can say that they will store the oil in the ground as an insurance policy for future generations, and wait until they are able to use and exploit it for the best benefit to the people of Zimbabwe itself rather than selling off the last natural resources to foreigners and being left with nothing a few decades from now.
They need to get their house in order BEFORE they get a bunch of money, not after. Because houses that ain't in order tend to do terrible things with the money, as we've seen time and time again.
shyt gonna get real.
But man Africa is such a rich continent.
But man Africa is such a rich continent.
yh Saudi's huge oil reserves transformed their country from a third world desert into a modern country in less than a century, but like you said their lack of strong governmental institutions is starting to reveal the cracks in their society, lazy young population due to government handouts, non-diversified economy
I know ppl like predicting doomsday scenario however this could be very good for Zim. Only bad thing is that this could cause even MORE political insability in the country.
Basic human rights missing, despots in control who believe they can get away with anything, massive corruption, largest per-capita military expenditure in the world, huge amount of money spent funding terrorism and wars with neighbors, most of the money kept by the wealthiest.
Imagine having the 18th-largest economy in the world and $55,000 per-capita income yet still having a 13% unemployment rate and over 20% of your population in poverty.
MischievousMonkey
Gor bu dëgër
Never heard about that Botswana state corporation
