Petroleum … gas price up, up … going up
It is understandable that oil prices at the world market have gone up, so far hitting the highest price in 20 months, now selling at around US $ 120 a barrel. There are many factors to explain the increment, the main one being political unrests in the Middle East and North Africa. However, this increase is taking its toll in countries with poorly managed economies, particularly those in the sub-Sahara region. When an economy is mismanaged … it is never ready when global level crises hit … it goes crushing down with a huge thunder. If the United Nations does not come up with immediate solutions to political unrests going on in the Middle East and North Africa … it should then get prepared to see how it is going to help ordinary citizens from developing world … as they are the ones to experience the most blunt part of economic hardships.
And for young economies there are lessons to learn:
1. Mismanagement of economies for the benefit of a few elite does not pay in the long run: it’s like cutting down the branch on which one is sitting (sounds laughable … but that is the way it is).
2. Too much donor dependence is not the way to go … it’s time to cut away donor dependence.
3. Locally grown fuels solutions have to be found … alternative sources of fuel. There are proofs that Tanzania has plenty of natural gas in the south eastern regions, why not ‘implement’ utilization of the fuel even in all vehicles and machneries that need fuel in order to run?
4. It is time to invest money and other resources in organic fuel … jatropha plantations for instance.
5. We need to get organised on how we utilize the plenty of natural resources with which young economies have been endowed … minerals … land … water bodies … people … favourable climatic conditions … vegetation cover etc etc.
It’s time to look beyond one’s stomach and those of his/her immediate kindreds … this is a wake up call to all presidents of young economies.