Commodities: Africa’s oil boom should be approached with caution

As commodity prices have surged over the past five years, sub-Saharan Africa has proved fertile ground for oil and gas finds. The boom has already fuelled what might be described as a sub-Saharan African renaissance.

In such countries as Ghana and Uganda, oil finds, once developed, should transform tiny economies into much bigger beasts. Angola, one of Opec’s newest members, has already attracted attention. But Angola’s oil boom began when it was at a much lower developmental base than where Ghana is today – especially in terms of infrastructure.