In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects with GDP growth averaging 5% annually, one of the highest rates in Africa. The government has mortgaged a substantial portion of its petroleum earnings, contributing to a shortage of revenues. January 12, 1994 devaluation of Franc Zone currencies by 50% resulted in inflation of 46% in 1994, but inflation has subsided since.
In the early 1980s , rapidly rising oil revenues enabled the government to finance large - scale development projects with GDP growth averaging 5 % annually , one of the highest rates in Africa . The government has mortgaged a substantial portion of its petroleum earnings , contributing to a shortage of revenues . January 12 , 1994 devaluation of Franc Zone currencies by 50 % resulted in inflation of 46 % in 1994 , but inflation has subsided since .
What did income from petroleum allow the government to fund in the early '80s?
What did income from petroleum allow the government to fund in the early ' 80s ?
large-scale development projects
large-scale development projects