PNG should be doing better

PAPUA New Guinea is currently debt-ridden and the economic outlook doesn’t look good for the next few years.
Many things need to be considered and addressed seriously.
We should be looking at increasing equity shares in major mining and petroleum developments.
This is very important during the signing of the Mining Development Contract (MDC) and the Petroleum Development Contract (PDC).
The landowners must participate in the signing of those contracts.
Look at Japan for example.
It’s a small country by landmass, has negligible mineral resources, with virtually no natural energy resources, a population of more than 127 million people (nine million people in Tokyo alone) and yet they have more trade surplus than any other country, and have bailed out many failed states including Brazil and Indonesia and are economically strong.
Papua New Guinea has too much natural resources and a small population with a big land area.
We can do better if we can be serious about improving economic prosperity.

J Banda PhD