Blog Posts

When governments and private sector companies agree to exploit publicly owned natural resources, citizens have the right to know the terms of the resulting deals. These terms are contained in licenses, contracts, regulations and legislation. While regulations and legislation are usually public, licenses and contracts often are not.

Four years after the Extractive Industries Transparency Initiative (EITI) began encouraging contract disclosure through its 

Study reviews institutional, operational and developmental impacts.

I have the honor to be invited next week to Conakry, where the Guinean government will convene a national roundtable on responsible mineral development. The objective of this initiative is to foster a dialogue between mining companies, government institutions and Guinean citizens and communities around possible approaches to sustainable acceleration of mineral-based development.

Ghana has for the past five years intensified its efforts at developing safeguards against illicit financial flows, money laundering, corruption, financing of terrorism and organised crime, under the direction and support of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), a specialised institution of the Economic Community of West African States,

EITI Requirements on beneficial ownership will help track origins and proceeds of corruption.  

Indexes, for all their faults, are powerful communication tools for kick-starting policy discussion and change. In 1993 Transparency International put corruption on the map with the launch of the Corruption Perceptions Index (CPI), which the EITI has blogged about previously. Two years later, the Financial Times nominated 1995 as the Year of Corruption. Institutions, ranging from the World Bank,

43 countries publish roadmaps to disclose the real owners of companies in oil, gas and mining by January 2020. 20 commit to public registers.

The EITI Standard requires that companies that “bid for, operate or invest in extractive assets” should publicly disclose the identity of their beneficial owners. Over the past month, 43 EITI countries have published their plans for how to disclose the real owners of companies in their extractive sector by January 2020.

New research identifies key factors enabling EITI to improve government transparency, but finds few improvements in accountability prior to the 2013 Standard.

Newly released research suggests that the EITI helps to improve government transparency when two core conditions are in place: First, non-governmental actors (i.e., civil society and the private sector) must be treated as full and equal partners in EITI decision-making and implementation. Second,

“One who climbs a good tree, gets a good push”. In Ghana, our elders refer to this proverb to garner support for continuity of progress.

Ghana has made significant strides in extractive industry governance, despite the numerous challenges it faces as a resource-rich country. Nonetheless, there is room for improvement. As the new government assumes office today, unmasking the real owners of extractive companies will remain key in the government’s quest to curb corruption.

How the EITI will contribute to the Sustainable Development Goals

Before joining EITI, I worked on the UN intergovernmental negotiations on post-2015 development agenda, or what is better known today as the Sustainable Development Goals (SDGs), for both the Norwegian government and the United Nations. The SDGs are comprehensive and cover 17 different issues such as poverty eradication, good governance, improving tax systems,

“Many of the changes and reforms the government is now pushing through are directly attributable to the work of NEITI.”

Zainab Ahmed, Nigerian Minister of Budget and Planning, EITI Board member and previous Executive Director of NEITI, at a recent call of the EITI Board’s Implementation Committee

“The EITI has identified a wide range of reforms, including on how to modernise the records for production audits and revenue collection.”