It highlights how countries' EITIs have helped build a new culture of openness.
The Africa Progress Panel’s report “Equity in Extractives” launched on Friday, highlights how the EITI has helped build a new culture of openness and has acted as a catalyst for reform in many countries.
Chair of the EITI, Clare Short welcomed the report and said:
"This is an impressive, timely and important report. It provides a rich analysis and could help all those working with EITI to see how their work can contribute to a better life for their fellow citizens and a better future for their countries".
The Panel, which includes Kofi Annan, Bob Geldof, Graca Machel and former EITI Chair, Peter Eigen, outlines in this report how Africa’s natural resource wealth can be better used for the benefit of its people.
The report makes some recommendations that echo proposals made also in the recent EITI strategy review, including the disclosure of the beneficial owners of companies, and project-by-project reporting in line with the EU and US provisions. These recommendations will now be part of the revised EITI Standard that will be launched in Sydney later this month.