In the wake of the alleged corruption scandal that surfaced in Angola this week, the EITI reiterates its call for Angola to join the EITI and implement its Standard.
Known as the Luanda Leaks, this high-profile case emerged when the International Consortium of Investigative Journalists (ICIJ) exposed records allegedly linked to businesswoman Isabel dos Santos, daughter of the former President of Angola. Some of these revelations concern the country’s state-owned oil company Sonangol, which dos Santos headed until 2017.
Opacity in the Angolan oil sector led to the formation of the EITI. Twenty years later, 52 resource-rich states have committed to improving extractives sector transparency by implementing the EITI Standard. Yet Angola has never been a member.
"Recent developments suggest that implementation of the EITI Standard would support Angola to address persistent governance challenges in its extractives sector," said Helen Clark, EITI's Board Chair.
The EITI Standard requires disclosure of the beneficial owners of extractives companies, including politically exposed persons. It also requires the transparent management of state-owned enterprises and revenues from the extractive industries.
In the fight against corruption, implementation of the EITI Standard establishes a systematic process for making data on the extractives sector transparent and accessible. It brings to light information needed to identify practices that are vulnerable to abuse. Led by a group of representatives from government, industry and civil society, the EITI process also promotes dialogue among different stakeholders.
Angola is a resource-rich country. According to the World Bank, the oil sector accounts for a third of the country's GDP and more than 90% of its exports. "Through governance reforms and adherence to standards such as the EITI, Angola could ensure that its resources make a much greater contribution to addressing the country’s development challenges," Helen Clark said.