Ghana's inability to publish an audited report on its extractive sector has angered an International body established to promote accountable management of oil, gas and other mineral resources.
Guided by the belief that a country's natural resources belong to its citizens, the International body, the Extractive Industries Transparency Initiative (EITI) standard requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefits the public.
By doing so, the EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector.
In each of the 51 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.
So far only seven (7) countries have met the EITI full compliance - satisfactory progress in the world namely Norway, Nigeria, Colombia, Senegal, Timor Leste, Mongolia and Phillipines.
Legal Framework of EITI
Ghana went through the legal framework and various processes and became compliant in 2010. But Ghana's first validation under the standard was in the late 2016 into early 2017. However, the country failed to achieve the ultimate rating of "Satisfactory Progress." Consequently, Ghana was given another opportunity to redeem itself by initiating corrective measures but still could not meet required standards.
The Co-Chair for Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Steve Manteaw, said for Ghana to be able to meet full compliance, GNPC must be able to answer questions regarding some of its transactions it has been involved in.
"GNPC needed to answer questions regarding non-submission of data by Tullow Oil, Anardako, Heritage Oil, and Petrol S A, among others," he explained.
He added: "Providing legislative backing to the transparency quest of the initiative and insulating GNPC from political interference is what it will take to improve on Ghana's EITI performance."
Read the original article on Business Day.
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