Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

ACEP commends EU Parliament for legislating transparency directives

  • SOURCE: | qwesa2big
  • European Parliament for legislating the European Union Transparency Directives for the extractive industry.

    A statement signed by Mr Mohammed Amin Adam, Executive Director of ACEP stated the directive is ample demonstration of the growing desire by global leaders to expand the horizon of democratic management of natural resources particularly in Africa and the developing world.

    The EU is a strong development partner to Africa and has over the years supported the development efforts of most African countries including assistance to democratic institutions to effectively deliver on their mandate to the people.

    The EU directives would help facilitate a change in paradigm from resource mismanagement and corruption to sustainable transformation of natural resources to real development outcomes.

    ACEP noted however that there are still resource rich African countries that have not come to terms with the growing transparency movement around the globe and are still introducing measures to create elite societies filled with rent-seeking behaviour and vested interests.

    It said: “There are some countries that have introduced transparency legislations for the management of natural resources but yet are reluctant in the strict application of these legislations.”

    The EU Directive like the Dodd Frank Reforms, which does not allow exemption of countries in Africa, provides great opportunity to hold the leaders of these resource rich countries in Africa and elsewhere accountable to their people.

    ACEP stated that the global movement for transparency in the extractive industry must be a global responsibility without exemption.

    It called on the governments of Australia, Canada, Hong Kong and South Africa to follow the bold initiatives by the EU and the United States with urgency and pass similar transparency legislations.

    The statement said: “In this case, there would be no hiding place for corrupt resource companies and government of resource rich countries.”

    Source: GNA

    Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get updates.

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar