Revenue Watch Institute (RWI), an international policy institute, in Uganda recently held a training course for journalist from Tanzania, Uganda and Ghana on Oil and Gas where an expert in the Mineral Law and Policy in Uganda, Mr. Denis Kusaasira urged all Africa Leaders to have in place appropriate policies and legal frame work in the extractive sector to attract more foreign investors into the country. The mineral law is objective not subjective.
In a survey conducted by the United Nation (UN) things that attracts investors to undertake exploration and production in the mining sector are the formulation of appropriate economic and mineral policies as well as regulations and tax regimes are very critical in attracting the right and competent investors for the mining sector, he use the opportunity to call on African leaders to join hands and work towards the transformation of their economies through the success exploitation of the continent’s abundant natural resources.
Urging all Africa Leaders to have consistent mineral policies and a stable terms and conditions for the extractive sector, and have in place well structured foreign exchange controls and create avenues for foreign companies to repatriate their profit after production. Putting in place structures to enable potential investors to predetermine their tax and environmental obligations would make the fiscal regimes stable.
He advised journalist to play vital role in helping the extractive sector by asking the right questions, ensuring good governance, promoting of geology, giving the right information to stakeholders of their country, when journalist do these it help in promoting the sector.
He called for a concerted effort on all stake holders in the extractive sector to help make this goal reality.
Source: By: Sheila A. Williams/ businessdayonline.com
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