The Extractive Industries Transparency Initiative, a global standard for improved transparency in the oil, gas and mining sectors has awarded Ghana ‘compliant’ status.
The new status is an endorsement of government’s transparency when it comes to disclosing the payments it receives from companies extracting the country’s natural resources and what the companies also publish as payments to government.
In a statement announcing its verdict on Ghana in the Tanzanian capital, Dar-es-Salaam, the EITI Board Chair Peter Eigen congratulated the government, companies and civil society organisations that have supported the process in Ghana.
He said “the achievement of EITI Compliance status is well deserved and one that should spur on the country for strong management of the oil sector”.
The EITI is a corporate, civil society and government-composed group devoted to increasing financial disclosures in the oil, gas and mining industries. In order to achieve compliant status, countries must complete a rigorous, independent assessment of their disclosure and reporting practices.
Mongolia was the other country granted ‘compliant’ status. It brings to five the number of countries worldwide to achieve EITI Compliance