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Ghana to adopt new EITI STANDARDS

ghGhana is said to have embraced the new standards covering the Extracting Industry Transparency Initiative (EITI).

According to the Resource Governance secretariat, new requirements have been included in the EITI initiative aimed at strengthening and promoting transparency in revenue management and accountability in the extractive sector.

The new requirements as captured by the 2013 EITI report now requires that there is a production of a comprehensive EITI  reports  that include full government  disclosure  of extractive  industry revenues and disclosure of all  material payments  to government  by oil  gas  and mining  companies. The EITI report should also include contextual information about the extractive industries.

Marie Lintzer, an official of the Resource Governance secretariat noted that in their last meeting with the EITI members, Ghana Embraced the new requirement and is working towards complying with it.
“It is good that the requirements have changed. Now we will have much more information to digest. The reaction on the new requirement has been great. We are pushing the countries a step further to be more transparent “he stated.

The other EITI requirements include effective oversight by the multi stakeholder group, timely publication of EITI reports, a credible assurance process applying international standards.

It also requires EITI reports that are comprehensible, actively promoted, publicly accessible and contribute to public debate. Besides, it ensures that the multi stakeholder group takes steps to act on lessons learned and review the outcomes and impact of EITI implementation.

Source: Kwabena Adu Koranteng/ New Crusading Guide

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