Ghana achieves EITI compliance status

Ghana has achieved compliance status with the Extractive Industries Transparency Initiative (EITI) – the global standard for improved transparency in the oil, gas and mining sectors.

Mr Franklin Ashaidey, National Co-ordinator of the EITI who made this known said Ghana had established itself as an emerging standard for the reporting of natural resource revenues.

Ghana has also become a model of multi-stakeholder dialogue on the critical issue of public policy for EITI implementing countries, while forging a network of civil servants, corporate executives and representatives of global civil society, who share a commitment to revenue transparency to help promote economic development and poverty reduction.

Mr Ashaidey made this known at the Initiative’s 2006-2008 audit reports dissemination workshop in Kumasi on Monday.

The workshop aimed at briefing stakeholders on the audit reports as presented by the Independent Aggregator and to sensitise new officers of the metropolitan, municipal and district assemblies on the activities of Ghana Extractive Industries Transparency Initiative (GHEITI).

Mr Ashiadey said Ghana had extended the EITI to cover its emerging oil and gas sector to ensure that the rich experience and benefits derived from its implementation in the mining sector was brought to bear on the industry.

The Initiative, he underlined, was a governance tool that sought to promote the principles of transparency and accountability in the payment and receipts of resources from the extractive sector.

It is a requirement for implementing countries to appoint Independent Aggregators to collect, review and to analyse data from the nation’s operating mines and revenues to government from mining companies to make for openness.

The Aggregator, he said also had responsibility of ascertaining whether revenue received by government agencies such as the district assemblies, had been properly accounted for and judiciously utilised by the beneficiaries.

Dr Steve Manteaw, Member, World Bank Extractive Industries Advisory Group, in a presentation said, EITI sought to provide information on all the financial transactions that go on in the extractive sector.

He said it would promote judicious use of extractive sector revenue to reduce poverty, especially in mining communities.

Mr Amponsah Tawiah of the Minerals Commission and Member of GHEITI’s National Steering Committee spoke of the need for greater transparency and accountability in the management of public funds.

He called on the assemblies to use money from the extractive sector to build infrastructure and provide social amenities like schools and hospitals and the creation of jobs for the people.

Source: GNA

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