Our concern is not only letting the world understand the huge potential of Africa’s oil, gas and minerals, but also of how to harness them to lift millions of Africans out o poverty.
With limited technical and regulating capacity and weak checks and balances, resource windfalls can act as a catalyst for corruption.
This is why Tanzania Petroleum as a stakeholder in extractive industries, hails EITI’s “Reports to Results”.
This document has helped our focus on highlighting the issues of trust, informed public debate and building better systems and policies.
The milestone is when all countries are obliged to disclose full information about payments broken down by company and revenue stream.
A majority of the reporting companies provide information on production and licenses, which are the underlying components of the companies’ payments.
The latest Reports pay more attention to the disclosure of beneficial ownership.It will be required that all countries made ownership transparent.This is very important especially to the public as it will highlight who stands behind the companies.
Opening up data to a wider audience.Summary data submission and electronic disclosure have improved, making extractive industry data available for further analysis.
Disclosing it as ‘open data’ online enables new groups of users to monitor the use of their country’s natural resources
Ghana; More revenue through fiscal reforms.Ghana’s EITI Report for 2014 shows that revenue reached a record high of USD 1.3 billion with about 75% of extractive sector revenue coming from oil and gas.
Mozambique’s 2013-2014 report captures for the first time revenue transfers from the central government to communities where mining and gas projects are located.
Tanzania in 2013/14 revenue increased by 28% from extractives despite low commodity prices.
Generally, we hail all the efforts towards informing better policies in the extractive sector.
Digging down-disclosure and dialogue at the subnational and local level.
Transparency in commodity trading.
The country experiences of integrating transparency in government and company systems.
Using the information to improve artisanal and small-scale mining sector.
In the end, our goal is to make the most from the extractive sector.