The EITI International Secretariat notes recent media coverage of high-profile cases of alleged corruption in Angola, and reiterates its call for Angola to join the EITI and implement its Standard.
Opacity in the Angolan oil sector was the genesis of the EITI. Twenty years later, 52 resource-rich states have committed to improving extractives sector transparency through implementation of the EITI Standard.
« Recent developments suggest that implementation of the EITI Standard would support Angola to address persistent governance challenges in its extractives sector, » said Helen Clark, EITI’s Board Chair.
The EITI Standard requires disclosure of the beneficial owners of extractives companies, including politically exposed persons. It also requires the transparent management of state-owned enterprises and revenues from the extractive industries.
In the fight against corruption, implementation of the EITI Standard establishes a systematic process for making data on the extractives sector transparent and accessible. It brings to light information needed to identify practices that are vulnerable to abuse.
The formation of a national multi-stakeholder group is a pre-requisite for EITI implementation. Such groups can help governments prioritise their efforts to improve extractives transparency and governance. They provide a forum for dialogue between governments, civil society organisations and companies.
Angola is a resource-rich country. According to the World Bank, the oil sector accounts for a third of the country’s GDP and more than 90% of its exports.
« Through governance reforms and adherence to standards such as the EITI, Angola could ensure that its resources make a much greater contribution to addressing the country’s development challenges, » Helen Clark said.