Gabon commits to transparency of extractives industry
Gabon will implement the Extractive Industries Transparency Initiative (EITI) after recently receiving approval from the EITI Board. Gabon had formerly joined the EITI in 2007 but was delisted in February 2013.
Gabon’s re-joining of the initiative is a positive step toward economic equality, environmental management of the extractive industry and sustainable development within the country.
Genmin is proud to operate in Gabon and as a company, supports the EITI. Joe Ariti, Managing Director & CEO commented: “Our vision is not only to become the first iron ore producer in Gabon, but a “green” iron ore producer, using largely renewable hydro energy to power our site mining operations”.
“Gabon’s re-rejoining of the EITI is consistent with Genmin’s values of transparency through extractive industries and sustainable development”, he added.
The EITI believes a country’s natural resources belong to its citizens and so implements the global standard to promote the open and accountable management of extractive resources. The EITI requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public.
The EITI’s mission is to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector. In each of the 56 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.
Gabon’s proactive and renewed implementation of the EITI represents the country’s commitment to transparency across the extractive industries value chain, from contracts, licences and company ownership to revenue and expenditure management.
Countries and companies that implement the EITI must disclose information on the key steps in the governance of oil, gas and mining revenues:
- Natural Resources
- Contracts and Licences
- Production
- Revenue Collection
- Revenue Allocation
- Social & Economic Spending
- Public Benefit
Gabon has a unique opportunity to translate transparency commitments into improved governance of its extractive sector through a multi-stakeholder approach, with representatives from government, private companies, state-owned enterprises (SOEs), and civil society.
The inclusion of an SOE constituency is a unique feature of the Gabon EITI Multi-Stakeholder Group and highlights the commitment of these key players. On behalf of the SOE constituency, Gilles Térence Mba Ella, Advisor of the state-owned Gabon Oil Company (GOC), highlighted that “Gabon’s adherence to the EITI is a catalyst for good governance and transparency in the management of revenues from the extractive sector. The EITI will improve the accountability of public enterprises and their actions to further the economic and social development of the country."
Gabon has developed an initial plan to improve extractives governance and transparency, with a view to manage the sector in a way that promotes inclusive economic growth and sustainable development.
To learn more about the EITI, visit their website at Extractive Industries Transparency Initiative | (eiti.org)