Wednesday, 20 October 2010

Ghana given 'compliant' status in energy and mining sectors

Ghana has been awarded 'compliant' status, by the Extractive Industries Transparency Initiative (EITI), for improved transparency in the oil, gas and mining sectors. The new status is a reward for the government's transparency in disclosing payments it receives from companies extracting the country's natural resources.

EITI Board Chair Peter Eigen congratulated the Ghanaian government, the companies operating in the country and the civil society organisations that have supported Ghana in acquiring the new status. Speaking about the event, Eigen said, “the achievement of EITI Compliance status is well deserved and one that should spur on the country for strong management of the oil sector”.

The EITI is a group devoted to increasing financial disclosures in the oil, gas and mining industries. In order to obtain 'compliant' status, countries must complete a series of assessments of their disclosure and reporting practices.

Source: Joy Business

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