“How does transparency lead to change on the ground? Let's start the debate and continue at the EITI Global Conference in Sydney 2013. PS, registration is open and the event is free to attend Learn more: http://eiti.org/sydney2013" EITI
Paulina Opoku-Gyimah says: I’m going to very honest, a lot of what the EITI (The Extractive Industries Transparency Initiative) stands for and talks about is way over my fashion head, but I do know that, “Congo and Burkina Faso” have just been “accepted as 'EITI Compliant'” and that our beloved homeland Ghana was, “accepted as an EITI Candidate country on 27 September 2007” –which means Ghana, “produces EITI Reports that disclose revenues from extraction of its natural resources. Companies disclose what they have paid in taxes and other payments and the government discloses what it has received. These two sets of figures are compared and reconciled.” And that presently, “GHEITI has asked for an extension of the publication deadline to 28 February 2013”…..
The Extractive Industries Transparency Initiative (EITI) is classed as, “an international standard for transparency in the extractive sector.” Made up of a coalition of, “governments, companies, civil society groups, investors and international organisations, the Initiative is an attempt to reduce corruption and increase openness in extractive industries by establishing an international standard for transparency in the extractive sector” and they are holding their, “6th EITI Global Conference in Sydney.”
This year’s conference in Australia will focus on the, “impact of the EITI in the 37 implementing countries, as well as revisions to the EITI Standard to increase its effectiveness. The conference theme is ‘Beyond Transparency’. It will be an opportunity for implementing countries to share lessons learnt and address future challenges for the EITI” --and sounds all so interesting and important and grown up ---and seems to keep the ever colourful former labour MP Clair Short –busy…
For more info about the EITI (The Extractive Industries Transparency Initiative) visit: http://eiti.org/
Do like their FB page via: https://www.facebook.com/EITIorg
For more info about GHEITI (Ghana’s Extractive Industry Transparency Initiative) visit: http://www.geiti.gov.gh/site/
More Info: Extractive Industries
Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources. Gold is one of the major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. Estimated oil reserves have jumped to almost 700 million barrels. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-11.
According to USGS, Ghana’s mineral sector, which grew by 10.4% in 2010, was a major contributor to Government revenues and accounted for about 11% of fiscal receipts by the Internal Revenue Service. Gold, in particular, accounted for more than 80%, by value, of the total income from the mineral sector. Ghana has the 11th largest gold reserves worldwide. In 2011 it was the 8th largest gold producer in the world. About 20,000 Ghanaian nationals were directly employed in large-scale mining, 6,000 were employed in providing services to the mineral sector, and about 500,000 were employed in small-scale mining of diamond, gold, and industrial minerals for the construction sector.
Further Reading: http://eiti.org/news/record-levels-resource-revenue-disclosure