The Extractive Industries Transparency Initiative (EITI) will welcome a new member from Africa- Angola.
Angola’s Minister of External Relations, Tete Antonio announced the decision on social media this weekend add that Angola “has clearly demonstrated its commitment to promote the open and accountable management of its natural resources for the benefit of its people”.
The 50- member implementing countries was formed in 2003 as the global standard for the good governance of oil, gas and mineral resources.
When implemented by a country, the EITI ensures transparency and accountability about how a country’s natural resources are governed. This ranges from how the rights are issued, how the resources are monetised, to how they benefit the citizens and the economy.
Angola has many possible sources such as phosphate, iron ore, diamond, crude oil/petroleum, bauxite, uranium and feldspar.
The current government of President Joao Lourenco, campaigned on ending corruption in Angola and has embarked on an anti-corruption drive since he came into office in 2017.
Former first daughter,Isabel dos Santos had her vast wealth confiscated in Angola and Portugal. She had a net worth of $2.2 billion. Her brother is serving a five-year jail term for a $500 million corruption case.
In terms of net production output, Angola is Africa’s second largest producer of crude oil.
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