Dr. Mohammed Amin Adam
Dr. Mohammed Amin Adam

At”Civil Society Anti-corruption Dialogue on Extractive Sector” dialogue session, Executive Director of Africa Center for Energy Policy (ACEP) Mohammed Amin Adam said on Tuesday government must adopt a mandatory requirement for the disclosure of oil, gas and mining contracts.

Dr. Mohammed Amin Adam
Dr. Mohammed Amin Adam
These and other measures, he stressed, were needed to curb corruption in the natural resources sector and make the sector the catalyst for economic transformation in the country.

“Corruption is a significant obstacle to national development. It undermines confidence in public institutions, diverts funds from those who are in great need of financial support, and violates business integrity,” he stressed.

Samuel Bekoe, Coordinator for Extractive Industry Transparency at the Natural Resources Governance Institute (NRGI), urged countries to be vigilant in the extractive industry fiscal management.

To be able to combat the illicit transfer of funds from resource rich countries, Bekoe said countries should adopt the practice of disclosure of beneficial ownership in contracts.

“This will reduce risk of corruption; deter tax evasion; and give government agencies more of the information they need to carry out their mandates,” Bekoe explained.

According to the December 2014 Global Financial Integrity (GFI) Report, the developing world lost 6.6 trillion U.S Dollars in illicit outflows between 2003 and 2012 alone.

During the period, it said Sub-Saharan Africa lost 528.9 billion dollars through illicit outflows.

ACEP’s February 2015 report said Ghana lost 14.39 billion dollars from the extractive sector only, within a 10-year period from 2002 to 2011. Enditem

Source: Xinhua

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