The Africa Center for Energy Policy (ACEP) in a press statement here Wednesday expressed worry that African governments had failed to achieve the promised resource-based development for their people in spite of a decade-long of resource boom, especially from oil, gas and solid minerals.
ACEP issued the statement as global transparency activists and stakeholders converge in Lima, Peru, for the 7th Global Conference of the Extractive Industries Transparency Initiative (EITI) to take stock of progress in resource governance globally.
The think tank believes that African governments will give their citizens lasting benefits from natural resources if they join the Extractive Industries Transparency Initiative (EITI)
“Some of the fast-growing countries in Africa over the last decade are resource-based economies, yet this growth has not been equitably distributed due to poor investment decisions, and the increasing alienation of the citizens from accountability processes. This has resulted in higher levels of income inequality across the continent,” the statement pointed out.
It noted that from the estimated discovered natural resources, particularly in oil, gas and solid minerals, Sub-Saharan Africa’s population could have achieved universal education, medical care for all, and food security.
“There is no justification therefore why the continent continues to be associated with the highest illiteracy rate, low access to medical care and hunger. This unfortunate state of Africa’s development can be largely attributed to bad governance,” ACEP lamented.
The think tank maintained that EITI provided the greatest opportunity ever for “African governments who are genuinely desirous of providing sustainable development for their citizens”.
It considered some of these practices such as resource revenue transparency and accountability, contract transparency; and productive spending of resource revenue as the antidote to corrupt and inefficient management of resource wealth.
ACEP however felt encouraged that a number of African countries had already subscribed to the EITI and some had already reached compliant status.
It urged the governments of Africa’s EITI countries to adopt common standards for reporting to aggressively pull along failing countries. Enditem.
Source: Xinhua
