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Monday, 06 May 2013

EU Parliament commended for legislating transparency directives

The Africa Centre for Energy Policy (ACEP) has commended the European Parliament for legislating the European Union Transparency Directives for the extractive industry.
A statement signed by the Executive Director of ACEP, Mohammed Amin Adam,  stated the directive is ample demonstration of the growing desire by global leaders to expand the horizon of democratic management of natural resources particularly in Africa and the developing world. The EU directives would help facilitate a change in paradigm from resource mismanagement and corruption to sustainable transformation of natural resources to real development outcomes, the ACEP note claims.
ACEP stated however that there are still resource rich African countries that have not come to terms with the growing transparency movement around the globe and are still introducing measures to create elite societies filled with rent-seeking behaviour and vested interests.

On 9 April 2013, the European Union Member States, Parliament and Commission agreed to adopt the Accounting and Transparency Directives. The Directives require oil, gas, mining and logging companies to annually disclose the payments they make to governments for access to natural resources, in all countries they operate in. The EU Directives apply to: all companies listed on EU-regulated stock markets that are active in the extractive industry or logging of primary forests; Large, unlisted extractive and forestry companies registered in the EU; as well as EU-listed or large unlisted parent companies in any sector with subsidiaries active in the extractive or logging industries.

Source: Ghana Business News (GNA), All Africa

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