Angola joins the EITI
By Blog

Angola’s application to join the Extractive Industries Transparency Initiative (EITI) was approved by its board, confirming the nation’s dedication to putting transparency policies in place in the extractive industry. Angola is a southern African republic.

With the acceptance, Angola joins the organization as its 57th member and 28th from Africa.

Angola was welcomed into the EITI community by Rt Hon. Helen Clark, Chair of the EITI Board.  “Angola joins the EITI at a critical juncture. The COVID-19 pandemic, ongoing oil price volatility and concerns over energy security mean that governance and transparency need to be at the heart of the country’s energy policies. Angola has an opportunity to use EITI implementation to reinforce its anti-corruption efforts, strengthen the reform of Sonangol, and ensure that the extractive sector contributes to domestic resource mobilisation. We look forward to the EITI promoting inclusive public debate on these issues.”

The largest oil producer in Africa, Angola, will be required to submit its first disclosures in accordance with the EITI Standard within 18 months, demonstrating its commitment to enhancing transparency within its extractive sector. This will guarantee that crucial information on its sector, such as industry beneficiaries and contract details, as well as the management of sector revenues and state-owned enterprises, will be made public, encouraging public debate and supporting oversight of the sector.

exposing the matter to public discussion

Angola joins the EITIIn order to encourage public scrutiny and discussion of Angola’s mining, oil, and gas industries, civil society has a crucial role to play. “Civil society welcomes structured discussion with the executive branch and business. The general director of the civil society organization AJUDECA and coordinator of the EITI’s civil society constituency in Angola, Manuel Pembele Mfulutoma, stated, “We are committed to using the EITI space to promote environmental rights and accountability in the management of Angola’s oil, gas, and mineral resources.”

Transparency at a critical point

Angola joins the EITIAngola joins the EITI at a pivotal time in the global governance of extractives. The COVID-19 outbreak and recent oil price volatility have raised calls for the energy transition by highlighting the vulnerability of the majority of countries that rely on extractive industries.

In this situation, it will be crucial for the government to collaborate with business, civic society, and industry to ensure responsible sector management. The Associaço das Companhias de Exploraço e Produço de Angola (ACEPA) and TotalEnergies’ managing director for Angola, Olivier Jouny, stated that “ACEPA fully supports this joint effort to continue establishing and strengthening trust with all stakeholders and the civil society. Angola’s participation in the EITI will help to promote the sustainable management of its mineral and petroleum resources, as well as

attracting investment and enhancing the mobilization of domestic resources

Angola joins the EITIAngola, the second-largest oil producer in Africa, depends significantly on oil and gas production, which contributes to nearly one-third of the nation’s gross domestic product (GDP). About 90%, or USD 18 billion, of the nation’s total export revenue in 2020 came from oil. The nation also has a sizable mining industry, with exports of diamonds expected to reach over $1 billion in 2020.

The decision to join the EITI was made after careful consideration by His Excellency President Joo Manuel Gonçalves Lourenço in line with the administration’s emphasis on combating corruption, according to Mineral Resources, Petroleum, and Gas Minister Diamantino Azevedo. Implementing the EITI would ensure that the government has the political will to develop the national instruments of good governance and will support government aims to increase openness. “With this move, the nation aspires to continuously strengthen the business environment and investment climate,” he continued. Revenues will be mobilized as a result, directly benefiting the people of Angola. With Angola’s membership in the EITI, a new era for the nation has begun.

The government of Angola has expressed its commitment to implementing the EITI in its nomination application, which also calls for substantial government assistance. According to Angola’s EITI action plan, the Ministry of Finance is dedicated to enhancing systematic disclosure of sector data through public and private channels, along with major organizations in charge of mining and petroleum regulation.

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