Uganda joins Extractive Industries Transparency Initiative to enhance transparency in oil deals
"Uganda joins lobby to enhance transparency in oil deals"
Uganda has joined the Extractive Industries Transparency Initiative in order to subject its oil industry to scrutiny and promote accountable management of revenues. After years of prodding by legislators, civil society groups, international and donor agencies, Uganda has signed up to EITI to dispel concerns of secrecy in the management of anticipated petrodollars. Secrecy about contracts in the extractives sector has been found to fuel public suspicion and promote corruption and have denied countries the benefits of fair deals as well as attracting high-quality investments.
Uganda’s decision is expected to enhance confidence in the country’s oil industry, something that is critical in attracting financing for upstream facilities like the pipeline and refinery. Uganda’s Minister for Finance Matia Kasaija said joining EITI will strengthen the government’s efforts of ensuring overall transparency in the sector, strengthen tax collection, improve the investment climate, build trust and create a lasting value of petroleum resources. “The decision to join EITI was informed by the appreciation of the values that EITI promotes with regard to disclosure of information about the whole extractive governance chain,” he said.