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Article

12 Mar 2014

Author:
Tanzania Daily News

Tanzania: Need to Put Extractive Industry in Transparency

Tanzania is one the countries in Africa which is blessed with a number of natural resources and minerals of different kinds. To enable the country benefit from the minerals, there is need to have machinery that makes sure that every single cent that accrues from the minerals benefits all Tanzanians...Natural resources, such as oil, gas, metals and minerals, belong to a country's citizens. Extraction of these resources can lead to economic growth and social development. However, when poorly managed it has too often led to corruption and even conflict. More openness around how a country manages its natural resource wealth is necessary to ensure that these resources can benefit all citizens. Countries implement the EITI Standard to ensure full disclosure of taxes and other payments made by oil, gas and mining companies to governments. [refers to Williamson Diamond, Tanzanite One, Barrick Gold, Resolute & AngloGold Ashanti]