The Minister for Energy and Mineral Development Dr. Nankabirwa has assured Ugandans that government is making all efforts to ensure transparency in oil and gas and other minerals in the sector.
She revealed this at the EITI Africa Energy Dialogue during the Africa Oil Week going on in Cape Town South Africa.
She said that Uganda intends to use Extractive Industries Transparency Initiative (EITI) as a tool to strengthen the overall management in oil, gas and mineral sectors.
“This will be achieved through strengthening transparency and accountability, revenue collection and management, improving the record keeping, data management system, raising public awareness, building trust among stakeholders and enhancing good governance in the sectors for the benefit of all citizens” she said
In January 2019, Cabinet approved for Uganda to join the EITI and tasked the ministry of finance planning and economic development to spearhead the EITI process as well as to establish the institutional framework necessary for EITI implementation.
On 12 August 2020, Uganda was admitted as the 54th member country to EITI.
Nankabirwa said that the EITI progress in Uganda is overseen by a Multi-Stakeholders Group (MSG) comprising of Representatives of the private sector, relevant institution’s of government and civil society.
“The implementation of EITI in Uganda is expected to enable government put in place a framework that will support proper management of the extractive industries which will help to unlock the creation of favorable business environment and improvement in accountability and minimization of corruption among others” the minister said
The EITI standard implemented in 55 countries around the world requires regular disclosure of information along the extractive industry value chain from the point of extraction to revenue collected.
Uganda government aims to use it’s EITI membership to strengthen efforts in ensuring overall transparency and accountability in the extractive sector and also to strengthen tax collection, improve the envestiment climate, building trust and create lasting value from petroleum and mineral resources.
All countries that subscribe to EITI are required to adhere to EITI standard. The EITI standard is a set of criteria that countries have to comply with once they have been admitted as member countries.