Angola to Unveil First Transparency Report on Extractive Industries

Luanda – Angola’s Ministry of Mineral Resources, Oil and Gas announced the upcoming release of the country’s inaugural Transparency Report in the Extractive Industry, which will provide comprehensive insights into the mining and oil sectors. Scheduled for launch on December 16, the report will cover financial data from the General State Account spanning fiscal years 2021 to 2024.

According to Angola Press News Agency, the report is set to mark a significant moment in the annals of Angola’s extractive industries, offering an in-depth analytical view of the sectors. It represents a part of Angola’s commitment to the Extractive Industry Transparency Initiative (EITI), which sets a global standard for the open and accountable management of natural resources.

The ministry’s release details a sequence of scheduled report releases, indicating a structured timeline that will begin on December 16, 2023, with the fiscal year 2021 report, followed by the fiscal year 2022 report on September 16, 2024, continuing with the fiscal year 2023 report on December 16, 2025, and concluding with the fiscal year 2024 report on December 16, 2026. This pattern demonstrates Angola’s dedication to fostering transparency in the management of its extractive resources.

The report is anticipated to enhance the business environment within the mineral resources and oil sectors, promoting growth and better practices at local, regional, and international levels. This initiative stems from a decision made at the 72nd ordinary meeting of the National Coordination Committee (CNC) of Angola’s EITI. The meeting was presided over by Diamantino Pedro Azevedo, Minister of Mineral Resources, Oil and Gas, and the current president of the multilateral organization, held on November 1.

The EITI is a cooperative effort, voluntarily undertaken by countries and corporate entities in the extractive industry to advance the principle of transparency in revenue management. Angola’s participation is managed by the CNC of the EITI, a group established by Presidential Order no. 117/20 of September 1, which aligns actions, policies, and procedures between governmental bodies, extractive companies, oil firms, and civil society within the nation.

Related Articles

Back to top button