Transparent centre in Ghana

How can African governments ensure that best practices are maintained now that oil prices are high again?
African countries can position themselves well for the anticipated increase in oil prices by first ensuring prudent public financial management and pursuing sound economic policy that aligns the countries’ development objectives with their available resources. A way to do this would be to put in place policies for economic diversification into other sectors to create multiple streams of income for African countries that would continue to generate income for the countries after the resources have been exhausted. It is also important for countries to consolidate gains made in transparency and accountability of the sector across Africa to make sure that citizens benefit from the exploitation of their natural resources.

How do you recommend political parties take an active role in resource governance with the upcoming bid round?
We encourage transparency and availability of information so civil society, including political parties, get involved in the bid round process. That is how they will get to know how the allocations are made and provide information to their constituent citizens whom they represent in parliament. Good practice examples have proved that transparency in the allocation and management of oil, gas and mining rights can improve industry engagement, competition and civic rights.

How does transparency encourage investment?
Transparency provides the certainty that international companies need to be able to build confidence in our economy. When a country’s operations are clear and open to investors, with governments providing accurate information on financial and economic conditions and on laws such as on debt levels, fiscal policy and regulatory requirements, investors have enough information and confidence to make sound investment decisions. Transparent economies are considered to be less risky, and as such more stable for investment.

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