Chairman Eigen noted “Liberia is the first African country to be designated EITI Compliant. It is the first country to have included the forestry sector in its reporting. It has also undertaken extensive dissemination work to building community engagement in the EITI process. The success of Liberia in reaching EITI Compliance demonstrates what governments, companies and civil society can achieve when working together and political will is firmly behind the process.”
Validation is EITI’s quality assurance mechanism that evaluates EITI implementation in consultation with stakeholders, it verifies achievements with reference to the EITI global standard, and it identifies opportunities to strengthen the EITI process going forward.
The validation of Liberia’s EITI implementation began March 2009 and the final report was submitted on July 23, 2009. This compliant status makes Liberia the first country in Africa and the second country in the world to have completed validation. Azerbaijan is the only other country in the world to complete validation.
The EITI (Extractive Industries Transparency Initiative) is a coalition of governments, companies, civil society groups, investors and international organizations that sets a global standard for transparency in the extractive sector. With good governance the exploitation of these resources can generate large revenues to foster growth and reduce poverty. However, when governance is weak, it may result in poverty, corruption, and conflict. Therefore, Extractive Industries Transparency Initiative (EITI) aims to strengthen governance by improving transparency and accountability in the extractive sector.
The Liberia Extractive Industries Transparency Initiative (LEITI) is part of this global program that promotes transparency over mineral revenues through regular disclosure, verification and publication of data of all payments and revenues connected with the operations of logging, oil and mining companies.
Liberia published her first Report of the payments and revenues on February 9, 2009. Preparation to publish the second report has begun and it is expected to be published by November 2009.