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Stakeholders in extractive industry demand transparency in mining sector

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Stakeholders in the extractive industry are demanding transparency in the mining sector as established in the oil and gas sector.

While the oil sector has regulations that ensure accountability and openness in licensing, local content and revenue management, little can be said of the mining sector.

Speaking at a Book Launch in Accra, titled, Licensed to drill, organised by World Bank in Accra, the Australian Ambassador, Andrew Barnes said issues pertaining to the extractive sector are very important to all countries.

Corruption presents a major challenge to the World Bank goals of ending extreme poverty by 2030.

Studies show that, a notable portion of illicit financial flows are generated through highly regulated sectors such as the extractive sector.

Speaking at a Book Launch in Accra, titled, Licensed to drill, Licensed to drill,  the Australian Ambassador Andrew Barnes advised that issues on transparency and corruption must not be taken for granted.

The senior Financial Sector Specialist at the World Bank, Cari Votava indicated that the book seeks to contribute to the efforts of officials to identify and implement good practices to reduce corruption risks. She added that the publication focuses on good practice options to conduct integrity checks on applicants for licences as the Extractive Industries Transparency Initiative, EITI, obligates countries to publicly disclose the identity of beneficial ownership.

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