Addis Ababa, 07 December 2015 (ECA) – Africa makes most of its money from its natural resources yet the paradox that resource-rich countries have produced resource-poor populations persists. A large part of the funds siphoned from Africa through illicit transaction is derived from this sector.
The extractive industry- oil and gas extraction, mining, quarrying and dredging - can be a catalyst for economic growth and development but it is a notoriously difficult sector to govern.
A group of experts from the African Peer Review Mechanism (APRM) countries will meet in Lagos from 16-17 December to discuss the study on Mainstreaming the Governance of the Extractive Sectors. The study has identified common problems on the governance of extractives industries facing APRM countries and to provide analytical research with a view to share best practices and to suggest recommendations, which can be implemented at the country level.
The study explores how the APRM reports measure up to the principles and standards put forth by the African Mining Vision (AMV) with the aim of advocating for more AMV compliance.
Experts from the 17 APRM countries will discuss the findings of the study and offer suggestions on developing an APRM Mining Review Framework: a tool to help APRM upcoming countries to assess their policies regarding governance of extractive industries and monitoring of progress. The framework will contain set of extractive industries governance indicators which will be identified within the existing expertise of the AMV.
The extractive sector is seen as having an important role towards the continent’s transformation in line with the ongoing activities of the Economic Commission for Africa, the African Union and the African Mining Vision’s (AMV) goal of creating a “transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socio-economic development”.
The participants for this expert group meeting will be drawn from Extractive Sector Experts of APRM Member Countries, Regional Economic Communities, and the African Commission Union.
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