EITI chooses Dakar for it’s 41st board meeting

Image: Reuters

Dakar, Senegal will host Extractive Industries Transparency Initiative’s (EITI’s) 41st board meeting for the first time on 30-31 October, 2018.

Senegal joined the EITI in 2013 to show commitment to increased transparency across its mining sector – Senegal is a leading phosphate producer globally – and prospective energy sector.

In April 2018, the EITI Board confirmed Senegal’s transparency validation.

“The progress made by Senegal is impressive. I congratulate the government and all stakeholders and encourage them to make Senegal a pioneer country for systematic and regular disclosure of EITI data,” EITI President Fredrik Reinfeldt said.

Senegal showed the most progress out of all African members and was ranked fourth worldwide.

EITI was created in 2003 with the goal of setting global standards for the good governance of oil, gas and mineral resources and requires members to produce information along the extractive industry value chain. The EITI Standard is present in 52 countries globally, which are required to publish information including contracts and licenses, revenue collection, allocation and other key indicators.

As the country moves closer to first oil and gas production, these efforts reassure investors that Senegal is committed to transparency and governance best practices.