Sierra Leone and Liberia have successfully wrapped up a week-long peer learning exchange in Monrovia, focusing on the implementation of the Extractive Industries Transparency Initiative (EITI) with a particular emphasis on Beneficial Ownership Disclosure. The event, aimed at reinforcing both nations’ commitment to the 2023 EITI Standard, was funded by the German development agency GIZ through the Regional Resource Governance in West Africa (ReGo) program.
The Sierra Leone delegation included representatives from various sectors, such as the National Minerals Agency (NMA), National Revenue Authority (NRA), Corporate Affairs Commission (CAC), Ministry of Mines and Mineral Resources (MMMR), Financial Intelligence Unit (FIU), civil society organizations (CSOs), and the SLEITI Secretariat. Each entity played a crucial role in the discussions, focusing on the development of the Beneficial Ownership Register and related regulations.
Jefferey Yates and Mohamed Baimba Koroma, National Coordinators of EITI in Liberia and Sierra Leone respectively, led the exchange by sharing insights into their countries’ Beneficial Ownership Disclosure journeys. Sierra Leone gained valuable knowledge from Liberia’s experience, noting the support from Open Extractives in developing Liberia’s Public Register and the importance of strong government commitment and stakeholder participation.
The discussions extended beyond Beneficial Ownership to encompass forward-looking strategies for implementing the 2023 EITI Standard. Key topics included anti-corruption measures, energy transition, revenue collection, environmental safeguards, and gender issues in the extractive industries.
The successful conclusion of this exchange highlights the ongoing resilience and determination of Sierra Leone and Liberia to enhance EITI implementation. Both nations aim to ensure that their natural resource wealth drives sustainable economic growth and poverty reduction through transparent, accountable, and effective revenue management.
Beneficial Ownership Disclosure, a cornerstone of the EITI standard, seeks to identify and monitor the ultimate owners and controllers of companies operating in the extractive sector. This transparency is crucial for deterring corrupt practices and managing resources more effectively, especially in monitoring politically exposed persons.
This peer learning event demonstrates a significant step forward in regional cooperation and shared commitment to the principles of transparency and accountability in natural resource management.