President George Manneh Weah has departed the Country for Dakar, Senegal to attend Africa Extractive Industries Transparency Initiative or AEITI Conference on Beneficial Ownership Transparency.
President Weah left the Country on Monday, October 30, 2018 participate in the three-day submit that runs from October 31st to November 2nd.at King Fahd Conference Center in Dakar.
The opening plenary will demonstrate the commitment of African governments towards ownership disclosure, highlight beneficial ownership and mobilizing domestic resources from the extractive industries.
The conference will also look at how ownership transparency is key to preventing tax evasion, mitigate illicit financial flows and raise revenues from the extractive sector.
It will also focus on how governments, industries and civil societies are moving towards beneficial ownership disclosure in extractive industries and how this will help mobilize domestic resources.
African EITI countries also want to know companies that operate in the oil, gas and mining sectors and the roles they play in strengthening natural resource governance.
“The approach is intended to improve the investment climate and promote responsible business conduct.
AEITI countries are working with global and regional bodies in tackling challenges posed by hidden ownership in the extractive industries,” organizers of the AEITI Conference said.
AEITI said improving revenue mobilization with beneficial ownership data will help prevent illicit financial flows and reduce the risks of money laundering and corruption.
Cameroon, Ghana and Zambia are seeking to use beneficial ownership information to minimize the risks of money laundering and corruption in the extractive sector.
Already, Liberia, Cameroon, Ghana, Sierra, Leone and Zambia have started exploring how to use beneficial ownership data to avoid awarding licensing contracts to companies that are unqualified and further prevent potential conflicts of interest.
The closing section will discuss a way forward by the 24 African countries at the Conference on how EITI can support meeting the 2020 target for beneficial ownership disclosure.
While the President Weah is away, Minister of State for Presidential Affairs and Chief of Office Staff to the President, Nathaniel Falo McGill will chair the Cabinet in close consultation with Vice President Jowel Howard-Taylor via telephone with the President.