KAMPALA – Finance Minister Matia Kasaija has on Friday applauded the decision to admit Uganda as the 54th member of the Extractive Industries Transparency Initiative (EITI) by the Board based on Oslo, Norway.
EITI is a global standard aimed at promoting transparent management, accountability and good governance of petroleum and mineral resources.
Kasaija was speaking at the 8th meeting of the Multi-Stakeholder group of EITI.
EITI implementation in Uganda will be overseen by this group comprised of 26 members representing Government, Industry and Civil society.
He said Uganda as member of EITI will disclose information relating to contracts and licenses, exploration and production, exports, revenue from extractives as well as the benefits and use of revenues accruing to Ugandans from the resources.
“Uganda’s membership comes at an opportune time for the Country, when the final investment decision for the Oil project is expected within the financial year,” said the Minister.
Kasaija called upon all Stakeholders to join hands and ensure that our natural resource benefits all Ugandans, and supports the country in the journey to middle income status.
Other EITI member countries in Africa include: Ethiopia, Ghana, Tanzania and Zambia. Uganda is the 26th Country in Africa to be admitted to EITI.
Uganda as a newly inducted member has 18 months to publish information on the sector in its first national EITI report and then submit to the International EITI board for validation.