By Gift Eguavoen
The Liberia Extractive Industries Transparency Initiative (LEITI) is presently hosting a 10-member Sierra Leonean delegation as the two Extractive Industries Transparency Initiative (EITI) implementing West African Countries meet to peer learn.
The Sierra Leonean delegation is already in Liberia for a 5-day peer learning and exchange program on EITI process and Standards. The event is supported by GIZ- Rego project confounded by the European Union and BMZ.
The exchange and peer learning program between the two countries is taking place from May 6-10, 2024. The meeting is expected to highlight notable signs of progress, challenges, and prospects; documenting lessons learned for both countries as they continue to implement the EITI framework respectively.
According to a press statement made available to Extractive360 by the LEITI Secretariat, the program will further strengthen the two countries’ implementation outlook as they both shed light on their adoptive methods of EITI implementation at the different levels of the respective governance structures of their extractive industries.
“The Sierra Leone visit demonstrates the strong progress Liberia has made over the years in implementing the EITI Standard and Principles. Sierra Leone, a few months ago, scored high in EITI validation, demonstrating solid adherence to the EITI Standard and Principles,” the statement said.
It added further that “The peer learning and exchange will focus on the 2023 EITI Standard, with a specific focus on Beneficial Ownership Transparency, Contract Transparency, and Anti-Corruption; three EITI requirements that Liberia has shown strong implementation progress on.”
The LEITI Secretariat says it believes that such peer learning and exchange will better assist Liberia in preparing for its next validation that will commence in October 2025.
Extractive360 reports that the Liberia Extractive Industries Transparency Initiative is a part of the global Standard Extractive Industries Transparency Initiative (EITI)-that promotes revenue transparency in the extractive sectors in resource-rich countries. It strives to ensure transparency over payments made to the government, and revenues received by the government from companies in the concerned sectors.
Liberia joined the EITI in 2007 and was enacted into law in 2009 as an autonomous agency called LEITI. To date, the LEITI has published 15 EITI reports covering Fiscal Years 2007-2022. The LEITI is governed by a broad coalition of government, civil society, and the private sector, with international partners serving as observers on the Board of LEITI.