Africa: Transparency, partnerships between extractives and governments key to 'sustainable development for all', says banker
'Africa needs to fully leverage its oil and gas resources', 9 November 2014: Much of the recent economic growth enjoyed by large parts of the African continent has been a direct result of the positive momentum achieved in oil and gas production...[T]his...sector [has the potential to lay] a vital foundation on which the economic, infrastructure and social fabric of [African]...countries is built. The challenge, however, is that an oil and gas production windfall does not automatically translate into sustainable socio-economic benefits...The onus is...on the producing countries to ensure...ways of overcoming the...challenges that still stand in the way of...delivering sustainable development for all. These...include...restricted...employment opportunities [and]...[t]ransparency...[among others]...[The] Extractive Industries Transparency Initiative (EITI)...provides a clear set of transparency compliance requirements for governments and...extractive industries...[However] unless these...are uniformly applied and policed, preferably by African governments...sub-optimal financial transparency will continue to hamstring the funding and delivery of social benefits and services...[These] challenges...can...be overcome through...commitment...and appropriate partnerships between...oil companies and African governments...