Angola to join oil and extractives transparency group

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LAGOS – Angola plans to join the Extractive Industries Transparency Initiative (EITI), an international effort to fight corruption in revenues from oil, gas and mineral extraction.

Tete Antonio, Angola’s minister of foreign affairs, announced the move on Twitter late on Friday and said Angola “has clearly demonstrated its commitment to promote the open and accountable management of its natural resources for the benefit of its people.”

EITI, formed in 2003, has more than 50 implementing countries.

Angola’s President Joao Lourenco has embarked on an anti-corruption drive since taking power from Jose Eduardo dos Santos, who stepped down in 2017 after a near four-decade rule.

Earlier this month, a court in Luanda sentenced dos Santos’s son to five years in prison over a $500 million corruption case.

Africa’s second-largest oil exporter is also working to stem a steady decline in oil output due to a lack of investment.

Reporting by Libby George; Editing by Alexandra Hudson

Source: Reuters

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