Liberia Published its Second EITI Report

The Liberia Extractive Industries Transparency Initiative (LEITI) has completed and published its 2nd EITI Report covering the period July 1, 2009-June 30, 2009 and involving seventy-one companies and five agencies of Government. The Report was launched on Thursday, February 18, 2010 by the Minister of Finance and Chairman of the Multi-stakeholders Steering Group (MSG) of the LEITI, Hon. Augustine Kpehe Ngafuan.

The launching program was held at the Offices of LEITI, and attended by members of the Multi-stakeholders Steering Group (MSG), including representatives of the US Embassy, the British Embassy, UNDP, the United Nations Missions in Liberia (UNMIL) and civil society.

Launching the report, Hon. Ngafuan praised all LEITI stakeholders for their dedicated services that did not only lead to the successful completion of  the LEITI 2nd report but also made Liberia to become the only EITI Compliant Country in Africa and the second in the World, adding that the  Government of Liberia is much indebted to the stakeholders for their work.

According to Hon. Nganfuan, “the 2nd LEITI Report represents a significant milestone in the implementation of EITI in Liberia and the world at large because it is the first EITI Report to include the disclosure of payments by agriculture concessionaires.”

“The 2nd report LEITI report is both an affirmation and a testament to the commitment expressed by the President; it does not only build on the 1st LEITI Report, it also enhances the reliability of the data and expands the sectors covered”, The LEITI Chairperson said.

 Mr. Ngafuan disclosed that beginning February 18, 2010, the Report will be available on the LEITI website and hard copies will be distributed to members of the international community, the press and relevant agencies of Government and that in the coming weeks the LEITI will begin a massive dissemination exercise of the Report both locally and internationally.

Hon. Ngafuan said that the support of everyone was critical to the success of the LEITI and called on every Liberian to read the Report and use its content  to contribute to our shared quest for accountability and democratic governance.

According to the Independent Reconcilers “ at the end of the reconciliation, the remaining net differences amounted to US$144,995.00 or 0.4% of the total amount declared by the Government agencies”. The LEITI Report showed total payments of US$35,280,234.00 made by the extractive companies matched against a total of US$35,425,230.00 confirmed as received by the Government of Liberia. The report covered companies operating in the following four sectors: mining; Oil; Forestry; and Agriculture. Of the four sectors covered by the LEITI, the agriculture sector made the highest payment to the Government of US$18.3 Million which represents 51.69% of  total revenue received , followed by the Mining Sector with a total payment of US$10.75 Million dollars or 30.50% .

The LEITI is part of a global initiative called the EITI which seeks to promote transparency over mineral revenues with the hope of that the increased transparency will contribute to proper utilization of the revenues.

Meanwhile, a total of six companies operating in the Mining and forestry sectors were fined US$1,000.00 each for failing to submit payment data to the Independent Reconcilers during the reconciliation process.

(from LEITI Press Release)