Current transparency initiatives by extractive industries don't do enough to ensure good governance of Africa's oil sector, according to a report by Douglas Yates, published by the South African Institute of International Affairs.
Yates, a political science professor at the American University of Paris, suggests additional steps are needed to resolve what he calls the underdevelopment of oil-dependent nations in Africa. While these nations have rich oil reserves, he says, they continue to be poor because of oil-related corruption and conflicts, among other reasons.
In his paper, Yates proposes the the following solutions:
• The separation of public and private sectors to create a more transparent and autonomous system of managing resources the creation of autonomous funds for resource management.
• The maintenance of high nation savings ratio by oil-dependent countries.
• The creation of standard negotiation methods.
• The publication of all payments made by extractive companies and made to governments.
Yates also stresses the importance of distributing resources fairly.
Various groups are working to promote good governance in Africa and beyond. Yates notes that anti-corruption workers are often intimidated and detained without formal charges.