Archive for April 16, 2011

Publish what you pay: The importance of transparency

Equatorial Guinea is an example of a country with rich oil resources with a GDP per capita of $30,000. Despite this, most of the population lives on less than one dollar a day. This is a grave example of how the current system has made it possible for companies and small groups of people to exploit countries severely.

Last year, US passed a “publish what you pay” law: the Dodd-Frank Act. This makes it harder for American oil companies to take part in such actions such as the above mentioned that has been going on in Equatorial Guinea. Unfortunately, much of the world including Europe is lagging behind on this point. Some political leaders have now started to push the introduction of similar laws also in the European Union.

Uganda is another country in which this law can be of utmost importance as several European oil companies have hidden their transactions. Thus, there are good reasons to assume that dirty business has been going on.

It is time to publish what we pay and stop further injustice.


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