Angola to improve industry transparency

Angola announced intention 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, informed via his Twitter micro blog on August 28 that the government “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 announced an anti-corruption strategy since ascending to power after Jose Eduardo dos Santos stepped down in 2017 after a near four-decade rule.

Earlier this month on August 14, a court in Luanda sentenced dos Santos’s son – José Filomeno – 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.

On August 11 late President daughter Isabel Isabel dos Santos, Africa’s richest woman ($2,1bn ), stepped down from the board of Angolan telecommunications operator Unitel SA in an attempt to ease tensions between management and shareholders over her influence at the company.

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