Monrovia – The Multi-Stakeholders Steering Group (MSG) of the Liberia Extractive Industries Transparency Initiative (LEITI) has launched its 13th EITI report covering the fiscal period July 1, 2019, to June 30, 2022.
The report shows that the total revenue from the extractive sector decreased from US$79.63 million in 2018/2019 to US$70.91 in 2019/2020, a net decrease of 10.9 percent.
LEITI is part of the global Standard- the Extractive Industries Transparency Initiative (EITI) – that promotes revenue transparency in the extractive sectors in resource-rich countries.
LEITI is governed and supervised by the MSG, who is appointed by the President of Liberia and comprised of representatives
Launching the report on Monday at the LEITI Secretariat in Monrovia, the Chairman of the MSG, C. Mike Doryen, who heads Liberia’s Forestry Development Authority (FDA) said the MSG on the 1st of June this year commissioned the production of the 13th EITI report, using the flexible reporting framework as adopted by the International Secretariat and approved by the MSG.
“LEITI’s 13th EITI report shows that Government of Liberia generated US$70,15,618 million as total revenue from the extractive sector. The report shows that the total revenue from the extractive sector decreased from 79.63 million in 2018/2019 to US$70.91 in 2019/2020, a net decrease of 10.9%,” Mr. Doryen announced.
At the start of June 2022, Mr. Doryen disclosed that the LEITI MSG commissioned its 13th EITI Report and hired the services of SRG Consulting LLC-USA in collaboration with Baker Tilly Liberia, two reputable firms, to prepare the 13th EITI Report for Liberia using the Flexible Reporting Framework.
The Flexible Reporting Framework seeks to ensure that EITI implementation is safely contributing to global and national responses to the COVID-19 pandemic while upholding commitments to transparency, accountability, and multi-Stakeholders dialogue.
The Flexible reporting measures allow implementing countries to retain the momentum of the EITI process while adapting to local circumstances and urgent information needs, the MSG chairman added.
According to him, unlike the conventional Reporting Framework, which requires reconciliation between government receipts and companies’ payments, the Flexible Reporting Framework requires unilateral disclosure by government ministries, agencies, and commissions.
Speaking further, he said to strengthen compliance with the New 2019 EITI Standard, the 13th report shows improvement in collecting beneficial ownership information compared to previous reports.
The LEITI Secretary is currently collaborating with the Liberia Revenue Authority, Liberia Business Registry, and other relevant stakeholders to establish a Beneficial Ownership Registry for the extractive sector.
Liberia was suspended on September 4, 2018, for its failure to report for the fiscal period ending June 2016 within the 1 July 2018 deadline. The decision followed a request by the Government of Liberia to extend the reporting deadline, set by the EITI Standard.
LEITI MSG Chairman said the 13th report provides improved information and the destinations of the natural resources, along with information on the production. This further strengthens Liberia’s adherence to Requirements Three of the EITI 2019 Standard. It also reveals challenges in sectoral oversights and data collection and licenses processing