{"id":385547,"date":"2017-12-22T16:19:46","date_gmt":"2017-12-22T16:19:46","guid":{"rendered":"http:\/\/citifmonline.com\/?p=385547"},"modified":"2017-12-22T16:25:45","modified_gmt":"2017-12-22T16:25:45","slug":"eiti-to-suspend-ghana-over-delayed-reports-on-extractive-sector","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/12\/eiti-to-suspend-ghana-over-delayed-reports-on-extractive-sector\/","title":{"rendered":"EITI to suspend Ghana over delayed reports on extractive sector"},"content":{"rendered":"<p>Ghana risks being suspended from the Extractive Industries Transparency Initiative (EITI), an international organization which tracks countries&#8217; management of revenues from the extractive industry.<\/p>\n<p>Ghana, from 2015, has failed to submit to the international body its annual report on commitments, and the fight against corruption in the country\u2019s gold, oil and gas sectors.<\/p>\n<p>[contextly_sidebar id=&#8221;L8bQOjUgSqh5OyuhczcXsb08sLJTIHRD&#8221;]Information available to\u00a0<strong>citifmonline.com<\/strong> suggests that government is pleading for a three-month extension to enable it put the reports together.<\/p>\n<p>The information also suggests that, Ghana has been struggling to access the necessary funding from the World Bank for the production of the reports, hence the delay.<\/p>\n<p>According to the information, several assurances from the World Bank to release funding for the report have not yielded any positive results.<\/p>\n<p>Government\u00a0is also reportedly praying the EITI to allow it submit the report by March 2018.<\/p>\n<p><strong>About EITI<\/strong><\/p>\n<p>The Extractive Industries Transparency Initiative is a global benchmark for the transparent and accountable management of extractive resources. It was launched in 2002 at the World Summit on Sustainable Development in Johannesburg, South Africa.<\/p>\n<p>Ghana was among the initial wave of countries that acceded to the initiative, having signed on in 2003.<\/p>\n<p>In 2010, Ghana went through an international validation and was adjudged EITI compliant.<\/p>\n<p>In 2016, at the EITI Global Conference in Peru, Ghana was adjudged an exemplary country for using the EITI for wide ranging reforms in the mining, oil and gas sectors.<\/p>\n<p><strong>Ghana losing tax revenue to extractive sector over lack of data<\/strong><\/p>\n<p>The Ghana Revenue Authority in 2016 complained that,\u00a0<span style=\"color: #666699;\"><a href=\"http:\/\/citifmonline.com\/2016\/07\/08\/ghana-losing-tax-revenue-to-extractive-sector-over-lack-of-data\/\"><strong>lack of\u00a0adequate data<\/strong><\/a><\/span> on the operations of businesses in the extractive sector continues to impede the implementation of Ghana\u2019s transfer pricing policy.<\/p>\n<p>The Deputy Commissioner in charge of Policy Programs at the GRA at the time, Edward Gyamerah, said the issue made it difficult for GRA to fully assess operational costs quoted by the various companies for purposes of taxation.<\/p>\n<p>\u201cOne of the major challenges facing the department has to do with data\u2026 we ask ourselves which data should taxpayers use in arriving at their arms-length prices. I do not think we have a data that the GRA is using or expects that once you do it within this; it will be an acceptable arms length price,\u201d he stated.<\/p>\n<p>&#8211;<\/p>\n<p>By: citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ghana risks being suspended from the Extractive Industries Transparency Initiative (EITI), an international organization which tracks countries&#8217; management of revenues from the extractive industry. Ghana, from 2015, has failed to submit to the international body its annual report on commitments, and the fight against corruption in the country\u2019s gold, oil and gas sectors. [contextly_sidebar id=&#8221;L8bQOjUgSqh5OyuhczcXsb08sLJTIHRD&#8221;]Information [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":385558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,11],"tags":[15621,15622,3,2273],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EITI to suspend Ghana over delayed reports on extractive sector - Citi 97.3 FM - Relevant Radio. 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