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Few resource-rich countries properly manage their natural resources

Public Policy

More than 80 per cent of the world’s major mining, oil and gas-producing countries fail to adequately govern the way they extract and manage natural resources, according to an index that tracks accountability and corruption.

Eritrea was the worst performer in the annual index released by the New York-based Natural Resource Governance Institute (NRGI), while Norway ranked top, closely followed by Chile, Britain and Canada.

The index ranked 81 countries according to the transparency and accountability of their oil, gas and mining sectors.

Sixty-six countries were found to be “weak, poor or failing” in their governance of extractive industries, with less than 20 per cent achieving “good” or “satisfactory” overall ratings.

Launched in 2013, the index aims to help commodity-rich nations avoid the pitfalls of the “resource curse”, in which their economies grow slowly due to poor institutional management and oversight of their natural resources.

“Good governance of extractive industries is a fundamental step out of poverty for the 1.8 billion poor citizens living in the 81 countries we assessed…,” said Daniel Kaufmann, president and chief executive of the NRGI, an independent non-profit organization.

“It is encouraging that dozens of countries are adopting extractives laws and regulations, but often these are not matched by meaningful action in practice.”

The index showed some middle-income countries including Colombia, Indonesia, Ghana, Mongolia, Peru, Mexico and Botswana achieved good or satisfactory overall ratings.

Burkina Faso was placed highest among the low-income countries studied and its mining sector ranked 20th overall.

The NRGI said the situation is worse in countries where corruption is systemic, including in policy areas such as environmental and social impacts, and the sharing of resource revenues by national governments with local authorities.

The index also looked at how well citizens and local communities could voice concerns and hold governments to account.

It also examined the transparency of management of sovereign wealth funds in 33 countries. Eleven sovereign wealth funds, managing $1.5 trillion in wealth, were rated as failing.

The best governed of those studied was Colombia’s Savings and Stabilization Fund followed by Ghana’s Stabilization Fund.

Chile’s Codelco state mining company was rated the best-governed of 74 extractive sector state-owned enterprises that were assessed for their disclosures and corporate governance.

The Oil and Natural Gas Corporation of India came second.

In total, 48 countries’ state-owned companies were given “unsatisfactory” ratings.

The NRGI called on governments to support transparency measures, including laws to ensure the identities of the true beneficiaries of oil and mining companies are clear.



10 Comments on "Few resource-rich countries properly manage their natural resources"

  1. onlooker on Thu, 29th Jun 2017 7:38 am 

    Our ENTIRE species has NOT properly managed its impacts and relations with the Environment.

  2. dave thompson on Thu, 29th Jun 2017 7:55 am 

    What is proper management? Capitalism is based on the language of more. The more you exploit the more you profit.

  3. Sissyfuss on Thu, 29th Jun 2017 8:02 am 

    All countries fail to manage their breeding populations. Beat you to it, Kenz.

  4. onlooker on Thu, 29th Jun 2017 8:07 am 

    But our notion of profit is loss on a longer time scale as we degrade and deplete Natures bounty

  5. Jef on Thu, 29th Jun 2017 8:50 am 

    “Few resource-rich countries properly manage their natural resources”

    And thats exactly the goal behind US foreign policy and has been for a very long time.

  6. Apneaman on Thu, 29th Jun 2017 11:42 am 

    Water is a resource no human can live without.

    Heatwave forces Rome to turn off 2,800 fountains

    For the first time since the open-tap fountains were introduced in 1874, city officials plan to turn them off in an attempt to save water

  7. Apneaman on Thu, 29th Jun 2017 11:49 am 

    An inter species fight over dwindling resources.

    Alaska fishermen ‘chased out’ of Bering Sea by gangs of killer whales

    Whales are stripping the boat’s fishing lines of halibut and cod

    I’m cheering for the Orcas, but they will probably end up on the Mega-Cancer’s dinner plate before all is said and done.

  8. onlooker on Thu, 29th Jun 2017 11:59 am 

    Count me as also rooting for the Orcas, I always go for the underdogs

  9. Anonymouse on Thu, 29th Jun 2017 1:16 pm 

    Countries that attempt to maintain control of their own resources, and use the proceeds for the overall benefit of their own people = ‘poorly governed’

    Countries that give a free-hand to uS extractive corporations, are colonies of the amerikan empire or have had their government overthrown by the uS to facilitate that goal, IE Chile, Canada, Britain amount others = ‘Well goverend’

    Oh. check out who bankrolls the NRGI

    Open Society Foundations $4.83 $4.83 January 2015 – December 2015 General operating support

    The William and Flora Hewlett Foundation $4.00 $4.00 March 2015 – March 2017 General operating support

    Australian Department of Foreign Affairs and Trade $1.91 £2.5 May 2015 – June 2017 To support implementation of NRGI’s country strategies in Indonesia (including the regional knowledge hub), Mongolia and Myanmar

    Bill & Melinda Gates Foundation $0.86 $1.72 October 2013 – October 2015 To elaborate a country vision and road map for maximizing the capacity of gas revenues to advance human development outcomes in Ghana and Tanzania

    Omidyar Network $0.23 £0.68 June 2014 – December 2015 To develop international open data standards for extractive industries so that governments, businesses, media, and citizens can hold one another accountable for revenues and expenditures related to natural resources and the use of open data in Ghana
    State Secretariat for Economic Affairs SECO $0.22 $0.90 July 2015 – March 2018 To support the Eurasia Regional Knowledge Hub
    Swiss Agency for Development and Cooperation $0.21 $1.60 April 2015 – March 2019 To support work on mandatory disclosure, SOEs, contract transparency and the Resource Governance Index

    African Legal Support Facility $0.20 £0.27 January 2015 – December 2016 To support the scale-up of, which is an online, searchable repository of mining, oil and gas contracts, including annotations and explanations of key terms

    Open Society Foundations $0.11 $0.11 May 2015 – May 2016 To promote a more accountable and more open management of Azerbaijan’s natural resource sector by supporting civil society, independent experts, journalists and youth, and the country’s participation in regional initiatives

    Ford Foundation $0.10 $0.10 June 2015 – June 2016 To support a social impact analysis in Andean countries

    Anonymous $0.00 $0.27 December 2014 – May 2016 To support subnational and media capacity development in Uganda and Tanzania

    Australian Department of Foreign Affairs and Trade $0.00 AUD 1.30 June 2013 – June 2015 To build capacities of civil society in relation to EITI globally, regionally and in two countries – Mongolia (also involves parliament and subnational stakeholders) and Myanmar

    Bill & Melinda Gates Foundation $0.00 $3.00 April 2013 – April 2016 General operating support

    Administered by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, on behalf of the Federal Ministry of Economic
    Development and Cooperation TBD £0.13 June 2014 – May 2015 To support the extractive sector benchmarking, using the Natural Resource Charter framework and the principles of the Africa Mining Vision, in Sierra Leone

    Norwegian Agency for Development Cooperation TBD $8.60 2014 – 2016 To promote sound petroleum management through effective parliamentary scrutiny, media oversight and multi-stakeholder collaboration to be implemented in Ghana, Tanzania, and Uganda
    Open Society Foundations TBD $2.00 January 2014 – September 2015 To cover costs related to separation from the Open Society Foundations
    UK Department for International Development TBD $1.00 October 2014 – March 2019 To support the Public Interest and Accountability Committee in Ghana

    UK Department for International Development TBD £16.00 August 2014 – June 2019 To support components of NRGI’s 2014-2019 strategic plan

    UK Department for International Development TBD £4.81 July 2013 – July 2016 To support more transparent, accountable and effective natural resource management in Libya and Tunisia

    US Agency for International Development TBD £0.70 September 2013 – December 2015 To support the development and implementation of the Natural Resource Charter

    World Bank (Multi-Donor Trust Fund) TBD $1.50 December 2014 – December 2015 To support civil society in EITI implementing countries and prospective countries

    Oh, look, it George Soros, billy gates, the govt’s of Austrailian and the UK. The NRGI Mr ‘Kauffman’ (wonder what enthic group he belongs to?), cant thank his fellow globalists enough for their on-going support.

    Welcome to the murky world of zionist ‘think tanks’ and ‘NGO’s.

  10. Kenz300 on Fri, 30th Jun 2017 1:34 pm 

    Wind and solar energy are great LOCAL resources.

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