Liberia Launches 13th EITI Report with Nearly Eleven Percent Decrease in Revenue
MSG Chair C. Mike Doryen (left) receives report from HoS Yates (right)

Liberia Launches 13th EITI Report with Nearly Eleven Percent Decrease in Revenue

The Multi-stakeholder Steering Group (MSG) of the Liberia Extractive Industries Transparency Initiative (LEITI) on Monday, July 4, 2022 launched Liberia’s 13th EITI report with a net decrease in revenue of 10.9 percent.

Speaking at a well-attended MSG meeting that also opened to the media, the Chairman of the LEITI MSG, C. Mike Doryen revealed that the 13th report representing  the fiscal period 2019/202, shows that the Government of Liberia generated Seventy Million, Nine Hundred Fifteen Thousand, Six hundred Eighteen United States Dollars (70,915,618) as total revenue from the extractive sector. “This report shows that total revenue from the extractive sector decreased from Seventy Nine Point Six Three Million (79.63 million) in 2018/19 to Seventy Point Nine one Million (70.91 million) in 2019/2020, resulting into a net decrease of 10.9%.” The MSG Chairman disclosed.

On strengthening compliance with the New 2019 EITI Standard,  Chairman Doryen who is also the Managing Director of Liberia’s Forestry Development Authority (FDA) disclosed that the report is much improved in comparison to the previous reports as it contains improved Beneficial Ownership information for some companies that are within the reporting scope. “Currently, the LEITI Secretariat is collaborating with the Liberia Revenue Authority, Liberia Business Registry, and other relevant stakeholders for the establishment of a Beneficial Ownership Registry for the extractive sector. The 13th report provides information on the destinations of our natural resources alongside information on production data. This further strengthens Liberia’s adherence to Requirement 3 of the EITI 2019 Standard.” An elated Chairman Doryen stated.

 Earlier, the Head of LEITI Secretariat, Jeffrey N. Yates presenting the report to the MSG  revealed challenges in sectoral oversights, data collection, and licensing processes, among others but averred that the LEITI will begin to work with relevant government ministries and agencies to address these concerns.

LEITI MSG at the start of May 2022 commissioned its 13th EITI Report and hired the services of SRG Consulting LLC-USA in collaboration with Baker Tilly Liberia, two reputable auditing firms to prepare the 13th EITI Report for Liberia using the Flexible Reporting Framework.

Flexible reporting 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-stakeholder dialogue. Flexible reporting measures allow implementing countries to retain the momentum of the EITI process while adapting to local circumstances and urgent information needs. Unlike the Conventional Reporting Framework that requires reconciliation between government receipts and companies’ payments, the Flexible Reporting Framework requires unilateral disclosure by government institutions

With the launched of the 13th report, it is now set to be disseminated across the country to discuss the findings with the citizens and solicit feedback on how to improve the governance of the extractive sector. Also, the production of Liberia’s 14th EITI Report covering the fiscal period 1st July 2020 to 30th June 2021 is in progress and expected to be launched by the close of July 2022.