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Poor governance can boot a country out of the industry

By Hugh Williamson

Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

The most important international initiative aimed at shedding light on the oil industry’s often murky finances faces a crucial test next month when several African countries may be forced to leave due to their low governance standards.

The decision is expected at a board meeting of the Extractive Industries Transparency Initiative in Accra, Ghana, starting on February 21. Under the EITI, mineral-rich governments should disclose revenues they receive from international oil and gas companies as a step towards curbing malpractice and looting in an industry seen as one of the most corrupt in the world.

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