Uganda Could Earn $50b From Oil
An Oil Rig in western Uganda
Uganda’s Government can expect to earn 50billion Dollars on behalf of its people from its oil reserves over the life time of the reserves, 50 billion dollars its is 3years worth its GDP, so the transformation if the controls on corruption are kept in check should be three fold.
Tullow oil this week took to extra openness on government payment’s anti- corruption legislators want, releasing figures by country, and by payment type for the first time.
In 2021 corporate responsibility report , Africa’s biggest independent international oil company published all the tax,royalty and other payments it has made to all governments around the world.
The report goes further than some larger companies have with disclosure, and the offer a glimpse at the tens of billions of dollars pouring into the accounts of resource rich African governments, but it’s disclosure level falls short of the demands of new legislation
The sums paid are in the context o f the economies of some of the poorest countries in the world and legislators hope extra transparency will curb the corruption as the has dogged extractive industries in Africa down the decades.
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