The EITI is the global standard to promote the open and accountable management of oil, gas and mineral resources.
According to a Uganda government statement seen by APA on Monday, joining EITI would improve accountability in the management of its natural resources.
Uganda government spokesperson Ofwono Opondo in an interview on Monday confirmed that a cabinet sitting endorsed the move in an effort to improve the revenue collection process and boost public finances and minimize oil, gas and mining revenues being mismanaged or lost to corruption.
“The country will benefit through improved investment climate by giving a clear signal to investors and International Financial Institutions that the government is committed to improving transparency, which in turn can lead to increased investment in the country,” Opondo said.
The development follows concerns about the perceived evasiveness by the government to provide information regarding the management of natural resources especially oil.
The EITI standard requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public.
Countries that implement the EITI share a common belief that the prudent use of natural resource wealth should be an important engine for sustainable economic growth that contributes to sustainable development and poverty reduction.
Opondo said EITI admission will influence government policy to ensure that the country maximizes benefits from its natural resources and reduces levels of poverty.