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Schluss mit Freibriefen für multinationale Konzerne zur Ausplünderung Afrikas

Studie "Gerechtigkeit mit Rohstoffen" (Equity in Extractives) veröffentlicht. Mitteilung für die Medien *

Pax Christi, Berlin, 13. Mai 2013

Die pax-christi-Kommission 'Solidarität mit Zentralafrika' begrüßt die Veröffentlichung der Studie „Gerechtigkeit mit Rohstoffen“ (Equity in Extractives) vom 10.05.2013 im Rahmen des südafrikanischen „African Progress Panel“. „Die Studie „Gerechtigkeit mit Rohstoffen“ legt die Finger auf offene Wunden. Sie zeigt z.B. auf, dass multinationale Konzerne durch Rohstoffausbeutung doppelt so viele Geldmittel aus Afrika abziehen, als durch sogenannte Entwicklungshilfe den Kontinent erreichen. Am Beispiel der Demokratischen Republik Kongo wird dargestellt, wie Briefkastenfirmen für Schürfrechte „einen Pappenstiel“ bezahlen und diese in Einzelfällen in Steueroasen kurz darauf mit hohem Profit weiter veräußern. Dem wird die bittere Armut der einfachen Menschen in den meisten afrikanischen Ländern gegenübergestellt. Ursachen sind häufig fehlende Transparenz bei den multinationalen Konzernen, aber auch bei afrikanischen Regierungen, die oft nicht für das Wohl des Landes handeln“, kommentiert Jean Djamba für die pax christi-Kommission Solidarität mit Zentralafrika.

Bei der Vorstellung des Berichtes hatte Kofi Annan dazu aufgerufen, die „skrupellose Ausbeutung afrikanischer Rohstoffe zu beenden“. Rechtzeitig vor der nächsten G8-Sitzung drängt er deren Vorsitzenden, den britischen Premierminister David Cameron dazu, dass die G8-Staaten dafür sorgen, einige „gewissenlose Praktiken“ von Unternehmen zu beenden. Es sei „unethisch“, wenn etwa zur Steuervermeidung Rechnungen über Briefkastenfirmen ausgestellt würden, um Profite zu maximieren. „Hier ist insbesondere G8-Mitglied Kanada in der Pflicht“, betont Jean Djamba, „weil dort 75 % aller Bergbaukonzerne der Welt ihren Sitz haben. Die kanadische Justiz hat, anders als in Europa üblich – keine Jurisdiktion über die Geschäftspraxis kanadischer Konzerne in fernen Ländern. Djamba ergänzt: „Die deutsche Bundesregierung ist hier gefragt, sich bei der G8-Sitzung für einheitliche Regeln einzusetzen und den Sumpf mit Steueroasen und lascher Gesetzgebung trockenzulegen, der erhebliche Menschenrechtsverletzungen verursacht.“ Als Mitglied der UNO-Menschenrechtskommission, vor der sich Kanada demnächst verantworten muss, solle die Bundesregierung sich auch dort für eine Begrenzung der ausbeuterischen Geschäftspraktiken multinationaler Konzerne einsetzen.

Als Beispiel für hohe Profite bei Unternehmen ohne Nutzen für das Ursprungsland analysiert der Bericht fünf Bergbauverträge der kongolesischen Kupferfirma Gecamines, die zwischen 2010 und 2012 abgeschlossen wurden. Schürfrechte seien an eine Reihe von Firmen vergeben worden, die in Steueroasen wie den britischen Jungferninseln residierten und deren Besitz unklar sei, wenig später seien diese Rechte mit bis zu 400 % Profit weiterverkauft worden. Allein für die fünf untersuchten Verträge beläuft sich der Verlust für den Kongo auf 1,36 Mrd. Dollar. Eine aufschlussreiche Bezugsgröße zu solchen Summen sind die 698 Mio. Dollar, die der kongolesische Staat derzeit für Gesundheitsfürsorge und Bildung ausgeben kann und die Tatsache, dass im Kongo 17 von 100 Kindern sterben bevor sie das fünfte Lebensjahr erreichen.

Die Regierung der Demokratischen Republik Kongo hat allerdings schnell auf diesen Bericht reagiert. Bergbauminister Martin Kabwelulu erklärte gegenüber der Nachrichtenagentur Reuters, die Geschäftsabwicklung sei in völliger Transparenz durchgeführt worden. „De facto hat sich der Kongo wohl über den Tisch ziehen lassen“, vermutet Heinz Rothenpieler, der Sprecher der pax christi-Kommission Zentralafrika. „Ich gehe davon aus, dass der Bericht die in Afrika tätigen Konzerne, aber auch afrikanische Regierungen unter Druck setzt, künftige Verträge ausgewogener abzuschließen. Sicherlich wird der Report auch bei den Delegierten der in wenigen Tagen beginnenden Sitzung der Afrikanischen Union zu ihrem 50jährigen Jubiläum in Addis Abeba für Gesprächsstoff sorgen.“

Den Bericht „Gerechtigkeit mit Rohstoffen“ (Equity in Extractives) finden Sie auf dieser Internetseite: Africa Progress report 2013

* Ansprechpartnerin bei pax christi für die Medien: Generalsekretärin Christine Hoffmann

Zusammenfassung der Ergebnisse (englisch):

SUMMARY

For much of the region’s history, Africa’s resource wealth has been plundered and squandered. It has served the interests of the few, not the many. Revenues that could have been used to improve lives have instead been used to build personal fortunes, finance civil wars, and support corrupt and unaccountable political elites. This report has a simple message: history does not have to repeat itself. Today, Africa’s governments have a unique window of opportunity to convert natural resource wealth into a catalyst for poverty reduction, shared prosperity and accelerated human development.

This year’s Africa Progress Report rejects the view that Africa is blighted by a “resource curse” – an affliction that automatically consigns the citizens of resource-rich nations to a future of economic stagnation, poverty and poor governance. There is no curse. The malaise that has afflicted natural resource management in Africa is caused by the wrong domestic policies, weak investment partnerships and failures in international cooperation. Lifting that affliction will require decisive leadership by African governments, backed by multilateral action and a commitment by foreign investors to adopt best international practices.

There is cause for optimism. Global market conditions point to another decade of high prices for natural resources, creating an environment conducive to economic growth. The policy environment has also improved. Strengthened public finance management has enabled Africa to escape the boom-bust cycle associated with past upswings in commodity markets. There have been moves towards greater transparency and accountability – the twin pillars of good governance in natural resources. New legislation in the United States and the European Union will add further impetus to these moves. Many companies are now looking beyond short-term profits and towards long-term investment partnerships. These companies recognize the economic, as well as the ethical, case for strengthening linkages to local firms, for social and environmental impact assessments, and for engagement with local communities.

None of this is to understate the risks and challenges that come with Africa’s ongoing resource boom. Surges in revenue have to potential to destabilize budget planning. Governments must make tough choices over how much to spend today and what to save for the future. There are risks that the fragile and, in some countries, still limited moves towards more open budget systems and enhanced disclosure in state extractive companies will be reversed. The Africa Progress Panel is concerned at foreign investors extensive use of offshore companies, shell companies and offshore jurisdictions. And much of Africa remains trapped in a pattern of exporting raw materials, with few countries successfully breaking into manufacturing and processing. None of this is inevitable – and our report demonstrates that the alternatives are practical, achievable and affordable.

Rapid growth, but a mixed record on human development

The past decade has been a period of sustained growth in Africa. Despite a weaker global economy, regional growth has averaged over 5 per cent a year. Twenty resource-rich countries have been at the forefront of the economic recovery. These countries, accounting for 56 per cent of Africa’s population, have grown on average more rapidly than other countries – and they include some of the world’s fastest-growing economies. Half of the resource-rich group has seen average income rise by one-third or more. In 2012, Angola and Sierra Leone outperformed China; Ghana and Mozambique grew more rapidly than India.

Many resource-rich countries are moving up the international wealth rankings. Over the past decade, Cameroon, Ghana, Nigeria and Zambia have crossed the threshold from low-income to lower middle-income status. Another five countries – Angola, Botswana, Gabon, Namibia and South Africa – are in the upper middle-income group. Equatorial Guinea, with an average income of US$27,478 in 2011, is classed as a high-income country.

Progress on reducing poverty and improving human development has been less impressive. Resourcerich countries have some of the world’s largest gaps between their global ranking on wealth, as measured by average income, and their performance on wider indicators for wellbeing, as captured by the Human Development Index (HDI). Equatorial Guinea’s HDI ranking is 91 places below its average income rank, and Angola’s is 38 places below. Moreover, resourcerich countries are heavily concentrated in the lower reaches of the HDI ranking. They account for 9 of the 12 last places, with the Democratic Republic of the Congo, bottom. (Figure 1)*

International comparisons graphically illustrate the failure of many countries to convert resource wealth into expanded opportunities for human development. Bangladesh has a far lower average income than Nigeria, yet the country’s children are three times less likely to die before their fifth birthday. And while Bangladesh has achieved universal primary education and gender parity, Nigeria has 10 million children out of school and some of the world’s largest gender gaps. Angola has one of the world’s highest maternal mortality rates. Eleven of the resource-rich countries – including high-income Equatorial Guinea – are in the group of 20 countries with the highest child mortality rates. (Figure 2)

High growth has not always reduced poverty. New research undertaken for the Africa Progress Report has explored the interaction between average income and the incidence of poverty in four countries. Both Ghana and Tanzania reduced poverty, though by far less than the amount predicted on the basis of their growth performance: Tanzania should have lifted another 720,000 people out of poverty. While Zambia registered strong growth, poverty levels increased by over half-amillion people. Nigeria also saw an increase in poverty.

Why have resource-rich countries been unable to use stronger economic growth to accelerate poverty reduction? While the precise answer to that question varies across countries, the underlying problem can be summarized in two words: rising inequality. In each of the four countries explored, almost all of the benefits of economic growth were captured by the richest 10 per cent. In Zambia, the income share of the poorest 10 per cent fell by half over the survey period examined, while the richest decile increased its share of national income by almost one-third, from 33 per cent to 43 per cent of the total.

This pattern is consistent with the wider drift towards rising inequality. In last year’s Africa Progress Report we cautioned that the rising disparities in wealth evident across the region are both unsustainable and unfair. That assessment applies with special force to resourcerich countries. These countries have an unprecedented opportunity to use resource wealth to reduce poverty faster. It is vital that governments seize that opportunity by distributing resource revenue more fairly.

The same is true for other areas. Some countries have invested resource revenues in health, education, water and sanitation, expanding opportunities for the majority of their citizens. Yet the record is checkered. Some political elites continue to seize and squander the revenues generated by national resource, purchasing mansions in Europe and the United States or building private wealth at public expense. Angola’s oil revenues have been used to amass personal fortunes and subsidize cheap water and electricity for the wealthy, while the poor are left without basic services.

Looking back over the past decade, it is clear that growth alone will not transform human development prospects in resource-rich countries. Governments need to ensure that the revenue streams that come with the growth of extractive industries are invested efficiently and equitably. Part of that investment has to be directed towards inclusive economic growth, since it is growth that will generate the jobs and future revenues needed to sustain progress. But for the millions of people lacking access to health, education, clean water, social protection and other basic services, it is imperative that governments use resource revenues to increase the quality and accessibility of those services.

Africa and the commodity super-cycle

Africa’s resource-rich countries have been riding the wave of a global commodity market tide. Even though supply of some commodities is unpredictable, markets are set to remain tight over the coming years, with real prices remaining well above the average level of the 1990s. (Figure 3)

By the end of 2011, average prices for energy and base metals were three times as high as they had been a decade earlier, and were approaching or surpassing record levels over the past 40 years. Reflecting the underlying market conditions, mining investments increased more than fourfold between 2000 and 2010, reaching almost US$80 billion annually, and the value of world metals production rose at twice the rate of global GDP – a marked contrast with the stagnation in value of the previous decade. The upshot is that Africa has been integrating into one of the most dynamic sectors of world trade.

There is little evidence to suggest that a downturn is imminent. Some commentators maintain that the world is still in the middle phase of a commodity “super-cycle”. Fuelled by high growth in emerging markets and constraints on supply, prices are set to remain high. Compared with prices in 2005, which were already well above average levels for the 1990s, projected prices for 2025 are around 20 per cent higher for metals and minerals, 25 per cent higher for energy commodities, and over 90 per cent higher for precious metals.

Such projections should not be interpreted as cause for over-exuberance. Africa is still a relatively minor player in inherently unpredictable global markets. Slower growth in China, global recession, increased investment in new sources of supply – such as natural gas extracted by “fracking” – and new technologies could fundamentally change underlying market conditions. African governments need to plan for uncertainty and the risks that come with dependence on exports, while preparing to manage increased revenues.

Increased exploration and rising foreign investment are deepening Africa’s integration into global natural resource markets. In the energy sector, established oil producers are expanding production. The US Geological Survey estimates that the coastal areas of the Indian Ocean could hold more than 250 trillion cubic feet of gas in addition to 14.5 billion barrels of oil. To put this figure in context, it exceeds the known reserves of the United Arab Emirates and Venezuela. Africa’s share of world gold exports is rising. Countries such as Zambia and the Democratic Republic of the Congo occupy a strategic place in world markets for copper and cobalt. More recently, there has been a global scramble to secure access to some of the world’s largest and least developed iron ore deposits in Guinea, Liberia and Sierra Leone.

The revenue flows associated with Africa’s natural resources are potentially transformative. The IMF estimates that revenue from Mozambique’s natural gas and coal could reach US$3.5 billion annually. Iron ore exports from Guinea could generate over US$1.6 billion annually. Exports of natural gas, gold and other minerals could produce a revenue stream equivalent to 15 per cent of Tanzania’s GDP. (Figure 4)

The past decade has witnessed not just a surge in foreign investment activity, but a proliferation of actors. Companies active in Africa’s extractive sectors range from the multinational firms that dominate world petroleum and mining to smaller and more specialized regional actors. State and private Chinese companies occupy an increasingly prominent role, as do firms from other emerging markets. Many of the foreign investors operating in Africa are following international best practice, often in a difficult operating environment. However, the Africa Progress Panel has identified two major areas of concern.

The first concerns the structure of investment activity. Foreign companies operating in Africa make extensive use of offshore-registered companies and low-tax jurisdictions. In some cases, multinational companies are also linked through their investment activities to complex webs of shell companies. These arrangements come with weak public disclosure and extensive opportunities for tax evasion. This is bad for efforts to strengthen transparency and accountability in Africa – and jeopardizes the reputations foreign investors.

The second area of concern relates to the linkages between foreign investment activity and local markets. Extractive industries typically operate as lowvalue added enclaves with weak linkages to local firm and employment markets. Over a decade into the commodity boom, Africa continues to export predominantly unprocessed raw material, and to import consumer goods and agricultural commodities. This is not a sustainable model of development. It is imperative that governments develop industrial strategies for adding value to raw materials prior to their export – and that foreign investors do more to build local linkages. (Figure 5)

In 2012, overall private capital flows are estimated to exceed aid transfers by 8 per cent.76 Foreign direct investment was similar to aid flows before the 2008 global recession before falling back slightly (Figure 6). That position has now been reversed, with the latest data pointing to a rise in FDI and a decline in aid. While the increase in private capital flows has reduced financial dependence on aid, development assistance remains a critical source of finance for a significant group of countries. Moreover, well-designed development assistance can support national efforts to use resource wealth to accelerate poverty reduction, notably by building institutional capacity.

From natural resources to human development

Translating natural resource wealth into human development requires integrated policies across a wide range of areas. Governments need national strategies that set out the terms on which resource wealth will be exploited, including provisions on sustainability, the regulatory environment and licensing. They also need to ensure that revenues are collected, accounted for and allocated efficiently and equitably to advance public policy goals. Moving from good principles to practice is not an easy journey.

Poor governance of state companies and assets is associated with extensive revenue losses. In 2012, Angola was unable to account for US$4.2 billion in “financing residuals”, essentially missing money, in the accounts of the state oil company. Nigeria is estimated to have lost US$6.8 billion between 2010 and 2012. Revenue losses on this scale cause immense damage to public finance – and to national efforts to reduce poverty.

Concession trading arrangements are often associated with undervaluation of assets. No country has lost more from this practice than the Democratic Republic of the Congo. This report includes a detailed analysis of five privatization deals conducted through the sale of stateowned assets to foreign investors operating through offshore companies registered in the British Virgin Islands and other jurisdictions. We estimate the total losses sustained in these deals as a result of undervaluation of the assets at US$1.3 billion - –more than double total budget spending on health and education. In a country with 7 million children out of school, the sixth highest child mortality rate in the world, and endemic malnutrition, losses of this order carry high human costs. (Figure 7)

The underpricing of concessions generates large returns for offshore companies. In the case of the Democratic Republic of the Congo, we estimate that underpricing generated returns of around 500 per cent for the offshore companies involved. In Guinea, the price secured by another offshore company for a concession in iron ore represented a return in excess of 3,000 per cent, with the agreed price exceeding Guinea’s GDP.

Lack of transparency remains a major concern. Resource-rich countries in Africa score poorly on the Resource Governance Index (RGI), a measure of the level of disclosure in the natural resource sector. Cameroon, the Democratic Republic of the Congo, Equatorial Guinea and Mozambique register some of the lowest scores reported on the RGI. Opaque practices in the natural resources sector are reinforced by opaque national budgets, with citizens routinely denied access to key budget documents.

Many resource-rich countries need urgently to review the design of their tax regimes. Most were designed to attract foreign investment during a period of low commodity prices. Countries have provided extensive tax concessions, including “tax holidays”, low royalty payments, and exemptions from corporation tax. One review in Zambia found that between 2005 and 2009, half a million workers in the country’s copper mines were paying a higher rate of taxation than major multinational mining companies. The IMF and the African Development Bank have urged governments to reconsider the level of tax concessions that they provide.

Tax evasion continues to erode the revenue base for public finance in many countries. It is impossible to quantify the scale of the problem. However, high levels of intra-company trade create extensive scope for trade “mispricing”, enabling companies to report profits in low-tax jurisdictions; and the extensive use of offshore companies and shell companies makes it difficult for African tax authorities to assess profits and enforce compliance. Trade mispricing alone is estimated to have cost Africa on average US$38 billion annually between 2008 and 2010 – more than the region received in bilateral aid from OECD donors. Put differently, Africa could double aid by eliminating unfair pricing practices. (Figure 8)

Converting resource revenues into tangible human development gains and expanded opportunity requires efficient and equitable public spending. The record of resource-rich countries in this area is mixed, but far from encouraging. Several countries – Chad is a notable example – under-invest in basic services. Countries such as Ghana, Kenya and Zambia skew public spending on health, education and infrastructure away from the most disadvantaged areas. As a group, resource-rich countries under-invest in social protection. The 1.5 per cent of GDP spent by Nigeria provides limited coverage. One of the main programmes, Care of the People, provides modest grants to only 22,000 households (0.001 per cent of the poor).

Unlocking the potential

The immense challenges that African governments face have practical and achievable solutions. Governments can also draw upon a wide range of guides to action. The Africa Mining Vision, jointly prepared by the African Union and the Economic Commission for Africa, sets out a compelling agenda for using resource wealth to boost inclusive growth, expand opportunities and reduce poverty faster. The Natural Resource Charter, which draws on international best practice, is another valuable tool that can help to frame policies.

Many African governments are leading by example. Reform-minded political leaders, supported by civil society, have used the Extractive Industries Transparency Initiative (EITI) to strengthen disclosure standards. Sierra Leone now publishes contracts and concessions online. In February 2012, Guinea published on a government website more than 60 contract documents covering 18 mining projects, along with a searchable summary of contract terms, allowing non-experts to find key sections and understand the obligations of companies and the government. The new Liberian Draft Petroleum Policy has a section devoted to transparency measures that will influence the eventual drafting of sector legislation. It includes provisions requiring the disclosure of the beneficial ownership structure of mining companies, revenue forecasts and oil sale price information. Ghana’s 2011 Petroleum Revenue Management Act exceeds EITI reporting standards. These initiatives reflect the political impetus towards greater transparency and accountability in Africa.

International initiatives are supporting Africa’s efforts. Under the Dodd-Frank legislation introduced in the United States, the Securities Exchange Commission will require companies involved in extractive industries to publicly disclose all payments on a project-byproject basis. The legislation, which has prompted parallel moves from the European Union, provides an opportunity for foreign investors to support Africa’s efforts to strengthen transparency and accountability. Unfortunately, many companies have failed to grasp that opportunity. Some have initiated legal challenges seeking to overturn Dodd-Frank provisions. Others have embarked on a campaign of attrition aimed at diluting mandatory reporting requirements. This is shortsighted – and the commercial arguments deployed in favour of weaker disclosure lack credibility.

Not all of the opposition emanates from industry. The Canadian government has opposed the introduction of mandatory disclosure standards. This matters because companies listed on the Toronto stock exchanges control global mining assets in excess of US$109 billion and in 2011 were involved in over 330 projects in Africa. China’s stock exchanges, most notably in Hong Kong and Shanghai, also need to be brought into a more transparent multilateral regime.

Several governments in Africa are introducing more efficient and balanced tax regimes. Royalty rates have been increasing, reflecting the escalation in world prices. The African Development Bank has proposed indexing royalty payments to world prices, which would improve stability and predictability in tax administration. The IMF has urged governments to avoid negotiating tax deals on an investor-byinvestor basis, and several countries have successfully renegotiated what were unbalanced arrangements.

However, African governments acting alone cannot resolve some of the most pressing tax problems facing the region. Tax evasion is a global problem facilitated by a mixture of intra-company trade practices, the extensive use made by foreign investors of offshore centres, shell companies and low-tax havens, and weak disclosure standards in a number of financial and commodity trading centres, including Switzerland, the United Kingdom and the United States. While there have been encouraging moves towards greater international dialogue on taxation, what is lacking is decisive international action – and this is an area in which the G8 and the G20 can make a difference.

In the past, fiscal policy has been an Achilles’ heel of resource governance in Africa. Surges of revenue have led to bouts of uncontrolled public spending, without subsequent adjustment during downturns in the commodity cycle. This picture is changing. Governments are setting a reference price for resource exports, smoothing flows into the budget across the commodity cycle and placing surpluses into sovereign wealth funds and other instruments. Nigeria’s recently established sovereign wealth fund has drawn on the experience of other countries in the region and beyond – including Botswana and Chile – to establish clear and transparent rules managing resource flows.

Effective fiscal management does not provide answers to key questions over spending. All governments have to consider the capacity of national economies to absorb increased spending financed by resource revenues. Saving for the future is an important policy goal. However, the Africa Progress Panel believes that there should be a presumption in favour of “frontloaded” expenditure – investing early in infrastructure and basic services. Evidence shows that returns to investment in infrastructure can be very high, typically ranging between 15 per cent and 20 per cent, and the World Bank estimates that infrastructure investments could raise Africa’s long-term growth rate by 2 per cent a year. By contrast, returns to savings in secure bond markets are currently well below 1 per cent, implying a negative return when adjusted for inflation.

Spending priorities have to be determined in the light of national dialogue. Two guides to action stand out. The first is that investment geared towards long-term, inclusive growth is critical. Governments need to ensure that the revenues generated by non-renewable natural resource assets are turned into permanent improvements in economic infrastructure and in people’s health, education, welfare and livelihoods. Unless growth continues, increased spending in basic services will become unsustainable. At the same time, it is difficult to make a case for saving a large share of resource revenues when some 30 million African children are out of school, when the region’s health system is unable to deliver basic care to a large share of its population, and when climate risk continues to trap smallholder farmers.

The second priority, therefore, is to use the revenues generated by resource exports to break the cycle of poverty trapping millions of Africans, and to unlock opportunities. These revenues can be used to eliminate charges on basic services, to expand provision for the most marginalized groups and areas, and to raise both the quality and accessibility of health care and education. Part of the resource windfall could also be invested in developing national social protection systems, drawing on the best regional practices of countries such as Rwanda and Ethiopia, and on relevant experience from other regions.

SHARED AGENDA FOR CHANGE THAT BENEFITS ALL

Africa’s natural resource wealth is an asset with the potential to lift millions of people out of poverty and build shared prosperity for the future. This report has identified some of the policies that could realize that potential by enabling Africa’s people, governments, civil society, foreign investors and the wider international community to come together around a shared agenda for change.

These policies offer pathways towards win-win scenarios. When governments strengthen disclosure standards and improve accountability, they improve their legitimacy in the eyes of their citizens. When foreign investors adopt more stringent disclosure standards and avoid irresponsible practices including tax evasion, they stand to gain from improved standing in the host countries – and from the avoidance of risks that could damage shareholder interests. If the international community comes together to tackle tax evasion, rich countries as well as poor will gain as the losses associated with aggressive tax planning diminish.

By the same token, when there is a deficit of trust there are no winners – and resource governance in Africa has long been blighted by a lack of trust. Millions of Africans have lost trust in the capacity and concern of their governments to manage what are public natural resource assets in the public interest

Governments and many of their citizens question the motives and practices of foreign investors, while the companies themselves often have little confidence in the governments that shape the policy environment in which they operate. Building trust is harder than changing policies – yet it is the ultimate condition for successful policy reform. Civil society organizations have played a central role in strengthening transparency and accountability and they often partner effectively with all key stakeholders groups highlighted below. Their role is fundamental to implementing most of the recommendations below.

Africa has never suffered from a “resource curse”. What the region has suffered from is the curse of poor policies, weak governance and a failure to translate resource wealth into social and economic progress. The favourable market conditions created by global resource constraints provide no guarantee that the growth of extractive industries will lead to improvements in the lives of people. But if governments seize the moment and put in place the right policies, Africa’s resource wealth could permanently transform the continent’s prospects.

RECOMMENDATIONS FOR IMMEDIATE ACTION

Trensparency and accountability

Adopt a global common standard for extractive transparency: All countries should embrace and enforce the project-by-project disclosure standards embodied in the US Dodd-Frank Act and comparable EU legislation, applying them to all extractive industry companies listed on their stock exchanges. It is vital that Australia, Canada and China, as major players in Africa, actively support the emerging global consensus on disclosure. It is time to go beyond the current patchwork of initiatives to a global common standard.

Realize the Africa Mining Vision: Adopt the Africa Mining Vision’s framework for “transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socio-economic development” as the guiding principle for policy design. Immediately equip the African Minerals Development Centre with the technical, human and financial resources it needs to help governments develop national strategies. Implement the Africa Mining Vision at country level, including a strenghtened EITI provision.

Use the African Peer Review Mechanism: Assert African leadership in reforming the international architecture on transparency and accountability by implementing the African Peer Review Mechanism’s codes and standards on extractive industry governance.

Distribution of benefits

Build a multilateral regime for tax transparency: The G8 should establish the architecture for a multilateral regime that tackles unethical tax avoidance and closes down tax evasion. Companies registered in G8 countries should be required to publish a full list of their subsidiaries and information on global revenues, profits and taxes paid across different jurisdictions. Tax authorities, including tax authorities in Africa, should exchange information more systematically.

Economic transformation

Boost linkages, value addition and diversification: Add value by processing natural resources before export. Forge links between extractive industries and domestic suppliers and markets to contribute towards value addition. Structure incentives to favour foreign investors who build links with domestic suppliers, undertake local processing and support skills development. Use linkages to diversify national economies away from dependence on extraction.

Resource revenues and public spending

Ensure equity in public spending: Strengthen the national commitment to equity and put in place the foundation for inclusive growth: African governments should harness the potential for social transformation created by increased revenue flows. Finance generated by the development of minerals should be directed towards the investments in health, education and social protection needed to expand opportunity, and towards the infrastructure needed to sustain dynamic growth.

Social and environmental sustainability

Protect artisanal mining: Support artisanal mining, which is labour-intensive and provides precious jobs. The formal extractive sector and informal artisanal mining both stand to gain from constructive arrangements that recognize the rights of artisanal miners and protects the interests of all investors.




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