S.E.C. in bed with the oil companies? Oxfam event in front of S.E.C., February 10, 2012. Photo: Oxfam America
The big news that came out of Obama’s recent trip to Africa was the announcement of his “Power Africa” initiative. The initiative has been praised and criticized, but I’ll just note the last few paragraphs of the White House Fact Sheet that discuss transparency — almost as an afterthought:
Transparent Natural Resource Management
The recent discoveries of oil and gas in sub-Saharan Africa will play a critical role in defining the region’s prospects for economic growth and stability, as well as contributing to broader near-term global energy security. Yet existing infrastructure in the region is inadequate to ensure that both on- and off-shore resources provide on-shore benefits and can be accessed to meet the region’s electricity generation needs.
Although many countries have legal and regulatory structures in place governing the use of natural resources, these are often inadequate. They fail to comply with international standards of good governance, or do not provide for the transparent and responsible financial management of these resources.
Power Africa will work in collaboration with partner countries to ensure the path forward on oil and gas development maximizes the benefits to the people of Africa, while also ensuring that development proceeds in a timely, financially sound, inclusive, transparent and environmentally sustainable manner.