This study critically analyzes the mandatory financial disclosure requirements imposed on extractive companies operating in Liberia under the Liberia Extractive Industries Transparency Initiative (LEITI) and examines their implications on transparency, accountability, and sustainability in the extractive sector. Firstly, the study utilizes a qualitative approach and conducts interviews with stakeholders involved in or affected by the extractive sector in Liberia. The study reveals that mandatory financial disclosure under the LEITI has contributed to increased transparency, trust, compliance, and revenue generation in the extractive sector. However, the implementation of these requirements has encountered challenges in reducing corruption, addressing environmental and social issues, and ensuring participation and enforcement. Despite these challenges, the LEITI has proven to be more effective, efficient, and sustainable compared to other transparency initiatives in the extractive sector, such as the Publish What You Pay (PWYP) Coalition Liberia. Through the LEITI implementation, the study identifies best practices and lessons learned, including the importance of mandatory financial disclosure, multi-stakeholder engagement , a broad scope of reporting, and regional and global cooperation. Nevertheless, the study concludes that mandatory financial disclosure alone is insufficient to improve the performance and accountability of extractive companies in Liberia. Transparency initiatives like the LEITI should address both technical and political aspects of natural resource governance, while also considering the social and environmental impacts of extractive activities. In light of these findings, the study recommends that stakeholders in the extractive sector enhance the institutional and operational aspects of the LEITI. These recommendations encompass strengthening the legal and regulatory framework, empowering and involving civil society, addressing structural inequalities and power imbalances, and establishing effective oversight and enforcement mechanisms.
Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:hig-42927 |
Date | January 2023 |
Creators | Myers, Marilyn S. |
Publisher | Högskolan i Gävle, Avdelningen för ekonomi |
Source Sets | DiVA Archive at Upsalla University |
Language | English |
Detected Language | English |
Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
Format | application/pdf |
Rights | info:eu-repo/semantics/openAccess |
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