Business News of Wednesday, 3 April 2013
Source: Joy Online
WACAM, a civil society organization committed to bettering the lives of people in resource rich communities in Ghana has dared the American Petroleum Institute (API) to withdraw its suit against the implementation of the Dodd Frank Act.
The Dodd Frank Act is a Civil Reform Act Passed by the United State of America in 2010; it contains provisions that require oil, gas and mining companies listed in the US to disclose payments to governments with companies listed in the US.
The law was meant to help civil society monitor monies paid by extractive industry operators to their government.
In 2012, the API filed a lawsuit to block the transparency requirement, and some mining companies have also joined the suit.
In an Oxfam produced documentary stumbled upon by Spyghana.com, the Director of Advocacy and Communications at WACAM, Boakye Dankwa Boadi expressed worry over an attempt by the API to prevent the implementation of the Act.
“We saw the new regulation as something good that has happened to us, because the American companies were going to tell us how much have been paid to our government so that we can hold our governments accountable.” Mr. Boadi stated.
“We don’t understand why they are blocking this accountability and transparency move, what do they have to hide? Are they bed fellows with government on corruption?” A frustrated Mr. Boadi is heard saying in the documentary.
He challenged the API and others to drop the case now if they want to be taken seriously else it will affect their public image as responsible institutions.
Oxfam has been calling on the US oil companies to drop their support for the API’s lawsuit and let the Dodd Frank Act be implemented.