Burkina Faso Takes Steps Towards Beneficial Ownership Transparency

Introduction

In a significant move aimed at increasing accountability and reducing corruption, Burkina Faso has committed to implementing beneficial ownership transparency reforms. This initiative is part of the country’s efforts to increase transparency and accountability in its natural resource management practices.

Background on EITI Membership

As a member of the Extractives Industry Transparency Initiative (EITI), Burkina Faso is required to disclose the true owners of companies operating in the extractive sector. This membership was a crucial step towards ensuring that the country’s natural resources are managed transparently and responsibly.

Commitment to Beneficial Ownership Transparency

Burkina Faso made its initial commitment to beneficial ownership transparency on February 25, 2016. This move marked an important milestone in the country’s efforts to increase transparency and accountability in the extractive industries.

Key Commitments:

• Initial commitment made on February 25, 2016
• Part of broader efforts to increase transparency and accountability in natural resource management practices

Open Government Partnership National Action Plan

In addition to its EITI membership, Burkina Faso has also included a commitment to beneficial ownership transparency in its Open Government Partnership National Action Plan. The plan, launched on December 2, 2019, outlines specific steps that the government will take to improve transparency and accountability in various sectors.

Key Components:

• Launched on December 2, 2019
• Outlines specific steps for improving transparency and accountability in various sectors

Implementation Progress

While Burkina Faso has made progress towards implementing beneficial ownership transparency reforms, there is still more work to be done. The implementation details are still being planned, with a focus on establishing the necessary legal and regulatory frameworks to support disclosure requirements.

Next Steps:

• Establishing legal and regulatory frameworks to support disclosure requirements
• Ongoing planning and implementation of beneficial ownership transparency reforms

Benefits of Beneficial Ownership Transparency

The benefits of beneficial ownership transparency are numerous, including reduced corruption, improved accountability, and increased investor confidence. As Burkina Faso continues to work towards implementing these reforms, it is likely that the country will see positive outcomes in terms of economic development and good governance.

Key Benefits:

• Reduced corruption
• Improved accountability
• Increased investor confidence