Burkina Faso Takes Step Towards Beneficial Ownership Transparency, But Still Lags Behind in Implementation

A Significant Move towards Financial Transparency

Burkina Faso has made commitments to beneficial ownership transparency for the extractives sector as an Extractives Industry Transparency Initiative (EITI) member and included it in its Open Government Partnership National Action Plan. This is a significant move towards greater financial transparency, but the country still lags behind in implementing effective measures to achieve this goal.

Current Status of Beneficial Ownership Transparency Reforms

According to records updated on April 4, 2024, Burkina Faso’s beneficial ownership transparency reforms are currently at the “Planned” stage. This means that while a commitment has been made, concrete actions have yet to be taken. The lack of comprehensive data and implementation details raises concerns about the country’s ability to effectively track and disclose beneficial ownership information.

History of Commitments

As an EITI member since February 25, 2016, Burkina Faso has pledged to provide transparency in the extractives sector, including beneficial ownership information. Similarly, its Open Government Partnership National Action Plan, launched on December 2, 2019, includes a commitment to beneficial ownership transparency.

Implementation Challenges

Despite these commitments, the absence of implementation details and data raises questions about the country’s progress towards achieving this goal. The lack of comprehensive data and implementation details makes it difficult to assess the country’s ability to effectively track and disclose beneficial ownership information.

Open Ownership Map: A Tool for Transparency

The Open Ownership map, which draws data from publicly available sources, shows that Burkina Faso is still in the process of implementing its commitments. The map also notes that data may not be comprehensive for all countries, and information on some countries is not available due to a lack of reliable sources.

Conclusion

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While Burkina Faso has made commitments to beneficial ownership transparency, it still lags behind in implementing effective measures to achieve this goal. The country needs to take concrete actions to track and disclose beneficial ownership information, and provide comprehensive data and implementation details to ensure transparency and accountability.