Strengthening domestic resource mobilisation Using resources for sustainable development Extractive revenues are critical for supporting national development and public expenditure priorities, especially in the face of economic downturns and commodity price volatility. The 2023 EITI Standard requires more detailed disclosures, which can help governments ensure that revenues are maximised for public benefit rather than private gain. The EITI’s core work on revenue reporting supports this shift. Thanks to more comprehensive reporting on revenues and contracts, countries are increasingly able to use data to undertake analysis and financial modelling of past and future revenues from the sector. The EITI is also providing guidance on how countries can use the EITI process to address revenue sustainability and strengthen tax collection. Republic of the Congo A 2021 study, commissioned by ITIE Congo, uses EITI data to examine past and expected future payments from key oil projects and companies’ oil sales to better understand the effectiveness of the Republic of the Congo’s fiscal policies. It found that the government earned less due to its shrinking share of project revenues and explains the effect of renegotiations of terms in oil contracts. The study also provides a benchmarking of oil sales, costs and prices. Valuable lessons can be drawn from the study, which offers a data-driven steer for informing public debate and reform on Congo’s fiscal regime. Ghana Ghana’s parliament approved a bill in August 2020 allowing the government to invest mineral royalties in a special purpose vehicle, Agyapa Royalty Limited, and issue some of the company’s shares to public investors. A financial modelling study, commissioned by Ghana EITI, was carried out to determine if the transaction represented a fair deal for the country. It found that the shares were undervalued, and the government subsequently suspended the deal to conduct further consultations. Additionally, a separate report found that the implementation of fiscal reforms that were recommended in EITI Reports led to an additional USD 714 million in government revenue between 2004 and 2018. PHOTO: SHUTTERSTOCK PHOTO: SHUTTERSTOCK Transportation of bauxite ore in Guinea. 48 EITI Anniversary Report