ACC calls for companies to publicly declare assets

Martin Endjala

In a strong move to intensify the fight against corruption, the Anti-Corruption Commission (ACC) has called for companies to disclose their financial dealings, including gross revenue, taxes, royalties, and payments to the government and shareholders.

This initiative aligns with the Extractive Industries Transparency Initiative (EITI), a standard that Namibia, through the Ministry of Mines and Energy, is encouraged to adopt.

The ACC’s Chief Public Relations Officer, Josefina Nghituwamata highlighted the potential benefits of joining the EITI, emphasizing transparency in the financial activities of companies.

“These disclosures are essential for public accountability,” Nghituwamata stated while pointing to Norway as an exemplary model of effective policies and laws in this area.

The call for transparency follows President Nangolo Mbumba’s firm commitment to eradicating corruption, voiced during a recent Cabinet meeting.

Nghituwamata praised President Mbumba’s dedication to enhancing transparency and accountability, especially within the energy sector, which is pivotal to Namibia’s economy and development.

“Corruption is a multifaceted issue that requires a comprehensive approach to be effectively addressed,” Nghituwamata said, stressing the necessity of political will in tackling corruption.

She stated that corruption not only undermines democracy, the rule of law, and good governance but also disproportionately affects the less privileged while benefiting only a select few.

While reiterating the significance of the energy sector, Nghituwamata argued for the protection and responsible extraction of natural resources, prioritizing the well-being and empowerment of Namibian citizens.

“Transparency in the energy sector is crucial for preventing the misuse and foreign exploitation of our natural resources,” she added.

The ACC’s call for transparency includes advocating for clear disclosure policies regarding contracts with foreign investors and the ownership of companies.

Nghituwamata said that by implementing such measures, Namibia will be able to ensure that its natural resources are managed in a way that promotes the development and prosperity of all its citizens.

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