Summary

All contracts, licenses, and related agreements are critical to any country's legal framework. They explain the rights and responsibilities of all parties involved in exploiting and or extracting mineral and other resources. Contract transparency fosters beneficial relationships among citizens, companies, and governments, thereby reducing conflict and promoting stability in the sector. It helps set accurate hopes about the terms, conditions, and timelines for extraction, expediting accurate government revenue collection and forecasting. By shedding light on the rules and terms governing extractive projects, contract transparency can help curb corruption and empower citizens to consider whether they are getting a good deal for their resources. Public disclosure of contracts shows how much revenue is expected to stream to national and subnational governments.

Liberia is a member of the Extractive Industries Transparency Initiative, a global standard to uphold the' transparent and accountable management of natural resources. The foundation of EITI implementation is that natural resources must benefit the country's citizens and contribute to economic growth and sustainable development. One of the twelve principles of the EITI is its commitment to promoting high standards of transparency and accountability in public life, government operations, and business.