ACODE lauds government on embracing transparency in oil sector

Civil society organisation, Advocates Coalition for Development and Environment (ACODE) has welcomed government's decision to join the transparency initiative in the  extractives industry.

ACODE said the move will in the long run attract investors into the natural resources sector.

The decision that was announced on Tuesday by the governments spokesperson Ofwono Opondo is aimed at improving accountability and management of natural resources.

Ofwono said government is committed to subjecting the management of oil , gas and mining revenues to scrutiny by the Extractives Industry Transparency Initiative (EITI).

Onesmus Mugyenyi, the manager, Environment, at ACODE said: "Most countries endowed with oil and gas have suffered from the resource curse with the benefits from the resource ending up in the pockets of individuals as opposed to helping the nations."

He said Uganda's subscription to EITI will save the country from the resource curse.

The commitment to EITI has taken cabinet 10 years to approve.