The Consolidated Youth for Peace & Development (COYPED) a registered civil society youth-led has made the latest call for transparency in the country’s extractive industries.
According to COYPED executive director, James Koryor natural resources provides government with significant amounts of revenues every year and these valuable sources of income should be used as basis to reduce poverty and to promote sustainable development in the country.
The youth advocate further stressed that lack of transparency and insufficient oversight mechanism has allowed revenue generated from the extractive industries to be misapplied or embezzled by individuals to the detriment of the greater Majority.
The COYPED boss also noted that despite Government expressed wiliness to improve natural resource governance in Liberia, the country will not maximize the benefits from oil revenue without transparency and substantial reforms.
Mr. Koryor further stressed that Liberians have not benefited from their resources all because of bad governance and selfishness stating that over half of the country population currently live in abject poverty despite we have over 120 registered companies in the extractive industries and the government boosting of over 16 billion investment been attracted to the country yet the common man in Liberia cannot afford his basic needs.
Mr. Koryor, said that his organization welcomes the drafting of the new petroleum law and stressed that it will be expedient for the Government to review all oil contracts since indeed these contracts were signed based on laws that were outdated and do not reflect international standards.
The youth advocate is at the same time calling on the National Legislature to enact laws in the interest of the masses and not few people. The youth group is calling for the revision of concession in other sector of the Extractive Industries in Liberia noting that some of these company that were granted concession license do not have the technical and financial capability such as Buchanan Renewable (BR) former Buchanan Renewable Energy and Elenilto who have benefited over 200 million at the expense of the Liberian people.