Gambiaj.com – (DAKAR, Senegal) – The 2023 Extractive Industries Transparency Initiative (EITI) report, published in December 2024, has raised serious concerns about the lack of transparency in Senegal’s extractive sector. At the center of the controversy is PETROSEN, Senegal’s state-owned petroleum company, which failed to provide crucial information regarding loans and loan guarantees.

This lack of transparency has sparked outrage among civil society organizations and the public, who are demanding accountability and more openness from PETROSEN. Critics argue that without full disclosure of financial information, there is a risk of corruption and mismanagement within the country’s extractive sector. The government has been urged to take immediate action to address these concerns and ensure that PETROSEN operates with greater transparency moving forward.

Key Information Withheld

The report outlines several questions PETROSEN was required to address, including the number of loans or loan guarantees granted to extractive companies, as well as their amounts, durations, and conditions. However, the company did not provide any of the requested details.

In response, the EITI report issued a clear recommendation: PETROSEN must disclose comprehensive data on loans granted or received, including the initial loan amounts, durations, interest rates, associated guarantees, and periodic updates on outstanding principal and accrued interest. This data, according to the report, is essential for analyzing the nature of transactions, such as barter agreements.

Transparency Policy Lapses

The EITI report also revealed that PETROSEN, despite having a code of ethics and transparency, has not published it. The issue extends beyond PETROSEN, as other state entities like MIFERSO and SOMISEN have similarly failed to disclose their transparency policies.

The report emphasized the need for these entities to make their anti-corruption policies public. These policies, the authors noted, should outline commitments, internal procedures, and preventive measures aimed at curbing corruption.

Call for Accountability

The lack of transparency and disclosure has prompted calls for immediate action. By withholding crucial financial information and failing to publish anti-corruption measures, these state-owned enterprises risk undermining public trust and compliance with international standards.

The EITI’s recommendations serve as a warning to PETROSEN, MIFERSO, and SOMISEN to prioritize transparency and accountability. As Senegal continues to position itself as a hub for extractive industries, the absence of ethical and transparent governance frameworks could hinder its progress and reputation on the global stage.