A stakeholdersâ€™ consultative meeting on the mining sector has called on government to come up with a comprehensive policy framework that compels multinational companies to declare what they earn so that revenue generated from natural resources is accounted for.
While Zimbabwe has rich natural resources, it has failed to account for the revenue generated as most multinational companies bank their money in offshore accounts.
Stakeholders from various sectors of the economy met in the capital for a strategic planning programme where they agreed that government should have a policy that compels all players in the mining sector to be accountable as little royalties are paid to treasury.
Affirmative Action Group (AAG) Executive Director, Dr Davison Gomo says while other civic organisations were calling on transparency in the diamond revenue, the concept should be adopted across the board as many multinational companies are milking the country of its resources.
Resource Exploitation Watch Environment Law Director, Mr Tafadzwa Sengwe and the Zimbabwe Environment Law Association Director, Mr Mthuso Dhliwayo agreed that if the concept is fully adopted, government will be able to trace the revenue generated and how it can be used to enhance the lives of communities where the minerals are extracted.
The concept, which is under the banner of the Extractive Industry Transparency Initiative, was established to encourage and assist countries rich in natural resources to report all payments being made by extractive companies to the government as well as all payments government has received from these companies.
It aims to provide a platform for civil society organisations to share information and discuss strategies on how best the government, mining companies and civil society can work together to promote transparency and accountability in the mining sector for national economic development.