We recognise that our operations have the potential to make a positive and lasting impact on the countries and communities where we operate.
Our economic contribution includes direct job creation, support of local and national suppliers, the acceleration of economic development in the areas surrounding our operations, and community enhancement through social investment initiatives.
Our approach
Our economic contributions are made from paying taxes and royalties in our host countries, through employee wages, our payments to suppliers and our investments into host communities.
It is important to us that our stakeholders understand our tax and broader economic contributions as these demonstrate the full impact of the role we play in society.
We report on our economic contribution in our Tax and Economic Contribution report, which is an integral part of our suite of annual and ESG reporting and demonstrates our commitment to transparency and sharing the wealth we create.
Key facts
2023 economic contribution highlights
$2.3 billion
total economic contribution
$1.2 billion
(81%) spent on in-country suppliers
$1.6 billion
total procurement
$659 million
total of taxes, royalties, dividends and other payments to governments
16,212
employees and contractors
$4 million
invested in community projects
Prioritising local procurement
A significant proportion of our economic contribution is our procurement spend on local suppliers in West Africa.
We go further than just local sourcing; we are dedicated to helping local enterprises thrive.
Through targeted training programmes and support for easier access to financing via partnering banks such as Ecobank, we aim to improve business operations and resilience. Our goal is to equip these businesses to meet international standards, where possible, and significantly contribute to economic growth in our regions of operations.
By integrating local suppliers into our supply chain and focusing on their development, we are building a sustainable economic environment that benefits everyone involved.
Visit our ESG Reporting Centre to find out how we prioritise in-country suppliers of goods and services to multiply our positive impact on the economies of our host countries, creating employment and strengthening local businesses.
The ESG frameworks and disclosures we follow for this topic are:
- GRI 201, 204
- SASB EM-MM-510
- RGMP 3 Supply chain
- LPRM
- SDG 1 No poverty
- SDG 8 Decent work and economic growth
Endeavour’s local procurement strategy in action
At Endeavour, we believe a strong local presence fuels our success and benefits the communities we operate in. Our local content strategy is designed to prioritise local sourcing, develop local businesses and lead local procurement.
Throughout 2023, we actively engaged with stakeholders to raise awareness of our local procurement strategy. These efforts included engaging key decision makers, run supplier open days and do local business meetings.
To ensure transparency and accessibility, we have translated our Supplier Code of Conduct, appointed ‘Local Content Champions’ and held supplier open days.
We recognise the importance of access to finance for local businesses. Therefore, we actively advocate for increased financial access to financial institutions.
Our local procurement strategy is already creating positive change through training for market gardening, women’s empowerment and SMEs and support for young people.
By prioritising local procurement, we unlock economic growth for our host communities and create a sustainable future for all stakeholders.
Total taxes and contributions
Tax and Economic Contribution Report 2023
As an active and important regional economic player in West Africa, we aim to be open, honest and transparent regarding our approach to tax.
We take pride in showing responsibility, compliance and transparency in relation to our tax and economic contributions in the regions where we operate. This includes engaging in open and honest dialogue with our stakeholders, listening to their views and taking these into account as part of our ambition to deliver sustainable value to our employees, stakeholders and communities.
The purpose of our Tax and Economic Contribution Report is to provide an overview of the tax and economic contributions made by Endeavour in our major operating jurisdictions, and to provide additional information about how we manage tax as part of the Group’s overall commercial activities.
You can find more information about ESG at Endeavour through reports in our ESG reporting centre.
ESTMA
The Extractive Sector Transparency Measures Act (“ESTMA”) reports include information on certain tax, royalty, dividend and other payments to governments on a country-by-country as well as on a project-level basis and are filed annually with the Canadian authorities.
Sustainability Report 2023
Read about our ESG strategy and the significant sustainability milestones reached in 2023.
