Equatorial Guinea is a member of the Organization for the Harmonization of Business Law in Africa (OHADA). Equatorial Guinea is also a member of the Central African Monetary and Economic Union (CEMAC), a subregion that  comprises of more than 50 million people.  Equatorial Guinea tried to be validated as an Extractive Industries Transparency Initiative (EITI)–compliant country, working toward transparency in reporting of oil revenues and prudent use of natural resource wealth. The country obtained candidate status on 22 February 2008. It was then required to meet a number of obligations to do so, including committing to working with civil society and companies on EITI implementation, appointing a senior individual to lead on EITI implementation, and publishing a fully costed Work Plan with measurable targets, a timetable for implementation and an assessment of capacity constraints. However, when Equatorial Guinea applied to extend the deadline for completing EITI validation, the EITI Board did not agree to the extension.