The Extractive Industries Transparency Initiative (EITI) sets a global standard for transparency in the management of oil, gas, and mining revenues. In many resource-rich countries, especially those that are recovering from civil war, opacity and silence have created mistrust and suspicion. Citizens often assume that the government and the extractive companies are in cahoots to keep the wealth for themselves, and companies sometimes feel that governments and citizens are ganging up on them to reset the rules and renegotiate contracts. The EITI has been held up as a shining example of how multi-stakeholder initiatives can address these kinds of challenges. But the initiative is still young, and much of this praise has been premature. This chapter investigates the EITI through the recent case study of Liberia.