While progress has been made in terms of revenue and contract transparency, the impact of such approaches on increased accountability remain largely unknown. Without strong regulatory frameworks and competent institutions, transparency alone is unlikely to achieve sustainable development outcomes. We need flexible, collaborative and adaptive management practices anchored in a solid understanding of the political economy to adapt to changing circumstances and local context. Sound and sustainable fiscal regimes – and a leadership committed to the use of revenues for the benefit of all – is also key to translate resource wealth into sustainable development outcomes.