Stakeholders sensitised on EITI reporting mechanisms

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─ govt embraces transparency and initiatives to counter corruption

─ imperative EITI implemented before first oil

─ promotion of transparency important to promote economy

DPI, Guyana, Tuesday, February 12, 2019

With Guyana expected to produce its first Extractive Industries Transparency Initiative (EITI) report by April 2019, a workshop was held to sensitise stakeholders on the importance of EITI reporting mechanisms, methodology and processes.

During the opening of the workshop on Tuesday at Cara Lodge, Minister of Natural Resources, Raphael Trotman noted the importance of this milestone. He recalled that one of the first acts, when the Coalition Government assumed office in 2015, was to have a Cabinet endorsement of the EITI process.

“That may seem insignificant to some, but as a government, we embraced transparency and initiatives to counter the scourge and spectre of corruption,” the minister expressed.

Minister Trotman further underscored that it was imperative this was done before first oil in 2020.

GYEITI Independent Administrator from BDO LLP, a United Kingdom firm, Ben Toorabally stated these reports are critical to advancing transparency in the extractive sectors. He noted that in the case of Guyana where there are a number of challenges, transparency is the way forward.

“The promotion of transparency is important to promote the economy and put Guyana on the map so that people get confidence in the country and come here to promote investment which will, in turn, create jobs,” Toorabally stated.

It was pointed out that while there are legal obstacles in implementing EITI, stakeholders were urged to work around it. Some countries, like the United Kingdom, were faced with similar challenges which were overcome by waivers.

The reconciliation report will include information on operations and procedures of Guyana’s mining, forestry and oil and gas sectors and has to be submitted by April 25 2019.

Guyana officially became the 53rd candidate country of the Extractive Industries Transparency Initiative (EITI) in October 2017. Its application to become a candidate country was deliberated upon during the 38th Extractive Industries Transparency Initiative Board Meeting which was held in Manila, the Philippines from October 25-26, 2017. This achievement signalled the strengthening of the excellent governance framework that the coalition government committed to establishing for the extractive industries sector and beyond.

Anara Khan.

Images: Giovani Gajie.