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Govt. signals intention to sign on to Extractive Industries Initiative

Dec 04, 2013 News

 

The Government of Guyana through the Ministry of Natural Resources and Environment is making moves to have within its governance an Extractive Industries Transparency Initiative (EITI) to improve the level of transparency and accountability in the extractive industries, particularly mining.
According to the Ministry “The  Extractive  Industries  Transparency  Initiative  (EITI)  is  a  global  standard  aimed  at  improving revenue transparency and accountability in the extractives sector. EITI was established in 2002 and since then has become a robust yet flexible methodology for monitoring and reconciling company payments and government revenues from oil, gas and mining at the country level.”
This will be done in two main components, one being the disclosure of payments to the government from private companies, and the disclosure of receipts from the government, by means of an Annual Report, with the other component being the constitution of multi-stakeholder groups including representatives from the government, private sector and civil society responsible for overseeing the process and communicating the findings of the EITI Report.
The Ministry established that the undertaking is being advanced through the hiring of an international or local consultancy team to commence a “Scoping Study” on the adoption of the global Extractive Industries Transparency Initiative (EITI) in Guyana.
According to the Ministry, Guyana is “primarily a resource-based economy” and its extractive industries are important for generating government revenue, employment and income.
“The sector occupies a central place in the economy due to attractive commodity prices, the availability of mining properties, increases in production and technological improvements. With further hydrocarbon exploration, the resumption of manganese mining, increased production of bauxite and gold and the opening to new exploration, the extractive sector is expected to continue growing rapidly.”
Minister of Natural Resources and Environment Robert Persaud said that in 2012 the Ministry re-engaged the EITI International Secretariat to implement the initiative in Guyana.
“This request was followed by the visit of Mr. Jonas Moberg, Manager of the EITI International Secretariat, and the signature of a Memorandum of Understanding in May 2012 to assist Guyana in its preparation for the consideration of EITI candidacy.”
According to the Minister, as part of their commitment to exploring the implementation of the EITI in countries in the Latin America and the Caribbean region, the Inter-American Development Bank and the World Bank are providing technical advice to the Government of Guyana in its efforts towards EITI candidacy.
The benefits for a country such as Guyana that seeks to implement the EITI include among other things an improved investment climate by providing a clear signal to investors and international financial institutions that the government is committed to greater transparency. EITI also assists in strengthening accountability and good governance, as well as promoting greater economic and political stability.

 

 

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