Transparency body offers Govt. help on extractive sector

Oct 25, 2014 News

Watchdog body, Transparency Institute Guyana Inc. (TIGI) has offered to help Government

Watchdog body, Transparency Institute Guyana Inc. (TIGI) has offered to help Government to build accountability in country’s extractive industry.

to build accountability in the country’s extractive industry.
According to the body, it is welcoming the opportunity to be a part of the Extractive Industry Transparency Initiative (EITI) which seeks to promote transparency, accountability, and the proper utilization of the financial resources derived from the extractive industry.
At the inception meeting on October 10, 2014, held at the Herdmanston Lodge, and attended by representatives of the Government, private sector and civil society organizations, the Ministry of Natural Resources and Environment declared its intention of engaging citizens in the initiative, TIGI said yesterday.
“TIGI is eager to participate in the initiative, and will seek to engage with the Ministry to examine ways in which the organization can work together with the government to reach out to, and educate citizens who are interested in supporting efforts to promote Guyana’s development.”
TIGI said that citizens’ awareness and engagement are necessary if they are to benefit from the proceeds of the extractive industry.
“At the same time, greater transparency and accountability is important to investors since citizens will become more aware of their contributions to Guyana’s development.”
Apart from the extractive industries that more readily come to mind, TIGI said it will also be seeking clarification on issues related to the bauxite industry and the ‘Rare Earths’ component of the industry.
“‘Rare Earths’ are a collection of minerals that are very valuable to modern high-tech industries and like oil, is a relatively new addition to Guyana’s economy.”

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