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Terrence Campbell to remain member of oil money Investment Committee despite transparency concerns in use of revenues
…says lawsuit likely to be filed soon
Kaieteur News- Businessman Dr. Terrence Campbell has said he will not walk away from the Natural Resource Fund (NRF) Investment Committee, despite his deep concerns for the lack of transparency in the way the resources are being spent by the Government of Guyana (GoG).
In an interview with Kaieteur News, Campbell said, “I will continue to remain a member until I think either time, or other obligations no longer permit me to function effectively as a member of that committee.”
It would be recalled that last year in a letter to the Editor, he pointed to the glaring lack of transparency in the use of oil money, despite legal requirements in the NRF Act.
Opposition representative on the NRF Investment Committee, Dr. Terrence Campbell
In a December 2024 letter, the businessman shared, “A little over a month ago, I began pressing internally for the Board of the Fund to demand a justification for withdrawals from the Fund in accordance with Section 16 (2) subsections (a) and (b). These subsections specify that withdrawals must be for national development priorities and/or essential projects to ameliorate the effects of a natural disaster.” Campbell however noted that his request was met with stout resistance even in the face of my threat to initiate litigation.
To this end, he concluded, “In essence, the Board signs a blank cheque with each withdrawal. This effectively reduces the Board to a rubber stamp and the Public Accountability and Oversight Committee (PAOC), which is supposed to provide oversight, to a white elephant.”
Campbell described the matter of the NRF, its procedures for withdrawal and the rate of depletion as requiring urgent national attention. Further, he vowed to donate all of his remuneration to charity and called on the members of the Investment Committee and the PAOC to do likewise.
The businessman told Kaieteur News that while he considers tendering his resignation many days, it is his view that there should be diversity on such Boards.
He explained, “The problem with the NRF Board and all of its committee, with the exception of the Investment Committee, is that there is no one – I think, and in my personal judgment- who will actually stand up and question any directive from the government because there is an Accountability and Oversight Committee and they cannot properly do their work if they do not know how NRF funds are being spent.” Campbell therefore questioned the use of that body, as he outlined his reason for remaining a member.
“I’ve stayed on the inside to continue paying attention to what’s happening and externally, to avoid the back and forth with the Vice President and the Minister of Finance over interpretation of Section 16 of the Act,” he said.
The businessman hinted that this matter is likely to be taken to Court very soon.
(Terrence Campbell to remain member of oil money Investment Committee despite transparency concerns in use of revenues)
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