Lifting of EITI suspension: Guyana reaffirms commitment to transparency

With Guyana fulfilling its obligations and submitting the necessary report to the Extractive Industries Transparency Initiative (EITI) to lift its suspension, the Ministry of Natural Resources has assured of its commitment to continue working with stakeholders to improve transparency.
Five months ago, Guyana was suspended from the EITI for failing to submit on time a report on transparency in the extractive sector. That suspension has now been lifted after Guyana submitted the 2020 report on June 30, before the extended deadline.
In a statement on Wednesday, the Natural Resources Ministry assured that it remains committed to working with stakeholders. According to the Ministry, Guyana’s suspension on February 1, 2023 was a result of the delay in submitting the report on time.
“The report provides full disclosure of government revenues from Guyana’s extractive industries, as well as disclosures of all material payments made to the government by companies operating in the oil, gas, mining, forestry and fisheries sectors.

“The report’s submission highlights the government’s commitment to transparency and its dedication to upholding global best practices. Notably, the government has already begun working on the 2021 report,” the Ministry explained.
The Ministry noted that, without compromise, the report was submitted one month ahead of the new July 30, 2023 deadline. This, the Ministry noted, was possible through collaboration between the Government, EITI and relevant stakeholders.
In this vein, the Ministry of Natural Resources has committed to continue working with all relevant stakeholders to ensure transparency is upheld within the extractive industries sector, which includes oil and gas.
“The ministry reaffirms its commitment to advancing transparency, accountability, and good governance in the extractive industries. We will continue to work closely with all stakeholders to strengthen systems, improve reporting mechanisms, and promote the sustainable management of Guyana’s natural resources,” the Ministry has added.
In a statement on the lifting of the suspension on Tuesday, President Dr Irfaan Ali said the Government remains confident that all systems would remain in place to ensure that Guyana is not placed in a similar position in the future.
“The Government of Guyana is pleased that the Extractive Industries Transparency Initiative (EITI) Board lifted a temporary suspension on Guyana, which it had put in place on February 1, 2023 due to the country’s inability to publish its 2020 EITI Report.
Guyana published the report on June 30 within five months of the six-month deadline.
“The Government remains confident that all systems will remain in place to ensure that Guyana is not placed in a similar position in the future,” he said in the statement.
In February, after it was revealed that Guyana had been given an extension for the final submission of the report, President Ali had said that he would ensure that, this time around, the report is submitted in advance of the new May 2023 deadline.
He had also revealed that there may have been deliberate attempts to sabotage the submission of the report at the level of the Multi-Stakeholder Group (MSG) of the EITI, which had delayed approval of the Terms of Reference (ToR) for the consultant hired to complete the report.
The EITI is an international body that requires implementing countries to publish comprehensive reports which include the full disclosure of Government revenues from the extractive sector, as well as the disclosure of all material payments made to the Government by companies operating in the oil, gas, and mining sectors.
Guyana’s first report was submitted to the International Secretariat on April 25, 2019. Membership in the EITI means that Guyana will have to adhere to the 12 principles of the EITI standards voluntarily. These 12 principles include encouraging corporate social responsibility, sharing of information, revealing beneficial ownership, and promoting revenue transparency. Failure to do so could be met with suspension from the EITI.
Guyana’s next validation commences on April 1, 2024.
The EITI had previously allocated Guyana a score of 52 for implementing the 2019 standard, commending Guyana for the strides taken to make information available and consult with stakeholders, while also providing recommendations to further strengthen the system.
Guyana’s score of 52 included a score of 42 on “outcomes and impact”, 60 on “stakeholder engagement”, and 53.5 per cent when it comes to transparency. According to EITI, Guyana did manage to establish a functioning platform for multi-stakeholder discussions.