The Guyana Extractive Industries Transparency Initiative (GYEITI) will be conducting a series of meetings across the country this month aimed at providing the public with information about EITI and how its implementation can benefit the South American country.
With oil production set to begin in less than 3 years, this initiative is expected to provide a platform for public discussion on good governance and management of the country’s natural resources.
A public notice appearing in the Guyanese media over the weekend states that the outreach events, which will be conducted through the Ministry of Natural Resources, is designed to enhance communications efficiency between GYEITI and citizens. “Stakeholders in the natural resources sectors and the general public are invited to engage in discussion with representatives of government, industry and civil society,” the notice indicated.
EITI is a global standard that promotes revenue transparency and accountability in the extractive sector. As mandated; companies publish what they pay and governments publish what they receive from exploitation of natural resources.
Guyana has been seeking to put measures in place to attain EITI candidacy. This includes a commitment to work with civil society and companies, and establish a multi-stakeholder group to oversee the implementation of EITI. The multi-stakeholder group is required to maintain a current work-plan, be fully costed and be aligned with the reporting and validation deadlines established by the EITI board.