Saturday, September 30, 2023

‘Every cent of oil money must be accounted for’ – Guyana President reaffirms at inauguration

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President of Guyana Dr Mohamed Irfaan Ali says his government will ensure transparency and accountability in the oil and gas sector, citing the phenomenal growth projections of the International Financial Institutions for the South American country this year.

Dr. Ali was speaking on Saturday at his inauguration ceremony in Georgetown, six days after he was sworn in as the country’s 9th Executive President.

Noting that his government intends to fulfill its campaign promises, the President spoke of his intention to establish a legal and regulatory foundation upon which a new and modern economy will be built striking a vital balance between traditional sectors and the new and emerging industries, including oil and gas, technology and communication.

“We will create a Single-Window Clearance System to reduce bureaucracy and the cost of doing business. This will make it easier for local and foreign investors to start-up and establish businesses in our economy that is forecast by the World Bank to grow by a whopping 52.8% this year – surpassing all 26 Latin American and Caribbean states,” said President Ali.

He also expressed the need for prevention of political interference in the oil and gas sector, saying: “We will also establish a Petroleum Commission to ensure that the oil and gas sector is not subjected to undue political interference. More importantly, we will ensure that every cent of the revenues from the sector is accounted for, as well as every cent of it that is spent.”

Robust systems must be in place before touching oil money – President Ali

President Ali said there must be no doubt in the minds of Guyanese that the people of Guyana are the beneficiaries of the oil and gas industry.

Ali is yet to announce any changes with regards to the administration of the Department of Energy, established under the previous administration and tasked with managing the affairs of the oil and gas sector.

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