Ministry of Natural Resources, Guyana, Friday, October 7, 2016
The Extractive Industries Transparency Initiative, EITI, is a widely-accepted international framework for strengthening transparency and accountability in the extractives sector. Adherence to, and implementation of, EITI as part of a menu of good governance measures, is important for Guyana’s economic and social development.
Guyana’s economy is heavily based on extractive industries and the country is soon to become an oil and gas producing nation. These resources belong to the people, are nonrenewable, and therefore will need to be managed very judiciously. In this context, EITI will bring many benefits to Guyana: an improved investment climate, a signal to international investors that the government has a clear commitment to transparency and good governance, and strengthened accountability vis-à-vis the Guyanese people. Guyana’s entry into the EITI framework is not only because of oil as our other resources must be better managed as well.
The Government of Guyana welcomes the Government of the United States of America’s support of our efforts to improve the management of the operations in our extractive sector. This grant from the US Government will allow the Carter Center, a good friend of Guyana, to launch a capacity-building project which will enable Guyana to submit its application for EITI candidacy, and maintain its participation thereafter.
We are committed to improving transparency and accountability within the extractive industries sector and will work with the Carter Center to ensure that we meet our bench marks that include:
These areas of engagement are useful for Guyana’s smooth implementation of a process to which we are all new, and which requires intense focus and our collective efforts for its success. We wish to therefore thank the Carter Center for its willingness to continue its longstanding relationship with Guyana, and the Government of the United States of America for facilitating and supporting this partnership.
By the end of 2016, we hope to make great strides in advancing not only Guyana’s Candidacy in the EITI, but more importantly, strengthening the good governance and transparency initiatives, and democratic fundamentals that we have committed ourselves to adhering to.
Open, transparent and accountable governance of the extractive industries are integral to the sustainable development of Guyana, and we, as Guyanese, and in partnerships, must do what is right and necessary. The EITI, is both right, and necessary.