THE government has moved closer to fulfilling its commitment to having Guyana become a member of the international body – Extractive industries Transparency Initiative (EITI).

Minister of Natural Resources Raphael Trotman, Mr. Mike McCormack and Ms. Joy Persaud, of the civil society body, Policy Forum, attended the 7th World Summit of EITI in Lima, Peru from February 24-25, 2016.
In Peru, the Guyana delegation participated in plenary and break-out sessions and had valuable interactions with several country delegations and these pledged support for attaining and sustaining membership of the body.
The EITI is a global organisation of 51 countries, which have subscribed to establishing, upholding and promoting the standards and tenets of good governance, transparency and accountability in the management of extractive industries.
At its core, the EITI promotes the belief that natural resources belong to the people and are to be extracted and managed on behalf of the people; both for current and future generations.
Countries, on assuming membership, coordinate their activities through a tripartite Multi-Stakeholder Group (MSG) that comprises representatives of government, industry and civil society.
According to the Ministry of Natural Resources, Guyana is at present finalising the composition of a fully functioning secretariat to advance the work.
In its quest to embrace good governance standards in the regulation of extractive industries, Guyana has been receiving guidance and support from the EITI’S Norway- based secretariat and the Trinidad & Tobago Chapter (TTEITI), the ministry stated.
Guyana, with an economy heavily based on extractive industries, and soon to become an oil and gas producing nation, propelled the government’s desire in 2015 to give its approval for Guyana’s membership application to be expedited, and to date, two seminars have been convened and a third is scheduled for March 4, 2016.
The March seminar will be conducted in conjunction with the TTEITI and the University of the West Indies.
All seminars are aimed at raising awareness amongst stakeholders and streamlining the application process.