–to manage its extractive resources

GUYANA’S application to become a candidate country of the Extractive Industries Transparency Initiative (EITI) has been accepted, a statement from the Ministry of Natural Resources said Wednesday.
Guyana became the 53rd candidate country following deliberations at the 38th Extractive Industries Transparency Initiative Board meeting which is being held in Manila, Philippines from October 25 to 26, 2017.

“This is a signal achievement for all Guyana as it strengthens the good governance framework that the APNU+AFC coalition government has committed to establishing for the extractive industries sector and beyond,” the ministry stated.
The EITI is a global standard for the good governance of oil, gas and mineral resources.
Guyana through subject Minister Raphael Trotman and National Coordinator of the Guyana EITI Secretariat, Dr Rudy Jadoopat, were invited to the meeting as observers. However, Minister Trotman chose to have a representative from civil society attend in his place.
In that regard, Co-Chair of the Multi-Stakeholder Group (MSG) representing civil society, Curtis Bernard, accompanied Dr Jadoopat to the meeting.

“I am elated that Guyana’s candidature application has been accepted. I see this as the fruit of an inclusive and committed process of shared governance… a process in which government, industry and civil society have worked together to deliver a nationally beneficial result. I congratulate all stakeholders who worked assiduously to ensure a timely submission of the application that met the EITI Secretariat’s standards and expectations,” said the Minister of Natural Resources.

Now that Guyana’s application has been accepted, the country has 18 months from the date of candidature to publish its first EITI report with information relevant to the extractive sector. That report will be prepared by an independent administrator.

“Once a country becomes a member of EITI, it must be assessed against the EITI Standard in a process called validation, which reviews the country’s progress against the EITI requirements, evaluates the impact, and makes recommendations for strengthening the process and improving the governance of the natural resources sector. The country is re-assessed anywhere between three months and three years, depending on the outcome of its validation. This encourages continuous improvement and safeguards the integrity of the EITI,” the statement said.

Through the EITI Secretariat, the EITI board oversees the validation process and if warranted, ascribes the country as having made satisfactory progress, meaningful progress, inadequate progress or no progress.
An implementing country’s first EITI Report must be published within 18 months from the date that the country was accepted as an EITI candidate country and validation is required to commence within two and a half years of becoming an EITI candidate country.

The secretariat is imploring all citizens, government officials and companies to visit the Guyana EITI website at gyeiti.org, where they will find Guyana’s work plan, Guyana’s candidature application and a list of members of Guyana’s Multi-Stakeholder Group (MSG), among other details. They can also visit the international EITI website at eiti.org.
The Government of Guyana made a commitment towards EITI on May 4, 2010 and signed a Memorandum of Understanding with EITI on May 15, 2012.
In October 2015, a draft report of a scoping study was presented and in 2016, the government reiterated its commitment to EITI and an EITI Champion was appointed in the person of Minister Trotman.

In December 2016, the Guyana EITI National Secretariat was established while in February 1, 2017, a national coordinator was appointed. On February 15, 2017, the Multi-Stakeholder Group was officially launched with representatives from government, industry and civil society and on August 18, 2017, the government formally submitted its application to become a candidate country of the EITI following the completion of several sign-up steps, which include government announcing its unequivocal commitment to implement EITI, committing to work with and engage the private sector, to work with and engage civil society.

The government also committed to establishing a Multi-Stakeholder Group in an open and transparent process in accordance with EITI requirements and with assistance from external consultants (World Bank, Carter Centre) and an EITI work plan was agreed to.