DAYS after Guyana submitted its first report to the Extractive Industries Transparency Initiative (EITI) international body, Minister of Natural Resources, Raphael Trotman, has noted that the government’s commitment to openness and transparency is strong.

Trotman was at the time speaking at the ministry’s Main Street annex on Thursday when he announced that the report has been submitted to the EITI International Secretariat. Trotman said that the report, which was published in conformity with the EITI standard, goes beyond “mere reconciliation of payments and receipts to include contextual information.” It includes a summary description of the legal framework and fiscal regime, the sector’s contribution to the economy, production and export data, state participation in the extractive industries, as well as revenue collections. He said it also includes information on sustainability of revenues, licence registers and licence allocations.

The Multi Stakeholder Group (MSG), the body of stakeholders which was formed to overlook the work of the EITI, agreed on the participating sector and although the fisheries and forestry sectors were not mandatory, they were included in the compilation of the report. “The MSG also agreed to include extractive entities which made payments over the materiality threshold of GYD$75,000,000,” he said.

Trotman also noted that the industries studied included those from the government, oil and gas and mining sectors, from which 24 entities were identified. He said in the oil and gas sector, nine entities were identified while seven participated. He said the total revenue analysed amounted to $2,638,000,000, which represents 13 per cent of the total revenue within the extractive sector. According to the minister, the report “connects dots and points the way forward for better management through greater transparency in the extractive sector. He said this is the main focus of the government in the process.

He pointed out that the process aims to having an improved investment climate, examines how to assist in strengthening licensing, record keeping and tax collection systems, and legal and fiscal frameworks. He said too, it points to how reforms and governance can be improved, as well as to promote greater economic and political stability.

Trotman noted that for companies, the report illustrates how to mitigate political and reputational risks as well as creating a level playing field in countries of operation and transparency of payments made to investments makers of a country. It was noted too, that for civil society, the report allows for more information on what is happening in the extractive sector so as to be able to hold the government accountable. On Monday, the report was handed over to Minister Trotman at the ministry’s boardroom by Deputy Coordinator for the Guyana EITI (GYEITI), Diane Barker. Trotman was presented with a brief summary of the report as the actual report amounts to some 6,000 pages. He is expected to apprise the President and other Cabinet members about its completion.