THE Multi-stakeholder Steering Group (MSG) of the Guyana Extractive Industries Transparency Initiative (GYEITI), on Friday, December 29, 2023, approved and launched Guyana’s 5th EITI Report, covering the fiscal year 2021.

According to a press release from GYEITI, the report includes material payments made by mining, oil and gas, agriculture, and forest companies to the Government of Guyana.
The report shows an increase in extractive revenues from G$93.78 billion in 2020 to G$127.66 billion in 2021, representing a net increase of 36 per cent.

For the financial year 2021, oil and gas recorded G$112.43 billion, representing 88 per cent of revenues from the extractive sector, while mining recorded G$13.9 billion (11 per cent), and forestry recorded G$1.18 billion (one per cent). Earnings from the fisheries sector were also recorded.

The MSG recruited Hart Group/ BDO Guyana as independent administrator to produce the report.

In keeping with requirement 7.2.c of the EITI Standard, data contained in the report is also published in an open data format on GYEITI website at: https://eiti.gy/reports/explore-guyanas-fifth-eiti-country-report-fy-2021/.

To build on these efforts, the MSG has also approved the 2024 work plan, which includes implementing the Beneficial Ownership Roadmap, feasibility study on systemic disclosures of EITI data, awareness and community outreach, publication of Guyana 6th EITI report, amongst other activities.

Timely publication of Guyana’s 5th EITI Report demonstrates the government and MSG’s commitment to fully implementing the EITI principles and upholding the norms of good governance by providing the public access to activities in the extractive sectors.

The Guyana Extractive Industries Transparency Initiative is a part of the global initiative, the Extractive Industries Transparency Initiative.

The EITI seeks to promote revenue transparency in the extractive sector in resource-rich countries. It strives to ensure transparency over payments made to and revenues received by the Government from companies in the extractive sectors. Guyana joined the EITI in 2017 and has published five EITI reports. GYEITI is governed by a broad coalition of government, civil society, and the private sector.