Consultancy team to be hired to enhance transparency and accountability in extractive industries

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[www.inewsguyana.com] – The Government of Guyana through the Ministry of Natural Resources and the Environment is moving to improve the level of transparency and accountability in the extractive industries, particularly mining.

The Government will be hiring an international or local consultancy team to commence a Scoping Study of the adoption of the global Extractive Industries Transparency Initiative (EITI) in Guyana.

The process of advertising for the consultancy began on Tuesday (December 3) in both local and international media, as well as on the E-procurement website.

The  Extractive  Industries  Transparency  Initiative  (EITI)  is  a  global  standard  aimed  at  improving revenue transparency and accountability in the extractives sector.

EITI was established in 2002 and since then has become a robust yet flexible methodology for monitoring and reconciling company payments and government revenues from oil, gas and mining at the country level.

In 2012, the Ministry of Natural Resources and the Environment (MoNRE) re-engaged the EITI International Secretariat to implement the initiative in Guyana.

This request was followed by the visit of Mr. Jonas Moberg, Manager of the EITI International Secretariat, and the signature of a Memorandum of Understanding in May 2012 to assist Guyana in its preparation for the consideration of EITI candidacy.

The Natural Resources Ministry has since participated in several EITI conferences and workshops in an effort to build local capacity in understanding the EITI processes.

Moreover, in February 2013, the MoNRE formally established a Multi-Stakeholder Group (MSG) for the consideration of a potential candidacy to the EITI.

The benefits for a country such as Guyana that seeks to implement the EITI include an improved investment climate by providing a clear signal to investors and international financial institutions that the government is committed to greater transparency.

EITI also assists in strengthening accountability and good governance, as well as promoting greater economic and political stability.

Minister of Natural Resources and Environment, Robert Persaud underlined the importance of transparency by the Government and companies in the extractive industries and the need to enhance public financial management and accountability.

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