Guyana has submitted its Extractive Industries Transparency Initiative (EITI) Report for the year ending December 31, 2022 before the deadline of December 31st,2024.
The report, prepared by BDO Professional Services Inc., serves as the sixth in a series of reports on Guyana’s extractive industries, covering key data on revenues from oil, mining, and other natural resources.
The 2022 EITI report was produced under the guidance of BDO Professional Services Inc., which was appointed as the Independent Administrator. According to the Scope of Work of the 2022 report, the engagement followed the International Standard on Related Services (ISRS) 4400, which mandates agreed-upon procedures for reporting on financial information. The procedures, as outlined in the Contract for Consultant Services with the Ministry of Natural Resources, focused on the reconciliation of payments made by extractive companies to the Government of Guyana, as well as payments received by the government. However, the report clarified that the procedures were not intended to provide an audit or a review in accordance with International Standards on Auditing.
As a result, while the report offers detailed financial data, it does not provide full assurances on transactions beyond the specific disclosures made in the report. The data presented is up-to-date as of October 18, 2024, and any information received after that date has not been included.
The country expressed its interest in joining the initiative back in May 2010, and following a series of consultations, it officially began its EITI implementation journey in 2017. In that year, the Guyana EITI (GYEITI) Multi-Stakeholder Group (MSG) was formed, comprising representatives from government, the extractive industry, and civil society.
Since its application in 2017, Guyana has worked diligently to meet the EITI’s rigorous standards of transparency and accountability. By October 2017, Guyana was officially accepted as the 53rd implementing country, joining a global network of nations committed to openness in the extractive sectors.
Despite its achievements, Guyana’s journey with EITI has not been without challenges. The country faced temporary suspension from the EITI in 2023 due to a delay in submitting its 2020 report.
The 2022 report also comes on the heels of a “Fairly Low” rating in the EITI’s 2022 validation assessment, which evaluated Guyana’s implementation of the initiative. According to the EITI Board’s assessment, Guyana scored 42% for Outcomes and Impact, 60% for Stakeholder Engagement, and 53.5% for Transparency. While these scores indicate areas of progress, they also highlight the need for further improvement in certain areas to meet the full expectations of the EITI.
The Guyana-EITI is also supported by the MSG, which continues to ensure that the principles of transparency and accountability are upheld. As part of the ongoing commitment to improving the country’s extractive governance, the Ministry of Natural Resources has made efforts to enhance stakeholder engagement, which will be crucial in advancing Guyana’s EITI objectives in the coming years.
The Extractive Industries Transparency Initiative is a global standard for the good governance of oil, gas, and mineral resources.
The initiative promotes transparency by requiring companies to disclose what they pay to governments and encouraging governments to publish what they receive, in an effort to combat corruption and promote accountability in resource-rich countries.
