Financial Crime World

EITI Implementation in Guyana Lags Behind Requirements, Assessment Reveals

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A recent assessment has evaluated the implementation of the Extractive Industries Transparency Initiative (EITI) in Guyana and found that while some progress has been made, there are still significant areas for improvement.

Areas for Improvement

Following Up on Recommendations

  • The assessment highlights that despite some efforts to follow up on EITI reporting recommendations, a concerted effort is yet to be made to strengthen the impact of EITI implementation by acting upon lessons learnt.
  • Annual progress reports provide general overviews of progress, but more detailed descriptions of follow-up on specific recommendations are only included in the EITI Report prepared by the Independent Administrator.

Reviewing Outcomes and Impact

  • Guyana has published annual progress reports covering the 2017-2020 period, but these reports have significant gaps and do not provide an overview of progress towards implementation objectives or assessments of work plan objectives.
  • There is no evidence of efforts to strengthen the EITI’s impact in Guyana.

Government Engagement

  • While government engagement with the EITI has been good at times, there have been delays and weaknesses in this engagement.
  • The government has provided sufficient funding for EITI implementation, but it remains unclear whether all possible measures have been taken to overcome legal, regulatory, and practical barriers to disclosure.

Stakeholder Engagement

  • Stakeholder engagement was found to be fairly low, with 60% of stakeholders consulted considering that their views were not adequately represented.
  • However, this is an area where improvement could still be made.

Conclusion

While Guyana has made some progress in implementing the EITI, there are significant areas for improvement. To address these gaps, the government and other stakeholders must work together to strengthen the impact of the EITI implementation and ensure transparency and accountability in the extractive industries sector.