Guyana Invites Proposals for Consultant to Implement Beneficial Ownership Transparency Roadmap

Introduction

The Guyanese government has issued an invitation for consultancy services to implement a roadmap aimed at promoting transparency and accountability in the country’s extractive sectors. This initiative is in line with the global standard set by the Extractive Industries and Transparency Initiative (EITI), which requires all implementing countries, including Guyana, to maintain a public register of beneficial owners.

Background

The EITI standards require countries to request and publicly disclose beneficial ownership information by January 1, 2020. However, four years after the deadline, Guyana has yet to develop a register of beneficial owners holding lucrative mining licenses in the extractive sectors. The government approved a roadmap for implementing beneficial ownership transparency in 2019, which includes two phases: capacity building and institutional framework assessment, as well as data collection and reporting.

The Roadmap

The roadmap was delayed due to the COVID-19 pandemic, but the Multi-Stakeholder Group (MSG) has since approved Terms of Reference for recruiting a consultant to implement the roadmap. The Ministry of Natural Resources has invited requests for proposals for individual consultancy services to support Guyana EITI in implementing the beneficial ownership roadmap.

Importance of Beneficial Ownership Transparency

Beneficial ownership transparency is crucial for monitoring corruption and ensuring that natural resources are used for the benefit of all citizens, rather than being misallocated for corrupt purposes. In Guyana’s case, concerns have been raised over the awarding of oil blocks prior to the 2015 general elections, which led to the handing over of lucrative licenses to companies without transparent ownership structures.

Concerns and Pressures

The government has been under pressure to disclose beneficial ownership information for holders of Guyana’s oil blocks. However, progress on this front has been slow. The lack of transparency has sparked concerns about corruption and tax evasion, particularly in a country where extractive assets are often misallocated for corrupt reasons.

Call for Proposals

The Ministry of Natural Resources invites requests for proposals for individual consultancy services to support Guyana EITI in implementing the beneficial ownership roadmap. The deadline for submissions is January 30, 2024.

• Key tasks:
  • Capacity building and institutional framework assessment
  • Data collection and reporting
• Expected outcome: A functional system for collecting and disclosing beneficial ownership information

Conclusion

Guyana’s government has taken a significant step towards promoting transparency and accountability in the extractive sectors. The implementation of the beneficial ownership roadmap is crucial for ensuring that natural resources are used for the benefit of all citizens, rather than being misallocated for corrupt purposes.