The Extractive Industries Transparency Initiative (EITI) is a crucial global standard for the responsible management of natural resources. It strengthens government practices, improves company accountability, encourages civil society participation, fosters public discourse, and builds trust. The EITI Standard outlines the requirements for recognition as an EITI implementing nation, overseen by the EITI Board. The adoption of the 2019 EITI Standard in June 2019, effective January 1, 2020, represents a commitment to transparency and accountability. The EITI report is essential for enhancing public awareness of the extractive sector’s impact on Guyana’s development, promoting better governance standards in the industry.
Relationship With EITI Guyana
The Guyana Geology and Mines Commission (GGMC) actively responds to and contributes to the many requests for information pertaining to mining and petroleum transactions such as processes and policy; licences and permits issued; revenue received and payments expedited, all with a view of ensuring that the reporting on the material aspects of accountability, governance and transparency within the mining and petroleum sectors are achieved in accordance with the standards of the EITI.