Guyana’s first report since becoming a member of the Extractive Industries Transparency Initiative (EITI) presents a wealth of data in some innovative ways. Based on his review of the said document, the Head of Trinidad and Tobago’s EITI, Sherwin Long, highlighted that a breakdown of the social payments made by companies, in cash or in-kind, as well as details on the beneficiary and purpose of the contribution is pioneering.
Long noted, however, that Guyana needs to go a step further by using the said data for in-depth analysis which can then be used to inform public debates and planning for the respective sectors.
During an exclusive interview with the Guyana Standard yesterday, the TT-EITI Head said, “The good thing with Guyana is that you have contract transparency. That is noted in the EITI report and the ExxonMobil contract is there for the public to review. However, I would say that there needs to be a marriage between the information coming out of the EITI and what is in the contract.”
In this regard, Long said that models can be done to show that, based on what the contract stipulates, if in 2025 production rises to x figure and the price is at y, then the country is likely to get a certain amount. He noted that with this model, citizens are able to notice if and when there is a shortfall in the payments for 2025 and question the reasons for such a shortfall.
“That is the sort of future analysis that the EITI can help with. This type of analysis also helps to bridge the interpretation gap between the people and the report. This part of the job is equally important to the EITI process. You also need analysis of contracts because it helps with EITI reporting too,” the Trinidadian added.
Looking ahead, Long stressed that Guyana needs to see the EITI process as a useful health check on the nation and hasten moves to improve any areas of weakness that are identified. While reminding that these reforms will not happen overnight, the official did recommend that efforts be made to improve data and revenue collection systems. This was also highlighted in the EITI report.
