See full statement below:
The Ministry of Natural Resources wishes to address another series of gross misrepresentations by Kaieteur News, this time in its March 17, 2025 publication headlined, “EITI urges Govt. to show how money from the extractive sector is being used”.
The article states, “The Extractive Industries Transparency Initiative (EITI) has called on Guyana to show how revenues generated from the extractive industries are used.” In its most recent report for the year 2022, the transparency watchdog noted that the utilisation of revenues generated from extractive industries is an area which may be addressed by countries implementing EITI, to the benefit of their people. As such, the 2022 report states, ‘The IA (Independent Administrator) recommends that the MSG (Multi-Stakeholder Group) obtains information on how extractive industry revenues are utilised for the advancement of national development goals including the Sustainable Development Goals.”
The ministry wishes to set the record straight that the EITI, an international body that promotes the open and accountable management of oil, gas and mineral resources, issued no such report where it calls on Guyana to show how revenues generated from the extractive industries are used.
The report cited by Kaieteur News was prepared by BDO Professional Services Inc (Guyana). The company was appointed by the Multistakeholder Group (MSG) of the Guyana Extractive Industries Transparency Initiative (GYEITI), as the Independent Administrator to prepare the sixth GYEITI Report for the year ended December 31, 2022. The MSG has governance and oversight responsibilities for EITI implementation and comprises equal representation from the government, civil society, and industry.
The report which is referenced in the captioned article, does not issue any call for Guyana, through its authorities, to show how revenues generated from the extractive industries are expended. It is a fact that revenue allocation and distribution from the extractive sector, as it is with other sectors, follow the budget and statutory laws of Guyana. These documents are in the public domain.
Further, government websites routinely disclose detailed information on revenue intake (sales, dates, price, volume, etc). Contrary to the assertion in the newspaper, the report recommends that the Multi-Stakeholder Group fully captures the revenue distribution process in its reporting with the intent of creating awareness around how revenues from the extractive sector are distributed.
Kaieteur News would have helped its readers by delving into the findings that informed the recommendation. In light of the foregoing, the ministry wishes to note that statements from the report therefore, cannot under any circumstance be ascribed to the international body. Such reckless and deceptive reporting only serves to erode the little trust the public has in Kaieteur News.
The ministry takes this opportunity to assure the public that revenues from Guyana’s extractive sector are not only properly accounted for, but are used to support the nation’s transformative social and economic agenda. Importantly, spending of these funds in support of the government’s progressive national development agenda is predicated on strict parliamentary oversight.
The ministry takes this opportunity to reiterate the government’s commitment to fully implementing the EITI Standard as a complementary tool to other ongoing efforts to foster an environment of transparency, accountability and good governance.
