GO-Invest: Going forward

By Patricia Bacchus

The restructuring of the Guyana Office for Investment commenced in 2015 with a thorough assessment of the agency’s management structure, systems of internal control and governance and the effectiveness in the discharge of its mandate. Arising from this exercise over the last two years, a number of implements have been put in place to elevate the functionality and effectiveness of the agency and to ensure that investors receive quality investment facilitative services. On behalf of the Members of the Board of GO-Invest, it is my pleasure to share with you some of these initiatives.

One of the earliest strategies relate to the composition of the agency’s board, in light of the fact that the agency was once intended to be a one-stop shop for investments, but was never legally mandated to operate this way. The Minister of Business recognized that one measure that could ensure better coordination of investment facilitation and export promotion was to constitute the board with members selected from the government agencies and ministries involved in export and investment processes.

As a result of this, the agency now has board members who are senior employees of the Guyana Revenue  Authority, Guyana Lands and Survey Commission, the Environmental Protection Agency, the Ministries of Natural Resources, Public Infrastructure and Presidency, the Ministry of Foreign Affairs (Foreign Trade Depart-ment) and the private sector. Such a composition  fosters a well-informed approach to policy and governance, elevated inter-agency collaboration and efficient problem solving. Another milestone for the agency has been the design and implementation of standardized tools to facilitate applications for investment agreements.

The Expression of Interest form was designed to cater to applications for investment agreements (both new and renewed), and clearly stipulates the information and various disclosures required to be made when applying to the agency. This form has been uploaded to the agency’s website, along with a number of other forms, tools and resources that are relevant to investing in Guyana. Another tool implemented for use by the agency is the lodgment receipt which evinces proof of submission and is provided to investors upon the agency’s receipt of their completed Expression of Interest form. This system enables a higher level of management and accountability for applications received by the agency.

In this regard, it is imperative to highlight the requirement now in place for all investment officers of GO-Invest to sign legally enforceable confidentiality agreements so as to ensure that details of an investor’s proposal or intended project is held in the strictest confidence. Recognizing the resource limitations as it relates to enforcement of an investor’s responsibility under the investment agreement, and in an effort to ensure a proactive approach to any issue that may arise, the agency has put in place a mandatory Progress Report form which is required to be completed and submitted by the investor during the third quarter after receiving a signed investment agreement. This provides the opportunity for GO-Invest to monitor project implementation and to be acquainted with any issue which has, or may occasion delays to the investor, even assisting in amicable and efficient resolution where the circumstances allow.

The organizational structure of the agency has also been critically assessed, with resulting decisions taken to ensure that vital resources are recruited to ensure the satisfaction of the agency’s mandate, and that staff members are provided sufficient training to enable the highest levels of functionality and professionalism. In this regard it is imperative to note the recruitment of CEO Owen Verwey in 2016 and Deputy CEO Natalia Seepersaud in 2017, both of whom bring a wealth of knowledge, professionalism and capacity to the agency.

The restructuring of the agency remains a work in progress under the leadership of the Minister of Business and the Board of Directors.

Our assessment of the agency’s fulfillment of its mandate and the quality of service provided will continue, with the necessary remedial and other actions taken in a timely manner. We encourage you to utilize the services offered by GO-Invest and to continue to provide us with your invaluable feedback so that we can continue to make positive changes.

Patricia Bacchus is Chairperson of GO-Invest


Gold syndicates ready to get to work

What had appeared for several months to have been sharp differences between the Ministry of Natural Resources and representatives of mining syndicates over land allocation that had effectively stalled the commencement of work by the country’s first group of gold-mining cooperatives now appears to have come to an end following an encounter between the miners and Minister of Natural Resources Raphael Trotman.

Cevons refutes claim by city official about restart of garbage disposal

While there are signs that talks on the huge debt owed by the city to Puran Brothers and Cevons Waste Management have been bearing fruit, dissonance continues even as the garbage crisis in the capital may be worsening.

Guyana Mining School parading its oil and gas training credentials

The Guyana Mining School and Training Centre Inc.,in partnership with its stakeholders and supporting training partners, has begun training more than thirty five young adults in disciplines relating to the application of STEM (Science, Technology, Engineering and  Mathematics) to the exploration component of  upstream oil and gas operations.

Kitco Market Data

Gold Prices for the three day period ending Thursday November 16, 2017 Kitco is a Canadian company that buys and sells precious metals such as gold, copper and silver.

Private institute offering new City and Guilds ‘route’ to better CSEC English, Math results

With good grades in English Language and Mathematics increasingly being touted as a critical doorway to higher education and meaningful employment paths in Guyana,” the Georgetown-based JTW Management Institute has launched the City and Guilds of London and English and Mathematics certificates as what the Institute’s Director Jocelyn Williams is describing as a “second chance” for CSEC students and young school leavers.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now