Dear Editor,
So now we know why after a year and a half the Guyana Natural Resource Fund – NRF (the money we get from oil) held in a New York Bank was not activated and the oil money was just sitting there not earning any interest. It appears as if the Government was figuring out how to have sole authority and unbridled power to spend the oil money, and to hell with Guyanese stakeholders. Since the PNC’s bill for the NRF included 22 stakeholders and the PPP bill wants to exclude these stakeholders, the PPP should be concerned that the PNC will say this is a power grab. I call on the Guyanese people to resist this move and call on the Government to withdraw such an ill-conceived proposed amendment. What Mr. Fred Collins of TIGI (Transparency Institute of Guyana, Inc.) calls the “original sin” whereby the PNC Coalition Government signed a giveaway contract of our most valuable resource in the country, happened because of secrecy, trickery, lack of discussion with the Opposition in parliament and no consultation with stakeholders. That was treasonous for a poor country for its Government to hand over billions in resources to a foreign corporation when the majority of its people are poor and destitute. This lack of transparency and accountability is a problem to be solved, not something to be perpetuated. When the PNC did it, that was wrong, and it’s also wrong if the PPP wants to do the same thing. Never again should one party engage in signing big deals and spending large sums of taxpayers’ money without bringing such matters to Parliament and involving Guyanese civic groups and stakeholders to review these projects. Neither the PPP nor PNC owns Guyana. We cannot give ultimate power to one man in the “PPP’s Engine Room” to treat the NRF as a personal “piggy bank.” Look how they failed to audit the $US 9.5 billion expense account submitted by Exxon!
At a time when concerned groups are lamenting the poor governance of oil and gas, and the lack of transparency and accountability, the PPP’s proposal to dismantle the 22-member NRF Board is not only a backward move, it shows the simple contempt the Government has for the people of Guyana in oil and gas matters. Clearly, the PPP wants to march to the beat of its own drum and does not seem prepared to listen to anyone. Mr. President, for a government hanging by a thread with a one-seat majority, this misguided direction renders your “One Guyana” slogan as worthless. When you dismantle the 22-member stakeholder group, you remove half of Guyana in decision making. Nation, do we trust the PPP or PNC alone to handle the NRF? On Anti-Corruption Day, 2021, US Ambassador Lynch said “We continue to look forward to the government’s initiatives to combat corruption, including Natural Resource Fund legislation that offers both transparency and clear oversight, and to a meaningful and inclusive process of stakeholder engagement. A strong anti-corruption stance now will show Guyanese citizens, and the rest of the world, that the government is committed to transparent institutions that utilize the country’s resources to the long-term benefit for all Guyanese.” Madame Ambassador, clearly the Government’s proposal removes transparency and oversight, and dismantles “a meaningful and inclusive process of stakeholder engagement.”
The Government’s proposal to remove the 22-member stakeholder group is reckless and shows wanton disregard for Guyana’s responsibility in following the Guyana Constitution. This also violates the Extractive Industries Transparency Initiative (EITI) Principles, the Santiago Principles, and the Escazu Accord to which Guyana is a signatory. (Eiti underlines the importance of transparency by governments and companies in the extractive industries and the need to enhance public financial management and accountability; EITI believes all stakeholders have important and relevant contributions to make – including governments and their agencies, extractive industry companies, service companies, multilateral organisations, financial organisations, investors and non-governmental organisations. The Santiago Principles promote transparency, good governance, accountability and prudent investment practices whilst encouraging a more open dialogue and deeper understanding of Sovereign Wealth Fund activities. The Escazú Agreement is one of the most effective tools for holding States accountable, defending rights, and protecting the health of people and of the planet). I call on the Government to withdraw the amendment to dismantle the 22-member stakeholder group, and enact more, not less “sunshine” provisions, for managing the people’s oil fund.
Sincerely,
Dr. Jerry Jailall
