Guyana’s fifth EITI Report for FY 2021 was published on the GYEITI website on December 29, 2023. The timely publication of this report is indicative of Guyana’s continued commitment to the EITI initiative. Some highlights from the FY 2021 Report are:
REVENUES:
Revenues received from the extractive sector increased from GYD 93.78b in FY 2020 to GYD 127.66b in FY 2021, representing a net increase of 36%. Of this GYD 127.66b in FY 2021,
- Oil and Gas recorded GYD 112.43b representing 88%
- Mining recorded GYD 13.9b representing 11%,
- While the Forestry and fisheries sectors accounted for the remaining GYD 1.33b which represented 1%.
CONTRIBUTION TO GUYANA’S ECONOMY:
- Total contribution to the GDP for FY 2021 was 45.02% when compared to FY 2020 with 31.13%.
- Total contribution to Government Revenues for FY 2021 was 45.53% when compared to FY 2020 with 37.37%.
- Total contribution to Exports for FY 2021 was 65.65% when compared to FY 2020 with 84.69%.
- Total contribution to Employment for FY 2021 was 17.19% when compared to FY 2020 with 15.46%.
PARTICIPATION IN FY 2021 REPORT:
Government Agencies:
Eleven (11) Government agencies participated in FY 2021 Report by submitting data to the Independent Administrator. In FY 2021, all submissions were signed by the respective authorized senior officials for each agency.
Participating Companies from the Extractive Sector:
25 companies participated in the FY 2021 Report by submitting data via reporting templates to the Independent Administrator and all submissions were signed by a senior manager of the respective company.
This represents a 67% increase in participation when compared to FY 2020, which saw 15 companies submitting signed reporting templates to the Independent Administrator.
RECONCILIATION:
In FY 2021, 89.1% of government revenue from the extractive sector was reconciled when compared to 88.9% in FY 2020. However, with the inclusion of profit oil, the total revenue reconciled increases to 95.3% for FY 2021.