The EITI Board designated the country 'Compliant'.
Guinea was accepted as 'EITI Compliant' by the international EITI Board at its meeting in Mexico City today. The EITI Board, chaired by Clare Short, congratulated the Government of Guinea for its sustained commitment and leadership in the implementation of the EITI.
As a country implementing the EITI, Guinea regularly discloses the government's revenues from natural resources. Maintaining Compliant status will require that the country meets all requirements in the EITI Standard. The Standard, adopted in 2013, includes additional disclosure requirements.
"The World Bank congratulates Guinea on achieving EITI Compliant status after many years of hard work facilitated by the Multi-Donor Trust Fund grant to meet rigorous transparency standards that now place their industry on par with international standards," said Cheick Kante, Country Manager, Guinea office of the World Bank.
The Board's decision in full
The EITI Board designates Guinea as EITI Compliant as of 2 July 2014. In accordance with the EITI Standard:
- Guinea must be revalidated within three years i.e. Validation will commence on 2 July 2017 or earlier upon request of the Steering Committee. Validation will be conducted in accordance with the EITI Standard.
- Stakeholders in the process may call for a new validation at any time within that period if they think the process needs reviewing. Where valid concerns exist that a country has become EITI Compliant, but its implementation of the EITI has subsequently fallen below the standard required for Compliance, then the Board reserves the right to require the country to undergo a new Validation or face delisting from the EITI.
- In accordance with the EITI Standard, Guinea is expected to produce EITI reports annually. EITI Reports should cover data no older than the second to last complete accounting period. Guinea is required to produce the 2013 EITI Report by 31 December 2015 in accordance with the EITI Standard.
- In accordance with requirement 7.2, Guinea is required to publish an annual report on the previous year’s activities, detailing progress in implementing the EITI. The annual report for 2013 should be published by 1 July 2014.
The Board congratulates the government of Guinea for its sustained commitment and leadership of the EITI process. The Board also congratulates the EITI Guinea Steering Committee for its efforts and effective leadership in EITI implementation.
The Board takes note of the Steering Committee’s efforts to develop a new workplan in accordance with requirement 1.4 of the EITI Standard, outlining objectives for EITI implementation reflecting the EITI Principles and national priorities for the extractive sector. As part of this work, the Board encourages the Steering Committee to ensure that its current composition is suitable to deliver on the workplan objectives and that the national EITI secretariat has the adequate human resources to support the Steering Committee’s work.
For further information about the EITI in Guinea, please visit the country page on the EITI website.