Public Corruption & The Oil Curse
The Caribbean Institute of Forensic Accounting in collaboration with The Guyana Oil and Gas Association host:
Special Symposium on Public Corruption and the Curse of Oil; Lessons from Developing Countries
Oil can constitute a vital component In a successful economic strategy that drives national development, peace and prosperity, for countries and entire regions of the world. Oil revenues can serve as a catalyst for modernisation, industrialisation, and long-term foreign investment as seen in many former colonial countries. An example of this is the prosperous United Arab Emirates, which consists largely of a collection of small oil producing states such as Dubai.
More commonly in developing countries, the oil industry has heightened social inequalities, crime, and created political instability and conflict. Murder for hire and politically inspired assassinations are not rare in these countries and simply a means to access resources.
The oil industry in the overwhelmingly majority of developing countries is associated with widespread corruption, procurement and other forms of fraud, institutionalised tax evasion, and a range of other Ingenious means to steal government revenue.
From Angola to Venezuela the problems are similar. The almost blind pursuit of oil revenue in most developing has crippled and fundamentally weakened the structure of their economies, reducing self sufficiency, increasing poverty, and national dependency; and ironically diminishes the value of oil revenue.
Other economic costs these countries and their citizens are forced to bear, due to oil production, include serious environmental damage. For example, damage to farming land, the contamination of water, and the poisoning of fish and other food source to name a few.
It is this common experience which has led to oil being viewed not as the blessing it is, but as a national curse for the harm it inflicts on countries and the majority of their citizens. The economic costs borne by the majority and countries in question are numerous and take different forms, but all conspire in making them poorer.
How to effectively anticipate and mitigate many of the challenges and risks involved in the leadership and management of major economic enterprises, is a pressing issue given the recent discovery of oil in Guyana. An essential element of this process is ensuring the revenue generated by the gas industry is received by the government and administered in an appropriate and lawful manner by its various departments and agencies.
This is against the backdrop of a very critical report from the highly-regarded anti-corruption agency Transparency International, in which Guyana was dubbed the most corrupt country in the Caribbean. These two findings are troubling for those who recognise the amount of good that can come from oil revenues if managed well and the stark dangers if it is not.
This symposium is being held to celebrate the important opportunity that oil production presents to the people and country of Guyana, and to generate informed discussion with all key stakeholders, and members of our distinguished panel of international experts, about the important global lessons that can be learnt about the oil industry and national and regional development.
To Register Contact:
Caribbean Institute of Forensic Accounting
Head Office: Port of Spain, Trinidad & Tobago
Tel: (1-868) 224-3478
The Guyana Oil & Gas Association Inc
189 Charlotte Street, Lacytown,
Georgetown Guyana, South America .
(+592) 227-0632 Ext. 316