In a move that promises to ensure proper management and scrutiny of Guyana’s oil wealth, President Dr. Irfaan Ali on Tuesday administered the Oath to several persons appointed to various bodies catered for under the Natural Resource Fund (NRF) Act.
“… we must all be proud of the fact that we have been able to be one step closer towards the efficient management of this sector.
“… more importantly we are fulfilling our responsibility and commitment to ensuring transparency and accountability and independence in the management of the sector,” President Ali said at the simply ceremony held at the Office of the President in Georgetown.
At that ceremony, the President formally appointed the Board of Directors of the Natural Resource Fund first. Major General (Ret’d) Joseph Singh was appointed as the Chairman of this Board of Directors.
Also joining the Major General on this Board are: former PNC Parliamentarian Dunstan Barrow who was selected by a Parliamentary Committee, Private Sector nominee Ramesh Dookhoo and Guyana’s Permanent Representative to the United Nations (UN) Carolyn Rodrigues-Birkett.
The fifth member of this Board is the former President of the Caribbean Development Bank (CDB) and former Chancellor of the University of Guyana (UG) Professor Compton Bourne.
Bourne replaces nominee David Lammy, a United Kingdom Parliamentarian of Guyanese origin. President Ali said that Lammy asked not to be appointed to the Board so that he can focus on his duties in the UK.
“The Board of Directors of the NRF is a very important part of the management structure of our natural resource here and this Board brings together experience from different fields, knowledge from different fields and it gives us, I think, a combined capacity and capability that will bring true value to the management of our oil resources,” President Ali remarked.
As per Guyana’s Natural Resource Fund Act, these directors will be responsible for the overall management and oversight of the fund, reviewing and approving the policies of the fund and monitoring the performance of the fund.
Meanwhile, the members of the Public Accountability and Oversight Committee as well as the members of the Investment Committee were also appointed.
Former Deputy Commissioner General of the Guyana Revenue Authority (GRA) Clement Sealey was appointed to the oversight committee. Abu Zaman, Ryan Alexander, Teni Housty, Dawn Gardener, Wendell Jeffrey and Aslim Singh are the other members of the committee.
“They have all demonstrated competencies in the different fields that they are in and will bring value to this PAOC,” President Ali said.
Desmond Sears and Savitri Balbahadur will also join the committee but they have not yet been appointed.
Finally, finance executive Shaleeza Shaw has been appointed the Chairperson of the Investment Committee. Michael Munroe and Richard Rambarran are other members of this committee.
Two ex-officio members and a nominee from the Opposition Leader will be appointed separately.
All of these appointments are catered for in Guyana’s Natural Resource Fund Act, which was passed in the National Assembly in December 2021. It was subsequently enacted by President Ali.