Guyana stands to lose on big investments without stronger anti-corruption measures – PSC Chairman

Chairman of the Private Sector Commission (PSC) Paul Cheong believes that large sums being spent to revitalise and expand the local economy could be lost unless stronger anti-corruption efforts are pursued.

As such, the private sector leader believes that the government’s ongoing efforts at strengthening local anti-corruption systems are crucial.

Cheong made these statements while addressing the opening session of Guyana’s anti-corruption framework training held at the Arthur Chung Conference Centre at Liliendaal, Georgetown on Tuesday.

This training, the second such engagement hosted by the Ministry of Parliamentary Affairs and Governance, focused on transparency and accountability in Guyana.

While much focus has been directed toward the government’s role in guaranteeing transparency and accountability in the rollout of many of the country’s big developmental projects, Cheong said that the private sector is a key stakeholder because of its involvement in those projects.

He, however, noted, “While we support Guyana’s anti-corruption framework, we believe more can be done to enhance transparency and accountability.”

According to the PSC Chair, Guyana’s anti-corruption institutions including the regulatory and oversight bodies must be strengthened to deal with traditional and new forms of corruption.

He also said that more public and private sector collaboration to counter money laundering, illicit trafficking and other corrupt practices is needed.

Unless these efforts are pursued, Cheong said, “The billions of dollars that governments and businesses are investing to revitalise the economy is at a risk of being diluted if these funds become fertile ground for corruption and self-dealing.”

But he said that ongoing efforts, like the training and the institution of several oversight boards that include private sector representation, are an indication of an increasing anti-corruption.