Foreign experts support viewpoints expressed by patriots

Dear Editor,
I WONDER if Guyana will wake up and smell the coffee now that two prominent international experts on political risks have joined me and other patriots in warning that Guyana’s oil bonanza could cause corruption in high places to skyrocket and uproot democracy, independence and all the principles and values we hold dear.
This week, news broke that Thiago de Aragao, Director of the Latin American Political Risk Analysis, is urging the Government of Guyana to strengthen systems governing the electoral process, taxation and regulation because, if they are not up to standard, Guyana’s democracy can end up being “choked by oil and gas money”.
Referring to petroleum investors’ intentions, Aragao warned: “The business plan is to burn it all”; and to do so, investors will seek to exert influence in every place they can. This echoed my warning early this year that we must guard against this very same thing.
In my letter to the media published in February 2018, I wrote: “ExxonMobil . . . puts their interests first. It is simply good business sense for them to use all their bargaining power to ensure that the interests of their shareholders and directors come first and their opportunities for expansion and investment are protected”.
Aragao also warned that “there must be a clear set of rules for taxation in the oil and gas industry as well as environmental regulation. Otherwise, you are setting yourself up for abuse and for oil money to rule and lead the way”, he said. I recall that I also warned about ‘hungry-belly’ officials being sucked into corruption by investors.
I read in a separate news report that another expert, Executive Director of Agency for Security, Energy and the Environment (ASEA) of Mexico, Carlos De Regules called for a strong, independent regulatory body to monitor the activities of investors and guarantee environmental protection of Guyana. He noted that such an environmental body cannot do its job effectively unless it is independent and free from any instance of political interference, and he also commented: “They should also be financially independent so they can plan for the long term and have the resources to do so”.
This calls to mind a warning in my letter in March about the Sovereign Wealth Fund that: “We have to put powerful transparency and accountability mechanisms in place to protect the Sovereign Wealth Fund (to manage oil revenue) from being subject to wrongdoing and poor investments”.

Like De Regules, I recognise that political interference will stifle national development. That is why I wrote to the media in March urging citizens to join me in calling on Government to depoliticize all negotiations involving Guyana’s oil monies and put this in the hands of an independent, bipartisan body approved by the citizens. I do not point out these similarities to push myself forward for praise and glory because I seek praise from God, not man. Instead, I want to show that Guyanese can sit down right here at home and make rational assessments of national development issues that are on par with the views of international experts.

Let me make it clear also that when I call for checks and balances to be put in place to restrain investors, it does not mean I am against foreign investment. As a committed patriot, I am all for investment and progress, but I realise that Guyana is outgunned by big companies in key areas, so we have to be cautious. The fact is that developing countries like Guyana simply do not have the background or experience in international financial dealings to negotiate on a level platform with big multi-national corporations. Furthermore, the experienced multi-national corporations realise that our Government and people are desperate for progress and industrialization and they will play this desperation against us. That is why we have to go over these investments with a ‘fine-tooth comb’ and see how best we can protect our interests.

I maintain that sensitive matters with far-reaching consequences for the Guyanese people cannot be left in the hands of a single political party that forms the government of the day and must not fall into the hands of powerful individuals in any government. There must be a multi- stakeholder approach. Governments of the day must realise that they do not own Guyana and their time as governments is always temporary. One day, they all lose power. Therefore, the interests of Guyana must come first.

In making this point, I want to reiterate that I am not against foreign investors and I am not against ExxonMobil, which I think has made important contributions to humanity, both economically and in humanitarian terms. In fact, I believe the company should make Guyana its flagship project to promote its image worldwide.
I recall writing a letter to the media in February pointing out Guyana is like virgin territory for ExxonMobil, presenting a gem of an opportunity to show the peoples of the world how the company can make a nation shine on many fronts and erase the negative image plastered upon them by critics in many nations.

It is not my nature to criticize without offering solutions. For the record, let me once again draw attention to some points that I made in previous letters, which seem to be even more relevant in light of media reports about the recent statements by the two experts referenced above.

In a nutshell: Guyana’s oil revenue must be put under the supervision and scrutiny of a multi- stakeholder Board that comprises independent professionals drawn from civil society. It can include accomplished professionals, religious bodies, the Private Sector Commission, the Chamber of Commerce and officials from CARICOM or elsewhere, provided they are competent and free from political interference. A board such as this will more effectively serve as a watchdog against corruption by those in power.

This board must be professionally-managed according to transparent policies and the roles and responsibilities of the board must be clearly defined and made public. There must be clear rules governing the acquisition and use of oil revenues and the board must apply these scrupulously and fairly. There must also be clear and harsh penalties for wrongdoing, and a suitable time frame for prosecution. I advocate life imprisonment or death for pilfering our oil money, although I know the bleeding hearts among us will disagree.
Finally, I have written before and I write again that such a board or any group of persons who are the people’s caretakers of Guyana’s oil revenue must be fully accountable to Parliament, auditors and the media, and the details of this accountability must be clearly defined and made public. Guyana has a lot of foreign-minded people, so maybe more persons will heed these warnings because they come from foreign experts who have basically used elegant, technical terms to make exactly the same points that I and other local observers have been making for a long time now.

Regards
Roshan Khan Snr.

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