IT is now official that Guyana’s First Oil production has begun. Exxon Mobil has already reported that production is ahead of schedule, and that a first shipment of crude oil from the Liza-1 field is anticipated in January.

According to Exxon Mobil, two shipments of approximately one million barrels each are expected in January-February. As is known, it is mutually agreed that Exxon would handle the first three shipments, and the government would take charge of the fourth.

The reality of First Oil is a significant one for Guyana. Despite the forecasts of doom from some quarters, the coming of Oil and Gas instantly changes the nature of the country. No country with the oil and gas potential of Guyana has remained the same. There is no doubt that we have to beware of the potential pitfalls that accompany the coming of oil wealth. Maybe we will make our own mistakes. But to predict chaos and failure over more positive developments is not the way to go. Guyana needs oversight, not condemnation and sensationalism.

The forecasted growth rate of the overall economy would immediately move the country out of the category of very poor countries. The International Monetary Fund has projected that Guyana’s economy would grow by a whopping 86% in 2020; that is 14 times the expected growth rate of China. It is expected that we could earn approximately US$15billion per year in the next decade. These are staggering numbers for a country with a population of just about 750, 000, and which was only recently ranked among the three poorest countries in the Americas.

What does this mean in macro-terms? First, no longer would Guyana be called one of the poorest countries in the hemisphere. This augurs well for the ability of the country to attract higher quality investments in other sectors of the economy. There is, of course, a linkage between high-quality investments and socio-economic development. This is the key to First Oil; it opens the door to new possibilities for the country and its peoples. The standing of the country in the international community would be radically enhanced.

Second, movement from a bottom tier to a top tier economy comes with benefits. Already, Guyana is one of the most sought-after countries by investors; a development that increases the country’s leverage as it hammers out contracts. Gone are the days when we negotiated from a position of weakness. In the first place, investors would be coming to us, which puts the negotiators and leaders in a much better position to protect the interests of the country, especially those of the working people.

Third, First Oil must inspire hope among our people who have had to deal with the hopelessness induced by the structural legacies of centuries of slavery and colonialism. For the first time since Emancipation and Independence, Guyanese can look to the future with hope for a better life. A hopeful nation is a confident nation, and a confident nation would inspire more productivity among those who produce the country’s wealth. It is a better feeling to belong to a country that is ranked among the richest, than among the poorest. The human spirit thrives on success.

Fourth, First Oil brings with it new responsibilities for both government and citizens. We hope it brings out the best in us as a people. As a richer nation, the eyes of the world would be constantly on us. The critics would increase.

Those who doubt the innate ability of the capacity of post-plantation people to mange wealth would be rooting for our failure, as the natural order of things. It is up to us to prove them wrong. It gives our country the chance to move from adolescence to adulthood.

So, at this historical juncture of our independence, let us give thanks for the moment. Guyana is on the threshold of a new dawn. It is ours to cherish and own. With the determination that has brought us this far, we shall grasp it with open arms.