-A recap of foreign envoys’ advice to Guyana

GUYANA is on the cusp of development with the advent of the oil and gas sector, which is expected to increase the inflows of revenue to the South American country, revenues which foreign envoys believe should “reach the people.”

Ambassadors, high commissioners and even foreign politicians believe that Guyana’s new-found wealth should benefit the people of the country, but they said it can only happen if there is efficient management of the sector.

“Guyana is on the cusp of unparalleled wealth. That wealth must benefit each and every citizen of this country, regardless of who they are or where they are; from the coast to the hinterland, from Georgetown to the smallest village. Everyone must benefit. Government and Opposition must work for all the citizens of Guyana,” said British High Commissioner, Greg Quinn in his remarks at the 93rd anniversary celebration of the birth of Queen Elizabeth II.

He believes that the only way Guyana will realise its true potential is if the citizens of the country benefit from the oil wealth.
“If this does not happen, I fear Guyana will not develop, and we will continue to hear the tired, old mantra of how much potential Guyana has. There is no question about that potential, but it is up to the political leadership to do, to actually show it, to actually move beyond potential to reality,” said Quinn.

Former US Ambassador to Guyana, Perry Holloway had also posited the notion of ensuring that the wealth benefits the people of the country. His advice to government was to spend the new-found riches on education, healthcare and creating a secure living and working environment for Guyanese.

He said the benefits could be extensive and far-reaching especially given the possibility of Guyana’s Gross Domestic Product (GDP) increasing by 1000 per cent by 2025.
The former ambassador had said based on the calculations and oil finds of U.S. oil giant ExxonMobil, the economy could grow rapidly within the space of five years.

“Guyana could experience that level of growth by 2025…that would be about 300 years of growth,” said Holloway.
The country would not be just the richest country in the western hemisphere but, Ambassador Holloway believes that it could be the richest country in the world in per capita terms.

Canadian High Commissioner to Guyana Lilian Chatterjee had also anticipated a bright future ahead for the soon-to-be oil producing South American country and had made it clear that Canada is looking to help and not exploit Guyana.

She said Guyanese may still not be fully aware of the drastic impact the emerging petroleum industry is about to have on the country.

“I don’t think you are ready to know how drastically you are going to change and we in Canada are here to help you, not to exploit you, but to help you prepare for hopefully all the good things that are going to happen. There will be other challenges as well, but we want to help you prepare so that you can realize the same prosperity that Newfoundland has realised,” said Chatterjee.

US Ambassador to Guyana, Sarah Ann-Lynch had said one of the areas that Guyana should look at closely, in keeping with the demands of the new oil and gas economy, is the country’s infrastructural development agenda.

“I would say it is important for the country to move ahead and start addressing those issues,” the Ambassador said.

She reminded that infrastructure is very important for a country’s economic growth potential and highlighted the potential benefits of Public Private Partnership initiatives to help push this agenda.

Former Prime Minister of Jamaica, Portia Simpson-Miller had also advised Guyana to explore Public Private Partnerships, but said Government must also look at meaningful economic reform in order to create an inclusive and transparent system.
“Your country is poised to embark on an exciting path to high levels of economic growth and huge development… It will happen through significant private, foreign and local investments in your economy, but major adjustments will have to be made as a nation,” said the former Prime Minister.

As Guyana moves ahead, the country will need to look at addressing things such as inflation, Simpson-Miller said, adding that those issues will be tackled through fiscal and monetary policies.

The former Head of State of Jamaica told businessmen and women: “Fiscal and monetary policies are necessary in ensuring that prices remain low and stable, and since inflation is the greatest tax on the poor, low inflation is the best gift any Government can give to its people and private sector.”