With the establishment of a regulatory body, the Sovereign Wealth Fund (SWF) and the training of persons to take up positions within the sector are among several factors which Minister of Natural , Raphael Trotman believes are testimony to Guyana’s readiness for oil production.

While speaking to the Guyana Chronicle on Friday, Trotman said that he is “euphoric” about First Oil, adding that it is a humbling moment when one considers the long road stretching fours back to conversations I various circles about oil and how it will transform Guyana.
Trotman said he said he knows that there are persons who bear negative perceptions about oil and its benefits for the country but according to him, once the sector “gets going” it will transform the country in a positive way. “It is a humbling moment,” he said. “I think that we are as ready as we could be,” he reiterated.

The Alliance for Change (AFC) chairman said that given the fact that many countries have been where Guyana is, he said many have said that they were not even half way in the process when compared to Guyana’s state of readiness,.

“We have a cadre young persons who are being trained and getting ready, so yes we are as ready as we could be for this moment,” he said.
The Act governing the SWF was assented to on January 23, 2019 by President David Granger, making Guyana one of a few countries to have the vital piece of legislation in place before first oil.

Earlier this year, Minister of Finance, Winston Jordan praised the Commonwealth Secretariat for its input and Finance Ministry staffers for their “constant dedication” towards the effort. The Sovereign Wealth Fund (SWF) is defined as pools of money derived from a country’s reserves, which are set aside for investment purposes that will benefit the country’s economy and citizens.

The funding for a Sovereign Wealth Fund comes from Central Bank reserves that accumulate because of budget and trade surpluses, and even from revenue generated from the export of natural resources.