GUYANA is making waves not only in the Caribbean but in the world at large. With a growth rate that is by far the highest in the Caribbean and among the highest in the world, it is only natural for there to be heightened interest in the country, which only a few decades ago was ranked among the poorest countries in the western hemisphere. For most of its post-independence years, the country’s economy fluctuated from negative to at best sluggish growth, due largely to undemocratic and authoritarian PNC rule.

All of that has now changed and the country is now firmly on the path to sustained economic growth. The narrative has now changed and a new growth dynamic is emerging that few people could have imagined a mere decade ago.

And while it is true that oil has become a game-changer in our changing economic fortunes, it is only part of a bigger dynamic which started with the return of democratic rule in October 1992 when the PPP/C was elected to office after nearly three decades of dictatorial rule.

It was a long and difficult process to rebuild the decades-long trail of destruction caused by the PNC regime but with good governance by the PPP/C administration and significant international support, the country managed to regain its stature as a country on the forward march to that of sustained economic growth and development. From a ‘pariah’ status under the PNC regime, the country is now a key player on regional and international stage.

President, Dr. Mohamed Irfaan Ali has re-emphasised that the development of Guyana is inextricably linked to that of the region as a whole and pledged Guyana’s commitment to the regional integration movement. There was a time when Guyana was a drag on the rest of the CARICOM region but all of that is now history. Guyana is now in a position to play a leading role in the growth trajectory of the entire region.

President Ali, at a recent Global Business Leadership Forum, said that Guyana is willing to provide a platform through which investors can realise the full economic potential of the region.

According to President Ali, even though Guyana’s oil and gas resources continue to make headlines, his administration remains committed to developing a diversified economy that will result in sustainable development.

Economic growth is a key element for rising prosperity and in that regard Guyana is certainly in the lead. But, as President Ali pointed out, “not only country prosperity but people prosperity and a country that brings the region together and contributes to regional prosperity”. He drew a distinction between economic development and financial prosperity in which there could be a case of ‘growth without development’ as happened in several countries where high levels of economic growth co-exist with unacceptable poverty levels.

The Guyana Government is putting in place the necessary policy measures to ensure that there is balanced development and to ensure that the dreaded ‘Dutch Disease’ does not rear its head in the country. That is why as President Ali said, the traditional sectors will not be downplayed in favour of oil and gas. Oil and gas is not intended to be the dominant economic sector but, in the words of the President, “it is just a catalyst to do the very things that could have been done decades ago.”

In the final analysis, development is about people; about enhancing the economic, social and cultural life of people. In this regard, much emphasis will be placed on human development and the development of human capital which is an important, if not the most important prerequisite for economic growth. Human capital formation and development must take into account the skill-sets that are needed to drive the developmental processes and this is exactly what the PPP/C administration is committed to doing especially in the context of the new knowledge society where literacy is now being redefined to include computer literacy. As President Ali noted, “We are not talking today only about preparing our young people for the oil and gas sector; we want every single primary school child to have elementary training in coding and software development. By the time you get up to secondary school, you must be doing serious work on becoming specialised or becoming specialists in software creation and development.”

These are indeed visionary and forward-looking thinking on the part of President Ali as the country prepares itself to take on a leadership role in regional and hemispheric development.

According to Dr. Ali, ‘people transformation’ is an important element of total societal transformation, especially through the development of critical thinking skills.

As Guyana continues to evolve as a regional development hub, it is likely to experience some of the challenges that other nations in similar situations usually experience, especially in terms of not having enough people with the requisite skills to drive the process. In this regard, Guyana has already engaged the services of a leading expert who will work along with the country’s local team to examine the issue and provide an analysis which will be used to inform government policy on the matter.