GUYANA’S path to economic development is based on a multi-sectoral approach where there is no dominant sector but where all the sectors are complementary to each other, with a view to propel the growth dynamic. And while it is true that oil and gas will play a major role in the economic life of the country, it will not do so at the expense of any other sectors, especially the agricultural sector which is still regarded as the backbone of the economy.

This point was repeatedly made by President, Dr. Mohamed Irfaan Ali, who said that the country will not become dependent on oil but will use it to accelerate growth across the sectors. This is so even as the economy is poised to receive billions of dollars from its massive oil resources. According to the President, Guyana’s economy will never be based only on oil and gas. Oil and gas, he said, gives us the impetus to accelerate other aspects of the economy and provide the country with the advantage of fast-tracking other initiatives that will enhance our overall competitiveness.

Toward this end, President Ali indicated his interest in having the oil money boost the agriculture sector, improve the delivery of quality healthcare and educational services, fortify the country’s climate change efforts, support efforts in building a tourism sector and a services sector that is second to none and create a modernised manufacturing and industrial zone that would open up opportunities for agro-processing, fabricating and machining, research and development.

This is indeed forward-looking and transformative thinking on the part of President Ali, one in which our success as a country is not confined only to the proverbial egg basket.

There is no denying the fact that oil and gas is a significant contributor to the growth trajectory of the country and in some important ways an economic game-changer. This is why we cannot be shy to optimise our earnings from our oil and gas resources within the framework of the country’s Low Carbon Development Strategy (LDCS) which is currently being revised to take into account new developments in the economic life of the country.

Guyana has to move beyond oil and gas, a point made recently by Vice-President, Dr. Bharrat Jagdeo during a welcome reception for Canada’s Minister of International Trade, Export Promotion, Small Business  and Economic Development, Mary Ng. As Dr. Jagdeo correctly observed, prior to the discovery of oil and gas, very little international interest was paid to the country, unlike today when all the attention is paid to this sector. Dr. Jagdeo, in welcoming the visiting team, noted that their presence in the country provides an opportunity to expose the many wonderful opportunities for business and growth in Guyana, outside of oil and gas.

According to the Vice-President, the government is determined to avoid the mistakes that many other countries have made by relying heavily on their oil and gas sector. Guyana, he said, is focusing on diversifying its economy to ensure the prosperity remains long after oil and gas is no more.

This is indeed visionary thinking, recognising that oil is a non-renewable resource and its dominance as a source of global energy will diminish over time. In other words, there is a limited window of opportunity as alternative non-fossil fuel will in time be the dominant energy source.

According to Dr. Jagdeo, “We have not been shy about saying that we want to get as much oil and gas out of the ground and sold and the money converted into a fund and other opportunities as quickly as possible.” This, he acknowledged, might sound crude or callous in the era of climate change but as mentioned earlier, there is a limited window of opportunity to get this done and as a result the authorities intend to achieve this goal in an environmentally sound, fair and equitable manner. And, as pointed out by the Vice-President, the administration is doing so very conscious of the fact that a pathway exists based not only on the environment but the economy and the interlinking of the two.

The government must be commended for embracing a development path that is based on the sustainable harvesting of our natural resources in an environmentally safe and friendly manner. There are some people who see only threats rather than opportunities in the oil and gas sector. This is certainly not smart thinking. Development can only take place in an environment of rising prosperity. The country has an opportunity to benefit from a resource that has huge potential to transform the lives and well-being of the Guyanese people. It would not be in our best interest not to take advantage of this reality.