IT has been 56 years since Guyana became an independent nation, freeing itself from colonial rule. As a fairly young nation, certainly, those 56 years have been a masterclass in diplomacy and learning. Now, like so many pundits have pondered, I am interested in ascertaining whether Guyana’s oil-rich future will propel all citizens into much greater prosperity.

So first off, where are we now?

If you were to assess Guyana’s present economic state, any international report would suffice. According to growth projections, Guyana’s economy is poised to expand by nearly 50 per cent this year. The expected growth hinges upon the continued development and expansion of the oil and gas sector.

Even as Guyana’s economy experiences significant growth, some sectors have been taking a hit.

For example, within the education sector, as I have written about in several columns before, learners have been facing unequal and inequitable access to learning because of longstanding educational disparities, which were magnified by a shift to virtual technologies. The World Bank, during a recent forum, related that about one-third of learners who were previously in schools had been absent during the peak of the pandemic. This signalled some of the learning losses stakeholders have feared since the pandemic’s onset.

But at that same time- in the face of COVID-19 challenges and nationwide flooding- Guyana continued to record high economic growth.

If one were to also consider the enduring supply chain and financial challenges of the COVID-19 pandemic, exacerbated by the Ukraine/ Russia crisis, an interesting dichotomy presents itself. First, in this context, Guyana’s oil has been a sought-after commodity. And as such, it comes as no surprise that the country has been raking in the ‘big bucks’.

On the flip side, though, those same challenges have plagued consumers right here- be it through the increased cost of fuel or food or the difficulty in conducting business as usual. And despite some interventions from the government, a rising cost of living and hardships for some people have been unavoidable.

These probably don’t inspire much hope and optimism. Yet, I believe that Guyana has an invaluable opportunity to exploit its newfound (oil) wealth to sustain economic growth and help all people simply live better lives.

At the recent Guyana International Petroleum Business Summit & Exhibition (GIPEX), Latin America Analyst at Rystad Energy, Sofia Forestieri, said that Guyana could potentially rake in more than US$60 billion (or more than GY $12.5 trillion) in investments this decade. The spinoff benefits of those investments could be enormous- more so if Guyana robustly guards against other countries’ pitfalls like corruption and nepotism.

And if stated intentions to harness the oil resources to fund the expansion and increased competitiveness of other sectors materialise, I imagine those benefits would only increase. That could mean anything from increased employment opportunities for residents, better social services, an improved standard of living, or all of those things at once.

I also think that if Guyana is successful in its bid to carefully exploit its oil and gas resources in a manner that facilitates the development of its people and the sustainable development of its economy, the wider Caribbean stands to benefit too.

For me, the Caribbean Community (CARICOM)’s food security agenda, led by Guyana, evidences this. If Guyana can expand its agricultural production and infuse a greater level of industrialisation and technology, then the region should have more food products readily available for consumption- thereby cutting the hefty annual food bill. Similarly, if Guyana is able to develop a massive regional energy infrastructure or becomes a logistics hub, CARICOM countries should be able to ‘cash in’ on these opportunities (because, you know, the Treaty of Chaguaramas and so).

So, as I reflect on Guyana’s 56th independence anniversary, it’s not so much a reflection on colonial rule and cutting ties with the British- though, understanding that should serve as an omnipresent factor that encourages us all to continuously clamour for the better country we envisaged. Because of the buzz in Guyana and my deep-seated convictions that we can achieve real prosperity with oil, this year’s independence anniversary is a reminder of where we should be focused on going. That is a more prosperous future for each of us- with no exceptions.

If you would like to connect with me to discuss this column or any of my previous works, feel free to email me at vish14ragobeer@gmail.com