AGAINST the relentless bombardment of criticisms and shifting narratives emanating from opposition forces, Guyana’s gas-to-energy project represents one of the flagship initiatives of economic transformation and sustainable development by the current government. People’s Progressive Party General Secretary Dr Bharrat Jagdeo has aptly pointed out the opposition’s misinformation and alarmist approach on this landmark venture.

From claims of questioning its feasibility to, presently, nitpicking over rising costs and loan-interest rates, the evolution of opposition critiques of the project portrays a desperate attempt to discredit a venture that is clearly in a position to bring so many benefits to the people of Guyana.

This constant shifting of the goalposts manifests a clear deficiency in the substantive arguments against the project’s merits. Dr Jagdeo went on to provide the breakdown of the economics, which indeed speaks volumes to its potential. At 4% interest, the US$526 million loan from the US Export-Import Bank was remarkably competitive on any market in the world today.

Besides, the estimate of the cost of electricity at seven cents per kilowatt-hour, and with the possibility of further reduction, shows how functional and cost-effective the project was. The myopic opposition is focusing on the annual loan-interest repayments of $55 million as against the projected benefits. Undeniably, the financial benefits of this project are clear: US$100 million in annual foreign exchange savings from reduced oil imports, US$500 million in revenue for the Guyana Power and Light and US$250 million in consumer savings from reduced electricity costs.

The added US$138 million savings from halved cooking-gas costs underlines the wide-ranging economic impact of the project. It is important to note that this is not only about the bottom line of a balance sheet. The gas-to-energy project represents a crucial step toward energy independence, reduced carbon emissions and an improved quality of life for Guyanese citizens.

That the opposition has not recognised these far-reaching benefits indicates either a disturbing lack of vision or an intentional ploy to undermine progress out of political self-interest. As Guyana stands on the threshold of an economic revolution, it’s time we rally behind initiatives that promise sustainable growth and prosperity. Such a project is the gas-to-energy project, which promises to pay for itself in six years while bringing much-needed benefits to the people.

As Dr Jagdeo aptly put it, “How can they [the opposition] not see this?” The answer is simple: they choose not to. As Guyana moves forward, it’s crucial that we prioritise progress over political posturing, embracing initiatives that truly benefit the nation and its people.