–says intensified investment in health, education and infrastructure key to sustained growth

IF the People’s Progressive Party/Civic (PPP/C) secures a comfortable majority in the September 1 General and Regional Elections, Guyana’s economic trajectory could be decisively shaped for decades to come, according to political activist, Senior Counsel Ralph Ramkarran.

Writing in his most recent Conversation Tree column, Ramkarran said, “If, as expected, the PPP is returned to office with a comfortable majority at the elections on September 1, Guyana’s economic destiny will truly be shaped.”

He noted that the framework for this transformation is already visible, with a significant share of national income, dominated by oil revenues, being channelled into health, education, and infrastructure.
“Every indication is that as Guyana’s income grows, these expenditures will grow substantially,” Ramkarran observed, describing such investment as the proven foundation for countries that have successfully transitioned from poverty to developed or advanced developing status.

TESTED STRATEGY FOR GROWTH
According to the Senior Counsel, the policy has been “tried and tested” over the past five years, and, if intensified with increased oil revenues, could cement Guyana’s future as “a vastly developed nation with at least regional, if not international clout”.

As he went on to explain, “This strategy has been tried and tested over the past five years, and if the next government intensifies this course with greater oil income, Guyana’s future destiny as a vastly developed nation with at least regional, if not international clout, is assured. Guyana’s development would have a positive impact on the economic fortunes of the region.”

However, Ramkarran cautioned that the oil resource is finite, and that there is always a risk of contracting the Dutch disease, where dependence on oil could weaken other sectors.
As such, he welcomed the government’s parallel emphasis on agriculture, mining, and tourism, supported by private investment to diversify the economy.
On the issue of poverty reduction, he urged realism, warning that progress is often slow, and can be hampered by unforeseen challenges.

Nonetheless, he expressed hope that within the next five years, growing oil revenues could be strategically used to offset the high cost of living, particularly through targeted support for vulnerable groups.