CHIEF Investment Officer and Head of the Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop, has fired back at A Partnership for National Unity (APNU) incoming Parliamentarian, Terrence Campbell, accusing him of pushing “misleading economics” and “partisan agendas” in his recent critique of measures announced by President Dr. Irfaan Ali to stabilise the Guyana dollar.

In a strongly worded letter titled “Misleading Economics and Partisan Agendas,” Dr. Ramsaroop said it was “unsurprising that Dr. Campbell would seek to dismiss the measures announced by the President,” adding that the latter’s “position exposes a troubling contradiction.”

“For someone who frequently parades as a voice of accountability, his position exposes a troubling contradiction,” Ramsaroop wrote. “He appears less concerned with sound economic reasoning and more driven by a political agenda.”

Dr. Ramsaroop’s letter was written in response to Dr. Campbell’s publication in the Stabroek News on October 3, 2025, under the caption “Measures announced by the President will do nothing to ease the pressure on the Guyana dollar.”

According to Dr. Ramsaroop, “The very measures he now condemns are designed to curb illicit forex leakages and tax evasion, issues he himself has claimed to oppose but has been accused of. His resistance, therefore, speaks more to political expediency than genuine concern for the country’s economic stability.”

He further contended that Campbell’s new role as a parliamentarian aligned with the opposition People’s National Congress (PNC) has seemingly influenced his commentary. “It is worth noting that Dr. Campbell, having only just been handpicked by the PNC to serve as a parliamentarian, is now attempting to assert relevance on matters far beyond his demonstrated expertise,” Dr Ramsaroop stated.

“His recent posturing reads less like economic analysis and more like partisan politicking dressed up as scholarship.”

Challenging Campbell’s claim that the United States $1.2 billion injected into the foreign exchange market in 2025 signals unsustainable demand, Dr. Ramsaroop said such reasoning “betrays a profound misunderstanding of basic economic dynamics.”

“In 2020, there was no need for foreign exchange injections because the central bank was in a net purchase position of United States $384 million,” he explained. “At the same time, economic activity was virtually paralysed.”

He attributed that paralysis to “the political and constitutional crisis caused by the APNU+AFC government’s refusal to respect the No-Confidence Motion, the unlawful delay of elections until March 2020, and the subsequent five-month impasse during which APNU attempted to rig the results.

Adding to that, Dr Ramsaroop pointed out that the COVID-19 pandemic further devastated the economy, noting that “APNU’s reckless policies destroyed more than 30,000 jobs.” He said these factors “erased demand and eliminated the need for forex injections in 2020,” adding, “To strip this context, as Dr Campbell has done, is not only misleading, it is disingenuous.”

Turning to fiscal sustainability, Dr. Ramsaroop said Campbell’s “newfound commentary” on the matter was “laughable when weighed against the facts.”

“Today, Guyana’s fiscal indicators are the strongest they have been in three decades,” Dr Ramsaroop asserted. “Our net foreign reserves provide nine months of import cover, a historic high. By contrast, under APNU’s watch from 2015 to 2020, reserves collapsed to less than three months of import cover, dipping below two months at one point.”

He argued that what Campbell “seeks to portray as economic weakness is in reality the natural by-product of rapid infrastructure-driven growth, which has increased the import bill nearly six-fold over five years.”

“This is not evidence of collapse; it is evidence of expansion, backed by strong reserves and prudent fiscal management and strong leadership under His Excellency Dr. Irfaan Ali,” Dr Ramsaroop wrote.

Concluding his letter, the investment official said: “Dr. Campbell’s assertions therefore lack substance, evidence, and credibility. They are selective, partisan, and misleading. The President’s measures are both timely and necessary to safeguard macroeconomic stability, strengthen fiscal integrity, and ensure the resilience of the Guyana dollar.”

“The facts are clear. Dr. Campbell’s arguments are not,” Ramsaroop declared. “His critique reflects less of an economic analysis and more of a political performance.”