The rising giant: Guyana’s prospects from fossil fuels

Guyana’s economic fortunes have, in the last two or so years, taken off in no uncertain terms as a result of the discovery of fossil fuels in economic quantities. It joins Venezuela and Trinidad and Tobago as the major countries in the Caribbean that possess this much sought-after commodity. It is the envy of other states in the region that hoped that they would be blessed by such a fortune. It has also become a magnet, attracting economic powerhouses in all shapes and sizes from all corners of the world, and the Caribbean is not to be left out.

Sometimes all that glitters is not gold. Guyana, overnight, became the interest of many a multinational cooperation that never knew of its existence before, or had any interest in its struggles as a people and nation. The discovery of oil has seen rapidly growing interests in the petroleum and attendant industries and a host of other activities that hope to piggyback on the development of the nation’s resources. The government must do its due diligences and, at the same time, be very much aware of ‘horses bearing gifts’, especially those that never paid it the time of day before. Think, therefore, beyond the immediate. Heed some friendly advice.

In exercising due diligence, be mindful of the modus operandi of some developed nations, especially those that have a monopoly of expertise in the area of drilling for, extracting and marketing the newfound resource. Learn from the experiences of Africa, Afghanistan, Iraq, and our neighbours Haiti, Trinidad and Tobago, and Venezuela, when it comes to the many shades of exploitation to be expected.

Examine closely the experience of Nigeria, a land that reportedly has the world’s fifth-largest deposit of oil. For all its rich resources, there is little to show in the standard of life of the majority of its people. All its mining operations are controlled by foreign entities, which are the only ones profiting from the extraction of deposits. Notwithstanding your age-old disputes with the Bolivarian Republic, engage them so that you are mindful of all possible pitfalls and can chart the best way forward. This is the only way that you will reap and sustain your just rewards.

CREATING CLEANER ECONOMIES

The experiences of the developed exploiting the developing and underdeveloped are matters of historical record. The fact that the Western world continues to benefit disproportionately from the resources extracted from Africa, and any other mineral-rich nations, is indisputable. If one is not careful, one will suffer the same fate without even realising until it’s far too late.

Guyana is therefore positioned well as a Caribbean nation to perhaps lead the way in developing a green economy. The proceeds from oil will not last forever and from current trends, the mining of crude oil is already going out the window, as new and more efficient and sustainable energy sources are coming on stream daily. Judicious use of marketed crude oil proceeds coupled with the other vast mineral, fauna and flora resources, puts the nation in a position to be the leader in the region in moving to combat the damage of climate change, while creating cleaner economies.

In accepting the new reality, Guyana should have as its ultimate focus, the upliftment of their people through good and acceptable practices in democratic governance. The struggles of the past in this regard cannot be forgotten, but these should pale in significance when one now sees what can be achieved by empowering the people and moving forward in unity. Forget not thy neighbours, especially those with whom the country has been associated over time. They, too, have expertise that will be needed in your journey; and where there is a willingness to help, especially in mutually beneficial circumstances, they should be engaged. Sadly, there are also those who are genuinely in dire need among us but have nothing to offer in return. In your ascendancy, stretch a helping hand; life has too many strange twists and turns for nations to be singularly focused in today’s world. Remember, we cannot be on top all the time, and those are down now will one day rise, as you have done.

Finally, in all things, maintain an open mind and be willing to listen. Listen well, give everyone the time of day, your own as well as others; and at the end of the day, strive to make the best decisions in the interest of your country and region. Yours is a huge responsibility that needs to be very carefully managed, and you should continue to thank the Lord for all his mercies!

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