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Economy

No foreign exchange shortage but fewer US notes in circulation

The Governor of the Bank of Guyana, Dr. Gobin Ganga, has assured that there is no shortage of foreign currency to transact international business such as wire transfers, but there are fewer United States (US) notes circulating at cambios and commercial banks partly because the increasing number of foreign workers are buying up the bills. “There is an increase in ...

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Education, ethnic impact statements can address race, ethnicity and wealth gaps

Two US-based political science professors have strongly recommended education and ethnic impact assessments to close wealth gaps among Guyana’s races, and constitutional reform to help Guyana resolve decades-old politically charged differences. However, former President Donald Ramotar of the People’s Progressive Party said Guyana has more of a class rather than a race problem and he instead accused the People’s National ...

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Double oil discoveries – 11th and 12th – offshore Guyana

The Director of Energy, Dr. Mark Bynoe, Wednesday morning announced that ExxonMobil has made its 11th and 12th discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells in the southwest section of the Stabroek Block. “This continues to be positive news for the people of the Co-operative Republic of Guyana, but the real substance of these finds will come when ...

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Afro-Guyanese urged to own businesses, seek gov’t support

Finance Minister, Winston Jordan on Sunday virtually ruled out the State paying a living minimum wage and urged the predominantly Afro-Guyanese government workforce to grasp opportunities to become entrepreneurs and create wealth. Noting that the minimum wage is now GYD$64,000 up from GYD$39,000 in three years, and the take-home pay is about GYD$55,000, Jordan acknowledged that “it can’t do” and ...

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Mining regions should be allocated some earnings, new system to address miners grievances – draft mineral policy

Administrative regions where mining is the main economic activity could get a small percentage of the earnings, if Cabinet greenlights the draft National Mineral Sector Policy Framework and Actions, officials said. Consultant and Exploration Geologist Sherwood Lowe told reporters that the recommendation was made by Region 10 Chairman Renis Morian during an outreach to stakeholders. Lowe said his report to ...

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Oil money for large-scale investments; 50,000 jobs for youths – PPP/C presidential candidate in sneak-preview of elections manifesto

Opposition People’s Progressive Party/Civic (PPP/C) presidential candidate, Irfaan Ali Sunday night announced that US$500 million in oil revenues would be pumped into agriculture. “We already have a plan and programme that will see more than US$500 million invested in Guyana from Year One under the next People’s Progressive Party/Civic government. We did this before without oil and gas and we’ll ...

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