OPINION: Guyana – a rising star

Last Updated on Wednesday, 24 July 2024, 18:58 by Writer

By Dr. Randy Persaud, Professor Emeritus

For the past several months, columnist GHK Lall has been trying to make a case against the PPP on economic grounds. He tried everything in his repertoire but came up empty-handed. The truth is the Guyanese economy is roaring both at the level of macro-economic fundamentals, and also at the level of individuals and communities. 

To the dismay of people like Lall, the International Monetary Fund (IMF) recently gave a big thumbs up to the economy, upping the projected 2024 growth rate by 7.3% from 26.6% to 33.9%. According to Statista Research Department “[t]he ratio of national debt to gross domestic product (GDP) in Guyana [is expected] to decrease between 2024 and 2029 by a total 3.7 percentage points.” To put things in perspective, while the US debt-to-GDP ratio is 123% and that of Canada is 106%, the corresponding rate for Guyana by 2029 is estimated to be 27.46%. 

The oil sector is moving from strength to strength. According to the US Energy Information Administration “Guyana, … has emerged as a significant contributor to growth in the global supply of crude oil… Guyana has increased its crude oil production to 645,000 barrels per day (b/d) as of early 2024…” The Guyanese economy under the PPP is poised to leapfrog an entire stage in the trajectory of economic development. That’s right, Guyana is a rising star.

The Gas-to-Energy project is coming along at a rapid pace. It will boost electricity generation to satisfy all consumer needs, and dramatically reduce the cost to households and businesses nationwide. Despite the crap you hear from GHK Lall, Exxon and the Government of Guyana are working closely on this project. 

At the individual and community levels, twelve new hospitals and as many schools are under construction. In 2024 alone, more than 7,000 GOAL scholarships have been awarded to both younger students and mid-career professionals. Jobs are more plentiful now compared to any time in our history. University of Guyana Vice Chancellor Dr. Paloma Mohamed-Martin confirmed to this writer that engineering students are fully “lined-up” well before graduation. Guyana Technical Training College (the Oil & Gas School at Tain, Berbice) recently graduated its first class of Oil and Gas specialists, and those graduates have guaranteed jobs. 

These developments did not jump out of thin air. They are the direct result of the PPP government local content policy in the oil and gas sector. Incidentally, the Guyanese people no doubt want to know where Nigel Hughes stands on the local content policy. Don’t we have a veritable conflict of interest here? 

Gabriel Lall’s failure in making an impactful critique of the PPP’s economic policies and accomplishments, has led him to assume the posture of a sociologist. His new specialization is supposedly criminology. I guarantee you that GHK Lall’s gambit in this new area would fetch him an “F” by American standards. Those are the standards for which he has a particular liking. His column in yesterday’s KN does not meet the bare minimum standard for an undergraduate essay, even by community college expectations. There is no research, no method, no theory, and absolutely no evidence, for any of the claims made. Instead we get an amalgam of sanctimonious generalizations, moralistic incantations, pretentious expositions, baseless accusations, and patent nonsense. 

I have some advice for GHK Lall. If Sir, you want to talk about real crimes, crimes against the constitution, and crimes against the people of this country, you need look no further than the COI Report on the 2020 elections. You will find many of your friends there, their names clearly spelled out, and the crimes committed. 

Dr. Randy Persaud is an Adviser in the Office of the President.