Economy

First Lady Sandra Granger on Saturday commissioned the ‘Liza Destiny’, the first in a series of Floating Production Storage and Offloading (FPSO) vessels for ExxonMobil Guyana at the Keppel Shipyard in Singapore. The vessel will depart Singapore in July and is expected to arrive in Guyana in September to prepare for the commencement of oil production for the Liza Phase ...

Finance Minister, Winston Jordan says investors have been walking away from buying any of the four shuttered sugar estates, an indication that Opposition Leader Bharrat Jagdeo is fooling supporters that the People’s Progressive Party (PPP) will reopen them if his party wins the next general elections. “How you are going to open back those four estates that is scrap iron ...

The International Monetary Fund (IMF) has pointed to lingering uncertainty about how much profit oil Guyana will actually rake in, even as that global financial watchdog says it is ready to help the country prepare for oil price shocks. Preliminary findings of a 2019 Article IV official visit show that Guyana is well on its way to achieving 4.4 percent ...

Ghana’s President, Nana Akufo-Addo has agreed that his country would help Guyana’s energy sector, Director-General of the Ministry of the Presidency, Joseph Harmon said. Briefing the media after Akufo Addo was conferred with Guyana’s national award, the Order of Excellence by President David Granger, Harmon said the technical assistance cooperation would be provided free of cost. “This is very important ...

Former Minister of Natural Resources, Robert Persaud on Sunday said no government investigator has questioned him concerning the issuance of oil concessions and he and members of the then People’s Progressive Party Civic (PPPC) administration were not worried about an independent probe. Officials of the State Assets Recovery Agency (SARA) less than one month ago caused quite a stir locally ...

A three-year-old Tourism Development Fund (TDF) has raked in almost GYD$5 million that has been used in a couple of areas to help boost Guyana’s tourism product, but large hotels are yet to clear a hurdle to begin contributing to the vital cash source, President of the Tourism and Hospitality Association of Guyana (THAG) Mitra Ramkumar said Friday. The TDF ...

The Labour Department cannot afford the money to inspect oil exploration vessels offshore Guyana to ensure they are complying with the country’s occupational safety and health laws, Labour Department Consultant Francis Carryl said Friday. “When we can afford to go out there, we will go to see exactly what is happening and I doubt whether we can go more than ...

An Indian-Ghanaian-Guyanese consortium is likely to buy out the Rose Hall sugar estate, the first of three that is on the selling block, government’s holding company of state assets announced Monday. Officials said they hoped to seal the deal by July, 2019. Head of the National Industrial and Commercial Investments Limited’s Special Purpose Unit (NICIL-SPU), Colvin Heath-London said the consortium ...

Government was preparing to sell off huge swathes of land owned by the Guyana Sugar Corporation (Guysuco) as part of moves to sell off the several loss-making estates, even as the administration prepared to revive interest in the ‘for-sale’ assets by local and foreign investors, Director-General of the Ministry of the Presidency, Joseph Harmon said Friday. “I can say to ...

Minister of Agriculture Clarence Rambharat has advised that raw and cooked poultry meat from Guyana has been banned from entry into Trinidad and Tobago with immediate effect, Loop TT reported Friday. “As a precaution the Ministry’s Chief Veterinary Office has notified the Customs and Excise Division of an immediate ban on raw and cooked poultry originating from Guyana. While Guyana ...