Economy

Guyana is moving full steam ahead to award more oil concessions, but this time it would be done through a competitive system instead of striking one-on-one deals, Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe announced Monday. “This is likely to be a bid round” Bynoe told a press conference he shared with British oil and ...

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 ...

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 ...

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 ...

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 ...

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 ...

by Fitzgerald Yaw, Jr., Ottawa, Canada, November 9, 2011 The Nov 28, 2011 general election is critical to the direction of Guyana. The election is being held at a time of great challenge in the global economy. Guyana has not been as negatively impacted as some other countries by the instability in global markets because of its commodity based economy, ...