Continuing from the discussions of last week, we, as a people, need to look beyond the short-term gains and at the bigger picture ahead. We need to look at the geopolitical importance of Guyana, which the President has recognised. We need to look at regional integration, more South-South cooperation, and put our energies to work to achieve those goals. We need to determine the cost benefit analysis of goods coming out of South American countries and being shipped to the rest of the world and around the continent to North American markets, versus the cost of goods moving through the continent – through Guyana to the rest of the world – by connecting the entire South America with railways and a deep water harbour, by which Guyana can become a trans-shipment hub for the region. This is how Guyana can mirror the Dubai model.
In these regards, Guyana can lead a regional integration agenda aimed at strengthening South-South cooperation in South America, Latin America and the Caribbean through the auspices of Caricom and the other regional trading bloc, as mentioned herein, within the framework of leveraging the country’s development needs. Within these respects, for example, Guyana’s geographic location in South America, which places it at an advantage in terms of access routes to the rest of the world, is an important factor that has to be considered in the deep water harbour project and the Brazil-Guyana road link project. These two projects alone can integrate more South-South cooperation in which opportunities would be opened up for not only Brazil’s goods to pass through Guyana, thereby creating new industries and commerce, but for other countries’ goods in South America to pass through Guyana to the rest of the world’s markets.
As both a region and a sub-continent, the political leaders of South American countries need to start examining the need for a South American Development Bank, to focus on large-scale development projects in the member states.
In the long term as well, the need to connect the continent through the construction of railways would be necessary, if the leaders of South America are serious about deepening integration of the continent and cementing its role in regional integration, in order to conduct business with the rest of the world. To this end, Guyana can become a regional hub for shipping and commerce, mirroring the Dubai model.
Further, apart from good governance, strong political leadership and stability, which are each a given to achieve these goals, Guyana needs to address its human capital deficit, infrastructure deficit, and high energy cost. By addressing these issues – the paper has discussed, to some extent, ways in which the country can reduce the cost of energy – the types of projects thereto, and the infrastructure deficit that presents opportunities for large-scale investments, these of themselves can be pioneer developmental strategies by which Guyana can lead the regional integration agenda. Not only does Guyana have oil as its attractiveness to foreign investors and an underpin for its geopolitical importance, but it is also endowed with an abundance of natural resources, including arable agricultural land and potable water.
The Caribbean Community alone imports US$10 billion in food annually, a significantly important market into which Guyana can tap as a supplier.
Towards that end, Guyana can become the food basket of the region. As a strategy to bridge the human capital deficit gap, a structured immigration policy can be put in place to attract the skills and expertise needed to advance the country’s development agenda through these regional associations as well.
And lastly, there is a need for regional capital market development. The need for creative tools and innovative financial products that would align with these development goals for the region need to be examined as well from a regional and global perspective, and Guyana could be the leader to position itself in the region to drive these agendas.
As such, this columnist would like to urge Guyanese to look at the bigger picture, look at the transformational projects that the President himself has outlined, and let’s all put our hands on the deck to make it happen, and stop being petty and short- sighted. The Ministers and Government officials are technically sound, and have, in a short period of time, proven their commitment and dedication to work hard and achieve these goals; and so we need to support them. All of Guyana needs to support them. All of Guyana needs to embrace the long-term goals and vision; and it should be one Guyana vision.
Let’s not get carried away. The budget was an emergency budget, and more so a survival budget, despite a bankrupt treasury. It catered for everyone in the circumstance: the households, public servants, and the business sector. We can expect, and hold the Government of the day accountable for, salary increases for public servants, progressively starting from the 2021 budget. We need to be reasonable at least, and acknowledge all the factors in the given circumstance.
Lastly, this column had examined extensively the financial consequences if Guyana were to be sanctioned, given what had occurred over the last five months when the country was on the verge of being destroyed and becoming another Venezuela in this hemisphere. Many Guyanese were devastated, given what those consequences could have been with economic sanctions. Thankfully, the policymakers of the day fought fearlessly, relentlessly, and perseveringly to protect the future of Guyana and the future of its people. For that reason, the officials deserve decent benefits, because they have earned it, once it is not extravagant – and 0.03% of the budget is certainly not extravagant. Let’s focus on the bigger picture, and work towards that collectively. There are enough resources and wealth for everyone.
About the Author: JC. Bhagwandin is an economic and financial analyst, lecturer and business & financial consultant. The views expressed are exclusively his own and do not necessarily represent those of this newspaper and the institutions he represents. For comments, send to [email protected].
