Back in the day, when the sugar industry came into a windfall through a spike in world prices, the PNC imposed a levy that scooped off all profits. They promised to invest it in the country’s “development”, but in so doing, they prevented the industry from replacing its aging factories – which then were run into the ground. And thus was the crisis created that the sugar industry’s now in.
Your Eyewitness brings this up not to beat up on the PNC – lord knows, they do enough of that on their own!! – but to remind their successors in Parliament that the road to hell is paved with good intentions. Burnham really thought the hydro project up the Mazaruni was for the benefit of the country, but he didn’t involve anyone outside of his tight little PNC coterie; and when a series of unfortunate events followed, Guyana “lost corn and husk”. Over half-a-billion US$$ went down the tube in that hard guava season – along with the dreams of sugar workers when they didn’t receive profit sharing for the next quarter of a century.
And this is where history would’ve repeated itself with the oil revenues they’re criticising the PPP about. Back in 2018, PM Nagamootoo assured an oil and gas forum that Minister of Natural Resources, Raphael Trotman, assured HIM that Guyana would be launching a Sovereign Wealth Fund (SWF) – into which all revenues would be funnelled. After all, Trotman had been soliciting advice from the Americans, the Canadians, the British, and gosh knows who else. And they all emphasised the funds have to be sequestered, invested, and deployed in strategic investments for the benefit of future generations. So far so good; so, can we hope they wouldn’t have blown the money and left Guyana with “hydro-cele”, again?!
They say the devil’s in the details, and in their plan’s fine print, we discovered they would’ve used the fund to fill “budgetary gaps”!! Stabilization Fund, Infrastructure and Social Development Fund, and Citizens Participation Fund!! Ain’t that what they later expanded as their Buxton Proposal: where everyone would be collecting $1million annually to do as they please, and the devil take the need for infrastructural development!!
Through this subterfuge, they would’ve burnt money on all sorts of boondoggles!! Like they do whenever they get their grubby hands on our Treasury!! So much for saving for future generations!!
Fact of the matter is that, strategically, the PPP’s using the oil funds to ensure our development continues into the next century. Of course, there may be hiccups, but the Opposition is stifling its conscience with their slash-and-burn criticisms!!
…the Border controversy
We all expected the Trump Administration would be taking on Mad Maduro mano-a-mano, no?? Your Eyewitness imbibed the folk wisdom that “two man-crab cyan live in the same hole”, right?? And for sure, Mad Maduro and Trump believe to their core they’re man crabs!! Look at how Maduro played Sleepy Joe Biden by pretending to allow the “return of democracy” – for Chevron to get back its licence to recover and ship to the States 220,000 barrels per day!!! This literally kept the Chavistas’ heads above water!!
And what did Trump do?? He talked big and bad on deporting 600,000 Venezuelans, but sent his representative to NEGOTIATE with Mad Maduro for the return of six Yanks who were accused of trying to overthrow Mad Maduro!! And the representative beamed when he returned with them – but left the Chevron licence firmly in place!! So, what’s ahead for us?? While he’s convinced everyone he’s a bull in a China shop, Trump is showing that he can use different strokes for different folks!
And for Mad Maduro, sadly, it looks like he’ll be getting the carrot, rather than the stick!!
…forex markets
Just when businesses thought the forex markets were safe, up comes persistent news that they can’t even get paltry sums like a couple of thousand US greenbacks. So, we have a black hole that’s sucking them out??
