…calls for two thirds of parliamentarians to monitor oil fund
Political analyst and Attorney Christopher Ram on Friday weighed in on matters relating to the Natural Resources Fund (NRF) at the inaugural Energy forum hosted by the Guyana Chamber of Commerce and Industry (GCCI) at Duke Lodge, Georgetown, where he raised concerns over the fact that Government officials draft laws to benefit themselves.
It is because of this concern, Ram noted that NRF, previously called the Sovereign Wealth Fund, should be monitored by two thirds of the National Assembly to protect its content.
“First of all, this legislation that is proposed or as it is, we have a difficulty with the Constitution. Article 216 of the Constitution which says that all the money must go
Political Analyst and Attorney, Christopher Ram
towards to Consolidated Fund unless…(but) Article 216 of is not protected. It is not entrenched as you call it. This act, the Natural Resource Fund act, you pass it one day and you can unpass it the next day. Where is the protection? Where is the guarantee that no, even one-seat majority, will take all kind of politics that we have in this country that we’ve had for so very long, whenever they feel like they change the law to suit themselves,” Ram said.
According to him, changes to the law to suit governments have happened in the past and continue to happen under the present Administration.
It is against this backdrop that Ram pointed to the need for the SWF to be monitored by parliamentarians. “The Natural Resource Fund should be protected by a two thirds majority in the National Assembly,” he stated.
Should this come to pass, the analyst said certain laws would have to be amended such as Article 164, which requires a referendum.
His fellow panelist, Attorney Charles Ramson Jr, chimed in saying both the Opposition and Government should play a role in drafting this specific legislation as it may have negative impacts on the booming oil industry.
According to him, “The protection that Chris (Christopher Ram) was referring to is getting a two thirds majority but how do you get a two thirds majority if you’re doing it and creating your ideas and creating the policy and creating the framework and the legislation all on your own?”
Ramson indicated that when the other party is excluded from such matters, when it is time to vote on the legislation, regardless of it is good or bad, the other party will vote against it.
The ‘Green Paper’ which details the doings of Government with the earnings from not only the oil industry, but several other areas related to natural resources was released back in August.
The Government said in its Green Paper that it would be an unwise decision to spread the limited expertise and experience in fund management in Guyana across two separate funds. The costs of managing two funds would be much higher than those of managing a single fund.
As such, the Government considers that it is most efficient to have a single fund (the Natural Resource Fund).
