Dear Editor,
There have been a few articles in a particular media which is vociferously and aggressively peddling the view that the dreaded ‘oil curse’ is already upon us.
One writer is of the opinion that the rate of development of Guyana’s infrastructure is way behind the rapid pace of development of the oil sector and this is a recipe for the ‘oil curse’. But on the other hand, he condemned borrowing funds to finance the very same infrastructural and transformative development which are vital. Therefore, the question is: what is the solution to this problem?
Do we reduce the production of oil whilst we await the accumulation of funds in the unpredictable distant future? I think not. The Vice President has explained ad nauseam that there is a limited window available for oil exploration and Guyana must take advantage of this now rather than later. He added that companies are finding it harder to attract investments into fossil fuel projects. Oil in the ground has no benefit for Guyana and the loans which are accessed are linked to the transformative developments not only to the oil sector but the other sectors as well.
The foundations which are essential and indispensable must be laid down so that Guyanese will eventually reap the benefits from our oil. No sector is left behind. It is not an overnight process and a deep understanding is necessary. Like all other investments, there is a waiting period and there is no shortcut to this. Some feel that this cold hard oil money should immediately be in the pockets of all Guyanese and some are advocating a US$5000 handout. But the Government has already implemented numerous micro and macro-economic policies to ensure that everyone benefits from the oil revenue.
The humongous increase in our budgetary allocations to affect these policies are the direct result of the oil money. One cannot expect that everyone will get everything according to their expectations by the stroke of a magic wand.
It is no secret that all the sectors across Guyana are progressing at an extremely fast rate and this is not about infrastructure only. For instance, the agriculture sector is already being transformed to make Guyana self-sufficient in food production by 2025. These transformative developments are already bearing fruits in all the sub-sectors within the Ministry of Agriculture. There is sustainable growth throughout this sector and the rural communities are being uplifted on an almost daily basis.
The rate of this development is unprecedented. All of these are taking place in addition to undoing all the destructions which the coalition brought in this sector. It cost tens of billions to right the wrongs which the coalition wilfully perpetrated against agriculture. Moreover, the former coalition Government should accept this fact and apologise to the people who suffered immensely, for instance, the sugar workers. Today, the Rose Hall Estate which had merited a Medal of Service but was callously and unconscionably closed by the coalition is on the verge of reopening.
Not only the agriculture sector, but all the other sectors (health, education, fishing, forestry, mining), provide strong and irrefutable evidence that the ‘oil curse’ is just a hoax meant to ignite mischief and strife against the PPP/C Government. Economic growth and development are taking place in all the sectors, none is neglected.
Yours sincerely,
Haseef Yusuf
