BOOK: From Rags to Riches: Is Guyana Ready for the Oil Bonanza? – by Terence M Yhip 

Published in Paperback – Jan. 5 2021 – by Terence M. Yhip 

Terence M. Yhip, a Ph.D Economics from McGill University, is currently a partner of Ideal Advisory Services (IAS), Toronto. He was Visiting Fellow at UWI, Mona, Jamaica after a long and distinguished career in economics, banking and finance in Canada, US, UK, Bahrain and the Caribbean.  The author urges the Guyanese diaspora to read the book for a clear understanding of exactly where Guyana lost significantly from the ExxonMobil production sharing agreement governing the offshore Stabroek concession.
Whether Guyana succeeds with the oil money only time will tell, but much hangs on local politics, corruption and accountability, management of the Natural Resource Fund, and macroeconomic policies to prevent Dutch Disease, which has afflicted Trinidad and Tobago as it struggles with the fact that oil and gas reserves will dry up this decade barring new major finds.     
Guyana’s initial discovery of approximately 9 billion barrels of recoverable oil offshore now puts the country squarely on the precipice of economic prosperity for decades to come. But will that happen? Guyanese are asking themselves if their country is ready to manage the oil money, wisely and productively.
They look at many hydrocarbon-rich rich countries in the region and elsewhere and they don’t like what they see. Far from befitting from the oil wealth, the countries are mired in political chaos, corruption and economic stagnation. Many countries, such as Trinidad and Tobago (sister CARICOM state), face depletion of oil and gas reserves by the end of this decade or so, but their economies are more dependent than ever on the energy sector, hammered by low energy prices..
With the persistent ethnic divisiveness in the country, Guyanese have reason to fear the resource curse. The book examines the current Guyana-ExxonMobil oil contract and argues rigorously that Guyana gave up substantial cash flow. In nontechnical language, “From Rags to Riches” not only tackles many difficult issues and challenges of managing natural resource wealth, but also explores solutions. The book is for the general public, policy makers, students, researchers and anyone interested in the economic growth and development of Guyana and similar oil-rich countries. The book challenges thinking about “what’s really at stake” in the development of Guyana’s energy sector.
Paperback –Now  $13.94 – List Price: $19.32 – Save: $5.38 (28%) – at January 28, 2022.
“LOOK INSIDE” for part of Chapter 1, Index etc.
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