Guyana’s is and has always been a primary producer. During its years of Independence, although there was some economic growth, Guyana was unable to significantly diversify its economy by, firstly, adding value to what it produced and, secondly, advancing the process of industrialisation.
Apart from political instability and consequential factors, the absence of an adequate and cheap supply of electricity was the major obstacle inhibiting such development. For a decade and a half beginning in 1957, Guyana saw the construction of a bauxite smelter as a way of triggering and, thereafter, advancing industrial development. Both parties struggled mightily to access foreign aid for projects to increase the supply of electricity. From Tiger Hill to Mazaruni, both failed. Continue reading
GUYANA: The Bright Century Beckons: But What’s In It For Me, And When? – By Ralph Ramkarran
The spectacular possibilities that await Guyana were revealed at the recently concluded Oil & Gas conference. Government spokespersons, led by President Irfaan Ali, Prime Minister Mark Phillips and Vice President Bharrat Jagdeo, and other officials, revealed plans, set out priorities and declared objectives. The head of Exxon talked about the possibilities of the oil industry and its growing potential. Not only will production increase but discoveries will multiply. The official estimate of reserves is 10 billion barrels, the unofficial 13. Guyanese can begin to think realistically of a potential of 20 billion and hope for 30 billion.
This was a conference to encourage investment and investors were represented. But the Heads of Government who attended – from Barbados, Suriname and Ghana – spoke about the interests of the Guyanese people. Even though Guyanese leaders did so as well, it was clear that uppermost in the minds of conference participants was investment opportunities, and not wages and working conditions for the jobs that would be created. Continue reading →
Share this:
Like this: