Tag Archives: gold

In Guyana, a Land Dispute With Venezuela Escalates Over Oil – NY Times article

New York Times Article – BY WILLIAM NEUMAN

In Guyana, a Land Dispute With Venezuela Escalates Over Oil

Venezuela has long insisted it owns everything west of the Essequibo River, including the Guyanese town of Bartica, in a battle that intensified after an oil discovery.

BARTICA, Guyana — At a little tin-roofed beer joint on the west bank of the Essequibo River, Rawle Huggins relaxed on a wooden bench and considered his tiny country’s escalating border spat with its much bigger neighbor, Venezuela.

“Here is Guyana,” said Mr. Huggins, a sometime gold miner, referring to the land beneath him and everything around it. “I don’t live in Venezuela. I live in Guyana. They live,” he added, gesturing beyond the jungle that fringes the town, “over there.”   Continue reading

Guyana- Putting country first – commentary

Guyana Map 2015

Guyana Map – click to enlarge

Putting country first

July 21, 2015 | By | Filed Under Editorial

Despite all the financial and economic problems facing the country especially with the sugar and rice industry, Guyana has an abundance of natural resources, arable land, mineral deposits, natural ports and a young and educated population to move the country forward.

With the recent discovery of oil, the economic growth potential in Guyana is very high. Despite these advantages, poverty, unemployment and crime, especially among the youths are on the rise in Guyana and the country continues to face serious economic and social challenges. Continue reading

Anti-Money Laundering Bill…hike in foreign currency rates feared

Anti-Money Laundering Bill…Local businesses brace for hike in foreign currency rates

US Dollar Notes

US Dollar Notes

MAY 11, 2014 | BY  |

The non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill by this month-end would see financial hardships threatening Guyana’s economy.
This view was expressed by Nazar Mohamed, General Manager of Mohamed’s Enterprise, recently.

According to Mohamed, there is currently no shortage of foreign currency on the local market. He assured that there is no problem in customers getting money transfers or cash from commercial banks to conduct business. There may be instances where a customer would be asked to wait a day or two but there is no lengthy delay. However, a matter of concern is the hike in exchange rate for US dollar as against the Guyana dollar.

Continue reading

Gold prices, sugar slump will lower Guyana’s growth this year – IDB

Gold prices, sugar slump will lower Guyana’s growth this year – IDB

FEBRUARY 5, 2014 | BY  |

A slump in gold prices and poor performance from the sugar sector will see Guyana facing major downside risks to its growth momentum, the Inter-American Development Bank (IDB) has said.
In its Caribbean Region Quarterly Bulletin issued last month, the bilateral lending agency said that this will lead to a lower growth forecast for 2014 at 4.3 percent. This will be below the 4.8 percent growth recorded last year.   Energy cost also remains a big worry for Guyana.

Rice warehouse

Rice warehouse

Rice helped buoy the economy last year but it may not be enough to sustain it at the same level this year, IDB says..

“Further downside risks may stem from lagging investments in productive infrastructure, especially roads, ports and electricity; as the economy’s competitiveness and capacity to diversify are stymied by high energy costs, limited electrical generation capacity and poor quality of electricity service.” Continue reading

History: American rum and slavery

African History Month – February

American rum and slavery

In today’s selection – the horrors of slavery. – delanceyplace.com 11/9/12 

By the late 1600s, riding the discovery and exploding demand for sugar in Europe, slavery had become the largest economic enterprise on the earth. Horror attended the capture and transport of slaves — it was commonplace for over half the slaves on a given ship to perish, often from heartbreak and despair alone. The horror attended the slavers as well, a large number of whom perished from murder, betrayal or disease.

African slaves were purchased with rum — and so a terrible cycle was established in which slaves were purchased from African chiefs and shipped to the Caribbean to harvest sugar cane, which was turned to molasses and then rum, which was then shipped back to Africa to purchase more slaves.   Continue reading