Two Guyanese men, who often feature in media discourse on Guyana’s development, are set to meet for a spirited debate on the moot – “Guyana is not on the right path to development given its newfound oil resources.”
Scheduled for July 5 at 1:00 pm, the debate will occur in the George Walcott Lecture Theatre (GWLT) on the grounds of the University of Guyana’s Turkeyen campus. The event is being hosted by the University’s Economics Society, in collaboration with its Toastmasters Club and the Student Society.
Elson Lowe, an economist who advises the Guyana Opposition, is known for criticising the current administration’s management of the sector, and said last year that the performance of the economy indicates the early signs of the Dutch Disease.
Joel Bhagwandin, a financial analyst who writes regular colums on oil and development, has generally positive views on Guyana’s growth story. He has said that the Dutch Disease is not present in Guyana, on account of the current administration’s management of the economy.
He told OilNOW, given Guyana’s immense development challenges, where it has come from and what it is now, he believes Guyana is on the right path. “When you look at the transformational projects, and the manner in which the government is pursuing and facilitating investment, and creating an accommodating environment [for business]… all those things will in turn lead us to a path of development that will transform the economy,” Bhagwandin stated.
Lowe, who is expected to argue for the moot, said he thinks “[the debate] will provide a good opportunity for us to take stock of where we are as a nation in terms of our development, as well as in terms of our oil industry, and to get a sense of how we should chart a course to ensure that Guyanese are able to benefit in the best way.”
The first discovery of commercial crude offshore Guyana was made in 2015, and since then, alongside excitement, the oil sector has also been a subject of concern in public discourse. While tremendous economic growth is being observed, there are some who worry that the benefits of the sector are not being equitably distributed to all its people.
As two prominent figures in Guyana’s media discourse on development, the clash of perspectives from Lowe and Bhagwandin are expected to offer valuable insight into the opportunities and challenges presented by the oil sector.
