Even though Guyana is poised to receive billions of dollars in revenue from its massive offshore oil fields, the country’s economy will not be allowed to become dependent on this resource. Making this declaration on Monday was President Irfaan Ali as he addressed the country on the one-year anniversary of his government.
During his virtual engagement with members of the media, the Head of State emphatically stated, “…Our economy will never be based on oil and gas. Oil and gas gives us the impetus to accelerate other aspects of the economy. It gives us the advantage of fast-tracking other initiatives that will make other segments of the Guyanese economy competitive.”
In this regard, the President outlined his interest to have the oil money boost the agriculture sector, improve healthcare and educational services, fortify the country’s climate change efforts, support efforts in building a tourism sector and a services sector that is second to none, and create a modernized manufacturing and industrial zone that would open up opportunities for agro-processing, fabricating and machining, research, and development.
“So, the plan is a proactive, progressive plan that does not hinge its success only on oil and gas,” the Head of State asserted.
Mr. Ali was also keen to remind that whilst oil and gas is a newfound natural resource that holds massive potential to fast track the country’s development, Guyana has always had standing rainforests which are key to the nation’s carbon sink identity.
In this regard, he reminded that Guyana has led the way in the Low Carbon Development Strategy (LCDS) which earned revenues in carbon credits. He said, “We’re one of the first countries to sign on a new Memorandum of Understanding (MoU) to market our carbon credit, and we are also carbon neutral.”
Mr. Ali further noted that his government is already in the process of designing an expanded LCDS that would demonstrate to the world that in pursuit of the oil and gas sector, Guyana will still be in a position to be a leader in the world on the environment.
“So, that balance is intricately being developed in the strategic framework that will take our country forward,” the President concluded.
