Guyana’s Private Sector Commission (PSC) is pushing for the country’s government to outline a clear framework for the development of the emerging oil and gas sector.
PSC presented its Action Plan for the Sustainable Development of Guyana to Minister of State, Joseph Harmon on Thursday which lists over 270 recommendations across multiple sectors and focal points.
Recommendations for the Oil & Gas Sector include the establishment of a clear framework for its development, strong local content policy, well-managed Sovereign Wealth Fund and the need for a transparent and accountable Petroleum Commission.
As discussions continue about the prospect of bringing gas from Guyana’s oil fields to shore for the generation of low-cost energy, PSC proposes the development of an optimal energy matrix that would see a mix of hydro, gas, solar, wind and bio-energy being utilized.
The Commission also recommends that Value-Added Tax (VAT) be removed from electricity and tariff for large manufacturers be adjusted.
Other recommendations on energy include; provision of dedicated feeders to large consumers, incentives for investments in renewable energy options, acceleration of initiatives aimed at grid improvements (transmission and distribution) and business participation in energy projects – public private participation.
PSC said the recommendations in the Action Plan have been made to address issues affecting the business community over the last two decades which, if addressed, can aid in the development of Guyana.
“We are hopeful that a permanent Institutional Mechanism to host Public-Private Dialogues can be created so that we can have in-depth discussions with our Government, Political Opposition, Trade Unions and Civil Society Representatives for Guyana’s sustainable development,” PSC said.
The Commission’s Action Plan for the Sustainable Development of Guyana came out of a landmark Business Summit it held in October 2017 with support from the Inter-American Development bank (IDB). Presentations were made on key areas of the Guyana economy followed by a series of panel discussions on cross-cutting issues which affect those sectors.
