Opinions

The views expressed here are solely those of the author in their private capacity and do not represent the views of OilNOW.

Opinions

Audit and reporting for Guyana’s oil revenue administration

Bobby Gossai, Jr. -
An important mechanism of accountability is the periodic auditing of the oil fund. An oil revenue management law should specify the accounting method or methods the oil fund should follow and require all activity of the oil account to...
Opinions

Oversight and controls for Guyana’s petroleum revenues

Bobby Gossai, Jr. -
Limitations on Types of Investments An oil revenue management law should limit an oil fund's investments to certain secure and non-speculative instruments. New oil revenue management law and petroleum fund law should provide for such limitations. As a fund becomes...
Opinions

Oil fund management for Guyana

OilNOW -
Central to any revenue management law is the set of rules and basic principles governing the management of the oil fund. Good governance, professional management, and broad oversight can go a long way in protecting the value of oil...
Opinions

Spending limits, stabalisation and endowment funds for Guyana’s petroleum revenues

Bobby Gossai, Jr. -
An oil account can serve a number of purposes. It could be a mechanism for monitoring oil financial flows, a stabilisation fund to take account of fluctuating oil prices, or a savings device to establish a permanent fund to...
Opinions

Critical legal and institutional issues for Guyana’s natural resources’ revenue management

Bobby Gossai, Jr. -
In principle, oil or mineral revenues could be handled like any tax or other receipts, placed in Treasury accounts, and allocated in accordance with normal budgetary process. However, in a resource-dependent economy, the magnitude of the receipts and the...
Opinions

Good governance and applying Guyana’s oil income to national benefits

Bobby Gossai, Jr. -
Oil-rich low-income countries have sometimes been advised to accumulate their oil income into a national financial pool or fund (perhaps held in foreign stocks and bonds), and to spend only the “income” or “earnings” on the financial assets in...
Opinions

Exchange rate policy for Guyana’s emerging petroleum economy

OilNOW -
In the "normal" case that the real exchange rate tends to appreciate following an increase of oil earnings, government policymakers can "engineer" that appreciation in two ways. In the first case, the central bank maintains a floating exchange rate....
Opinions

The fear of Dutch Disease from Guyana’s petroleum development

Bobby Gossai, Jr. -
One of the possible harms of an oil export boom is that the rise in oil earnings leads to increased public and private spending, which in turn leads to a sharp appreciation of the real exchange rate, and then...
Opinions

Oil & public investments for Guyana’s overall development – not direct “citizen share”

Bobby Gossai, Jr. -
Oil earnings for an emerging economy such as Guyana should be turned into public investments rather than into increased private consumption. Most poor countries are severely constrained in their development by the under-provision of public goods. Economic development, though undoubtedly...
Opinions

Oil funds and managing the macroeconomic effects for Guyana

Bobby Gossai, Jr. -
Successive Guyanese governments will have to consider the concept of a separate oil fund. A separate fund could entail providing for a fixed sum to be spent in areas additional to the government’s main spending programmes. However, it may...
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