Minister of Finance should not bring Deposit Insurance Act into operation until appropriate rate of premium has been actuarially determined

A recent report of the World Bank discloses that the “hinterland areas, where only 9.6 percent of the total population resided, housed 64 percent of the Guyanese population with acute deprivation in health, education and standard of living.” The report also referred to latest poverty estimates which show that poverty in Guyana is deepest in the rural interior regions at 73.5 percent.

Yet, when the Government approaches the World Bank – part of the Washington Consensus associated with the most draconian of conditionalities attaching to the Hoyte/Greenidge Economic Recovery Programme – for funding, it imposes on Guyana not conditionalities but what is refers to as “prior action”. So here we have it, the Granger Administration, in return for a loan of US$35 million acquiesces without any hesitation or question to pass four pieces of legislation, none of which address the problems which the Report helpfully discloses but callously disregards. Continue reading “Minister of Finance should not bring Deposit Insurance Act into operation until appropriate rate of premium has been actuarially determined”

Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 55)

Introduction

Recall that Column # 54 published in this column last week cited two Emancipation Day speeches, one from President Granger which was discussed at some length in the same column. The other was by Professor Clive Thomas, an economic adviser to the President and co-leader of the WPA, which is a member of the APNU+ AFC Coalition. The press reported that the Professor called on his Party to lobby and support cash payments to every single household as their share of the benefits of oil and gas in terms of cash or cheque received in their accounts.

Events this past week have served to confuse Thomas’ remarks and whether the only figure reported from his speech of “US$5,000 per year or whatever it works out at” was loose, careless or worse yet, reckless, given his standing as an economist of considerable repute. Known for his rather conservative style when speaking as an economist, the audience appears to have reacted most positively to his suggestion. Surprisingly, much of the criticism came from his colleagues in the APNU and the AFC with former Chairman of the AFC Mr. Nigel Hughes immediately challenging the Professor. Continue reading “Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 55)”

Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 54)

Introduction

Events marking Emancipation Day saw two significant statements from two leading Afro-Guyanese leaders, President David Granger and Professor Clive Thomas. Speaking to different audiences, President Granger who is also leader of the PNCR, the APNU and the APNU+AFC Coalition, called on the Afro-Guyanese community to cease idling and depending on others for money. By contrast, in a Panel discussion in the politically significant East Coast Demerara village of Buxton, Professor Thomas, an economic adviser to the President and co-leader of the WPA, a member in the Coalition, called on his Party to lobby and support cash payments to every single household as their share of the benefits of oil and gas in terms of cash or cheque received in their accounts.

To add to an issue which might loom large in the politics of Guyana, former AFC Chairman Mr. Nigel Hughes, speaking at the same forum with Dr. Thomas, advised caution and called for “a discussion based on data rather than hot air”, asking rhetorically about the criteria and the assessment benchmarks to be used going forward, so that the issue is not reduced to discussions. Continue reading “Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 54)”

Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 53)

Introduction

Surprise would be a mild word to describe the reaction of many Guyanese to the report by Minister of State Joseph Harmon that President Granger had appointed Dr. Mark Bynoe to head the Department of Energy in the Ministry of the Presidency. Dr. Bynoe was identified in a 2017 news report in Caribbean Climate, a regional climate change blog as a senior environment and resource economist with the Belize-based Caribbean Community Climate Change Centre (CCCCC).

The CCCCC helps countries develop Green Climate Fund programmes and projects and acts as a vehicle for the dissemination of relevant information to help the Green Climate Fund process and to help countries development priority programmes and projects under the Fund. Dr. Bynoe was particularly involved in a project in Belize to assist residents of Trio Village in combating the effects of climate related events such as deforestation due to lack of water, insufficient arable land and forest fires which threatened crops. Continue reading “Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 53)”

Mr Khan’s accusation over the US$460m pre-contract cost was erroneous

I shared with Ms. Lisa Sachs, Director, Columbia Center on Sustainable Investment, USA, Dr. Jan Mangal former Petroleum Presidential Advisor, and Mr. Imran Khan of the Department of Public Information an Al Jazeera programme on Monday July 30. During the course of the half an hour discussion, responding to my assertion that ExxonMobil’s claim of US$460 million as per-contract cost to December 31, 2015 was inflated, Mr. Khan’s response was that my statement was unsubstantiated.

Immediately after the programme, Imran admitted to me on the telephone that he had not read my 44th Stabroek News Oil and Gas column published on May 24, 2018 which did exactly what he claimed I had not done. It is of course improper for Mr. Khan to make such an accusation to a domestic audience, let alone an international audience, whether out of ignorance or otherwise since no subsequent correction can undo the error.

In any case, I know and trust Mr. Khan to do the decent thing and to acknowledge his uninformed claim.

In our very cordial telephone conversation, I also drew Mr. Khan’s attention to column # 52 in the Oil and Gas series in which I produced a short table evidencing plagiarism in a statement issued by his Department. His response was that the plagiarism (my word) emanated from the Ministry of Finance and was merely repeated by his Department.

It would be good for Mr. Khan’s own professional reputation to avoid being a mouthpiece and acting more like a professional.