With Guyana going to the polls on March 2 this year, it is not difficult to read the partisan, politicking intent by President David Granger, when as the Head of State, and leader of a caretaker government, he delivered the customary address to the nation at the start of the new year. Such an address should have stood out for its commitment to the national good, since 2020 is significant for Guyana – not only the dawn of the new year, but the start of a new decade; and then, there is even more in the forthcoming tectonic shift to its economy.
Among Granger’s more notable, and less partisan comments, were the ones focussing on building a more solid foundation for a better life for all Guyanese. He intimated his government’s focus would remain on developments directed at improving the quality of life for all Guyanese, among these being in education, economic growth, constitutional reform, and good governance. The government would focus on social protection, human safety, development of the Indigenous people, development of the energy sector, environmental protection, and better infrastructure.
Said an optimistic Granger: “We can look forward to living in a country which enjoys high levels of growth and human development and with accountable government and greater equality. Constitutional reform will allow for the easier resolution of political differences.”
The political pitch to his party’s supporters is quite apparent in Granger’s national address. However, it is also not difficult to miss the forthcoming tectonic shift underlying his message, which is the transformation of Guyana’s economy now underway following extraction of first oil earlier this month.
While its economy is now starting to be lubricated with oil income, at this time Guyana is also shifting gears as it readies for the March 2 elections. The prospect of incoming petroleum wealth understandably is a prominent theme on the national mind, as are the forthcoming elections. It means Guyana has arrived at a significant crossroad, with its oil wealth, and its political parties competing for the government, placing it inside one of the most important thresholds in its history.
How Guyana moves forward in 2020, and the decade ahead, will be determined in the weeks leading up to the March 2 elections. The winner will set the direction for Guyana’s development in the years ahead. Already, this historical significance is being played out on the campaign trail, with the People’s Progressive Party/Civic hierarchy last week indicating its ability to better manage the exponential revenue infusion.
Writing in the Trinidad Express last month, Anthony Bryan, Senior Associate of the Center for Strategic and International Studies in Washington, DC, was unequivocal that Guyana is on the threshold of “untold riches”. A record of 16 oil discoveries have been made by both ExxonMobil and Tullow Oil in the Stabroek Block of the deepwater Guyana Suriname Basin, with oil extraction underway at the Liza Phase 1 well site. Bryan indicated the economy is projected to grow by 86 percent, with per capita income more than doubling to (US) $10,000 by the end of this year.
It is projected this decade that started with Granger’s address earlier this month would end with production of more than one million barrels of oil equivalent daily. According to Bryan, an estimate by Rystad Energy revealed the consequent revenue from oil production will amount to more than (US) $117 billion over the lifetime of the projects. It is a windfall that could see Guyana’s population of less than 800,000 nationals becoming one of the world’s richest nations per capita.
Guyana “is at the starting gate”; and “will prosper if the massive revenue transforms the economy and the quality of life for its citizens”, Bryan stated. With the country positioned on economic and political thresholds, it goes without saying the national good, and not narrow, partisan goals, should fuel Guyana’s promising future.