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Guyana will survive the sanctions

May 30, 2014 Features / Columnists, Peeping Tom

Guyana is not an island. Even if it were, it could not stand alone. It is part of the world and there are certain things that it is obligated to do as member of the international community.
Ever since 1991, the international community has developed certain rules which members are required to comply with, These rules are usually made by the stronger nations and those smaller countries that fail to comply are usually pressured into doing so through different forms of sanctions.
Right now Guyana is looking down the barrel of a gun. It will be shot in the gut, because it has failed to pass legislation to ensure that Guyana was in compliance with a basic set of rules developed by the Caribbean Financial Action Task Force (CFATF).
The government was given a number of opportunities to ensure that Guyana brought its legislation in compliance with the demands of the CFATF. The opposition constantly frustrated these attempts and must be held solely responsible for what happens now to Guyana.
Even after a team from the CFATF came and spoke to the opposition they failed to budge, leaving the team to conclude that the problem was of a political nature. It was indeed, and the lesson that all of Guyana must learn is that when it comes to politics, the opposition parties would sacrifice the future of Guyanese to get their own way. This is what happened here and this is what has led to a situation whereby Guyana will now face a rolling series of international sanctions.
The sanctions will take some time to bite. But bite it will. The first likely effect will be increased requirements in order to make money transfers. This will mean that business persons who have to transmit money will experience delays. The effects of this could see a slowdown in international trade. And do not expect the business community to absorb the increased costs that will be associated with this slowdown. No, you can bet your bottom dollar that they will pass these increased costs to consumers.
Higher prices will therefore be the next consequence. Prices will not necessary soar through the roof, but they will increase and this will hurt the poor badly.
Unless during this period Guyana puts its house in order, then the sanctions will begin to affect investment to Guyana. International companies willing to invest in Guyana will back off and withhold their investments. This will mean lost opportunities and lost jobs. This will hurt our economy, because once an investment is lost it is hard for it to be regained. Critical sectors, such as mining which has led economic growth over the past few years, are going to be affected.
But not to worry! Guyana will survive. We will not reach the stage of long lines for petrol, long lines for bread, long lines for other food, long lines for cooking gas or long lines for just about everything. Guyana has long recovered from those days, and thank God for the PPPC, will never return to the days of empty supermarket shelves.
Guyanese have seen that the economy need not have ever reached that stage and they will vote with reason come the next election and ensure that those who once brought Guyana to its knees economically, and those who are now responsible for us facing this ignominy of sanctions from FATF never win an election, because to do so would be to court disaster for this country.
Guyana must face the upcoming pressures like it did in the past. It must keep its resolve never to capitulate to such pressures because like everything else, it too will pass.
The private sector must stop being so cowardly. It should stop begging those who do not wish to listen to their pleas. It should leave them alone because they have demonstrated just where they stand when it comes to the interest of the Guyana people.
The pressure will come soon and the Guyanese people must be prepared for the effects of the sanctions. The people will survive; we have always done so, even during the period when it seemed as if there was no hope or future to look forward to.

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