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Nicaraguan Canal needed

Dec 30, 2014 Letters

DEAR EDITOR,
Reference is made to your news story (KN Dec 28) on a planned construction of a canal through Nicaragua linking the Atlantic and Pacific Oceans. The Panama Canal currently links the two oceans, but it is not coping with demands as a result of rising global trade traversing that region.  The canal cuts the journey around South America by weeks facilitating trade and promoting international security. But another canal is badly needed although very little of Guyanese trade goes through the Panama Canal or will go through a Nicaraguan Canal.
I am not in a position to comment on the internal Nicaraguan politics of the canal, but I am certain the protesters would be more than compensated for their land.
I recently visited the Panama Canal for one of my studies and observed the crossing of ships that could take as long as an hour for a ship to go through the canal. There was a long line of ships waiting to cross the canal and sometimes ships had to wait days to make the crossing. Another canal would ease the congestion and speed up crossing between the two oceans and may also lead to lowering costs of the journey.  Ships are charged by weight and size and a crossing could cost between tens of thousands and hundreds of thousands of dollars; Panama uses the dollar as its national currency.
In my conversations with staff of the Panama Canal, I was told that work was underway to construct another crossingm but that it would take several years. I pointed out to the staff that Nicaragua (news item in New York Times June 2013) was in talks with Chinese investors to cut a canal through their territory. The staff laughed saying digging such a canal was not practical, as the distance was too long, and it would be very costly.
The Times story did mention US$50 B – an astronomical figure.  Who would come up with that kind of money? And what guarantees are there that the cost would be recovered from crossing the canal? How long would it take recover investment? The Panama Canal staff also pointed out that even if the Nicaraguan Canal were to be constructed, the time it would take to cross it would be longer than that of traversing the Panama Canal.
By the time the Nicaraguan Canal is completed, if work goes ahead, the other Panama Canal crossing may be completed, decreasing the need for the Nicaraguan Canal. Nevertheless, another canal is badly needed and it would lead to competition that could drive down the cost of crossing between the two oceans. Another advantage is although it would be a longer journey it would shorten the distance on the Pacific Coast going up north. Guyana would not benefit much from it, except if trade from our country rises rapidly within a decade.
Vishnu Bisram

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