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No urgency and passion in using oil revenues for the people

Sep 01, 2021 Letters

Dear Editor,

The national conversation on the best use of oil revenues has been sporadic. Dr. Tara Singh’s letter in SN August 30 (Public education on oil revenue is essential) is therefore a welcome sighting. Disappointingly, however, Dr. Singh brought no urgency, passion nor imagination to the matter. His letter, therefore, likely exacerbated, what one editorial recently described as, the “disconnect between the gushing headlines and the lived experience of average Guyanese”.
Let’s start with his stance that Guyana must “avoid the creation of an entitlement society. In stark contrast, our very constitution and key international covenants to which Guyana is a signatory call for the creation of just such a society by guaranteeing several social and economic rights and benefits to citizens. Our constitution enshrines, for instance, the rights to housing, leisure, free health, education, and social care for the elderly and disabled. Additionally, Article 40 mandates that “every person in Guyana is entitled to the basic right to a happy, creative and productive life, free from hunger, ignorance, and want.”
More specific are Guyana’s commitments under the International Covenant on Economic, Social and Cultural Rights. As pointed out by Dr. Betrand Ramcharran in his letter in SN May 27, the covenant enumerates a number of rights that Guyana should now strive to implement. It speaks, for instance, about protection and assistance of families, mothers, children, and young persons. It speaks of food security (ensuring all can eat a proper diet daily) and the right of everyone to an adequate standard of living. No country has achieved or tries to achieve these goals without social programmes based on entitlements as citizen rights. Constitution and covenants aside, we as a people should embrace these ideals as a matter of national ethos.
Secondly, Dr. Singh misrepresented and underestimated projected oil revenues. In his misrepresentation, he wrongly compared oil revenues to annual remittances. The difference is that government directly collects and controls all oil revenues. Remittances, in contrast, are held by a multitude of private citizens and entities from which government collects a trickle through taxes. He underestimated projected oil revenues by ignoring the fact that by 2025, production is likely to reach 750,000 b/d. By then, Guyana would be receiving more royalties and oil profits. Therefore, both the pie and our share of it will increase significantly. We must not treat these sizeable and growing sums of money as peanuts or pennies. Sure, some of this money should be locked away in the SWF for future generations. However, the portion available must be leveraged to prudently borrow and invest, thereby multiplying its impact now (Money management 101).
Thirdly, Dr. Singh asked us to be impressed that recent government grants and tax relief measures have put into the economy disposable income of $GY28.6 billion (7.5 percent of national budget). One quick question here: what sustained impact will this income have on poverty reduction, the liberation of deprived families, and the economic empowerment of women? None. The people deserve more.
In conclusion, oil revenues belong to the people of Guyana—not to the government, nor to the profit-seeking class, nor to the already comfortable. Yes, we don’t want to encourage idle hands and minds. But we also must not adopt the white colonial mentality in asking the ordinary folks to fetch buckets of water uphill to, using Dr. Singh’s words, disabuse them of “exaggerated expectations” and to instill in them “dignity and self-worth.”

Yours faithfully,
Sherwood Lowe

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