Latest update December 22nd, 2024 3:01 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Failed projects could bankrupt Guyana

May 03, 2022 Letters

Dear Editor,

There have been many failed economic projects. Both political sides were guilty of failures going back to Burnham and Hoyte and Granger. Nevertheless, most failures occurred under the presidency of Jagdeo. Nearly all of Jagdeo’s projects were cost overruns, virtually none of which have earned significant revenues to recover costs and created few jobs. They were also overpriced. The projects were not properly evaluated for cost benefit or engineering practicality and suitability given the small size of our economy.
The list of identified failures is not exhaustive. There were countless more including the Fip Motilal road to the Amaila hydro project, Berbice Bridge, Marriott, LCDS, and so many more. In fact, I can’t think which one of Jagdeo’s projects was a success. Some critics said the PPP administration wrecked the economy. If one were to add all of the money wasted on the failed projects, the amount would easily approach a billion American dollars if not more. That kind of money would have transformed Guyana into a developed state. One must also take into consideration that Guyana’s annual budget during those years did not average a billion dollars.
Guyana is now saddled with huge debts from the presidencies of Jagdeo, Ramotar, and Granger, and now Irfaan Ali, and paying astronomical interests just to service the debt. Our debt would be bigger than that which Burnham and Hoyte saddled us. Yet, Jagdeo, as the Vice President in the Ali administration, continues to tout and promote economic large-scale cost prohibitive projects whose success is highly questionable and which are not affordable even with oil revenues. This time, the amount is in many billions of American dollars. If failed, they will bankrupt the nation. And fail they will as was the case with the large-scale projects that were engaged in between the years 2000 and 2011. The oil revenues will have to be used to pay the humongous debt that will be several billion American dollars.
As the editorial correctly stated, for the failed projects, there were no serious, professionally conducted independent studies except the assessment from Auditor General. The same is the case for the new proposed projects — gas to shore, power station, Wales industrial complex, oil refinery, Demerara Bridge, etc. Is West Coast the right spot to posit and transship the gas? Is the location for the Demerara Bridge the right spot? What measures are proposed to prevent or prepare for disasters? Will there be environmental disasters and who will be responsible?
As your editorial notes, all of the projects had overrun costs including the airport— under both administrations. There were allegations of questionable activities and monetary gains from cost overruns. No proper investigation was done into the projects. There was no detailed audit apart from Mr. Goolsaran’s. And no one was brought to book. No was held accountable.
The question one must ask: In light of all the failed projects, why is the VP continued to be involved in economic projects? And big ones too. Another related question, in light of so many allegations of misconduct and lack of proper accountability over the last twenty months, why continue with business as usual?
It is noted that the same (lack of independent review) process that led to failures in earlier projects is being utilized now for the proposed oil and gas related projects as well as the hydro station and the bridge. Why isn’t the VP willing to consider the views of critics and independent evaluators and professionals of his proposed projects? Why can’t he commission evaluations by Chris Ram and or other professionals of his proposals? Instead of depending on the Chinese for funding and technical evaluation or to implement the projects, why can we use Americans or Canadians or Europeans, countries that helped saved our democracy?
Yours truly,
Calvin Braithwaite

Similar Articles

The Glenn Lall Show | December, 2nd, 2024

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Chase Academy squares off with St Benedict’s College ahead of today’s final

Chase Academy squares off with St Benedict’s College ahead of...

Dec 22, 2024

-Petra-KFC Goodwill Int’l Series concludes day at MoE Kaieteur Sports- The two main contenders in the KFC International Under-18 Secondary Schools Goodwill Football Series faced off yesterday ahead...
Read More
Cliff Anderson Sports Hall to showcase Dharry/Allicock fight-card

Cliff Anderson Sports Hall to showcase...

Dec 22, 2024

Topp XX, Winners Connection advance to last eight, Botafago crush Net Rockers 9-4

Topp XX, Winners Connection advance to last...

Dec 22, 2024

Regal Stationery onboard with inaugural One Guyana Berbice Softball Cup

Regal Stationery onboard with inaugural One...

Dec 22, 2024

Power outage disrupts Thursday night play; 8 matches slated for tonight

Power outage disrupts Thursday night play; 8...

Dec 22, 2024

Dookie XI overcome North Soesdyke by five wickets in T20 fixture

Dookie XI overcome North Soesdyke by five wickets...

Dec 22, 2024

Features/Columnists

  • Policy-making by neglect

    Peeping Tom…  Kaieteur News- The ease with which Bharrat Jagdeo, General Secretary of the People’s Progressive Party... more

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]