Vice President Jagdeo, real numbers don’t lie

Jul 03, 2022 Editorial

Kaieteur News – It is said that the devil is in the details, which have to sweat, to get to the real story. Another saying that has gained much traction from wide usage is that ‘the numbers don’t lie’ as they tell their own story that usually overpowers arguments, which cannot stand.

In some respects, this is what a Guyanese economist highlighted in a recent call (“‘We don’t want to hear your estimates, show us something solid’ – Gaskin to Jagdeo on gas-to-energy project” -KN June 29). We think that is hitting the nail on the head, and pushing the Vice President in the right direction.

It is that he must step up and deliver some numbers that can be carefully examined by competent citizens, so that they can take a position (supporting or dismissing) on this most expensive of projects.

The invitation to the Vice President Jagdeo has more than its share of merits. The economist spoke of the role of assumptions, the huge cost of the project, and built his call on a set of timely and relevant questions. Assumptions have their place, and serve as a starting point, to give an idea of what is contemplated, what is involved, the basis for those, and where all of this lead.

To our regret, Vice President Jagdeo has been touting this project, unlike any other, and as if it is the best thing that could happen to Guyana because it has only positives (win-win) for this country, but he does so using estimates as the centre of his salesmanship for this in excess of US$1B project. This is far from acceptable, not with that final price tag still up in the air, and yet another mystery gift from the Vice President to Guyanese.

As economist Gaskin was keen to note, if that is not known at this stage, then all the rosy projections of the Vice President are nothing but meaningless, to put a soft plaster on it or to be sharp about it, then those sweet projections, based on the cleverness of Mr. Jagdeo, are nothing but hot air, and so much guesswork.

A simple 25 percent increase in the current announced price of the project could mean a cool quarter of a billion American dollars more to add to the debt burden of Guyanese. Presently, there are too many unknowns, and too many reasonable concerns, about the overall cost, and possible viability, of this gas-to-energy project for any Guyanese to swallow without pushback what the Vice President has placed before the nation.

This has all the hallmarks of considerable liberties taken, and his regular fancy footwork. As we see it, what Mr. Jagdeo is saying is the equivalent of: trust me on this one. Given his past leadership record with big projects, that trust would not be forthcoming from this paper.

That is, not until he makes a clean breast of all the facts and figures, real ones, surrounding this costly project, so that Guyanese can judge for themselves whether it is all upside for Guyana, as the Vice President keeps insisting. Mr. Jagdeo has been aggressive with his own handcrafted commercials for this project, but we call him out to back it up with what leaves no question unsettled.

Questions were what Mr. Gaskin had by the fistful, and once the Vice President puts out convincing answers to them, he may even end up with some support for this pet project of his, because any answers that he provides stand to reasonableness.

Questions like who is paying, who is making the real money, who is responsible for taxes, and who has the numbers speaking to these vital pieces of information. So far, he has not done any such thing, other than leaving Guyanese grasping for straws. Again, and disturbingly, this nation only knows what Mr. Jagdeo has seen it fit to tell it (based on estimates), and nothing more.

Who came up with those estimates he brandishes? And what is the source/basis for them?

All this is a well-guarded secret and, by now, Guyanese should know what that has done for this country, who benefits, and who holds the bag. So, Mr. Jagdeo, it is solid numbers, or nothing doing.

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Vice President Jagdeo, real numbers don’t lie

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