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Gov’t rebuffs Jamaican economist’s claims that Guyana on path to oil curse

Mar 23, 2023 News

…although failing to implement key anti-corruption mechanisms

Kaieteur News – Jamaican Economist, Dr. Damien King in an interview with the Jamaica Observer said “Guyana is going to go nowhere” due to its weak institutions to prevent corruption in the oil and gas; but the Ministry of Natural Resources said these statements are merely an attempt to undermine the progress made by the administration on this front.

In a statement Wednesday  the ministry said King’s comments are an “attempt to undermine the progress made towards the prudent management of the Guyanese economy and the shared development vision of the Government and its people.”

Though the nation is yet to implement key anti-corruption mechanisms for the oil sector  including the establishment of a Petroleum Commission, the Ministry noted, “Our nation’s exemplary environmental credentials and dynamic policymaking to facilitate expeditious offshore exploration and development activities underscore Guyana’s role-model status for Oil and Gas development strategy in the Energy Transition environment.”

It explained that the government since taking office in 2020 has moved towards transforming the governance framework and management of the petroleum sector by effectively developing and implementing various policies and programmes which allow for adherence to international best practices and principles.

As part of the measures highlighted by the Ministry to avoid the oil curse, it said the Natural Resource Fund (NRF) Act was remedied.

“The Government swiftly remedied the deficiencies of the Natural Resource Fund Act 2019 with the Natural Resource Fund Act 2021 — an important step towards safeguarding against the resource curse, ensuring fiscal smoothing and advancing the quest of inter generational wealth while utilising petroleum wealth to finance national development priorities,” the statement noted.

This legislation was rushed through the National Assembly by the PPP in December 2021, even though Opposition and other stakeholders were calling for the then Bill to be properly vetted.

The Ministry however boasted that the legislation is now strengthened in that it has reduced the excessive power of the Minister of Finance — removing the possibility of ministerial direction in determining the ceiling on withdrawals, established a Board of Directors — vesting the Board with powers previously concentrated in the hands of the Minister and removed the possibility of any expenditure from the Fund being met without prior parliamentary approval.

It also highlighted that “To maximise value extraction from Guyana’s petroleum resources and remedy pressing issues, Local Content Legislation was enacted in 2021. Today we see the growth of the Guyanese economy driven by a vibrant local private sector.”

In addition, the Ministry explained that work has commenced on overhauling the 1986 Petroleum (Exploration and Production) Act and regulations for a modern and effective legal framework.

It noted, “The Government of Guyana remains committed to its strategic development path reinforced by the establishment of a pragmatic legal and fiscal Petroleum Management Framework and is confident that the country’s practical, academic and industrial intelligence will ensure that policies and programmes are implemented to avoid the resource curse syndrome to our multi-sectoral economy.”

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