Grand GDP: thanks Exxon, bigger thanks to Guyana’s grand viziers Drs. Jagdeo, Ali

Sep 08, 2024 Features / Columnists, The GHK Lall Column

---

Hard Truths by GHK Lall

Kaieteur News – It’s time for drooling, a lush celebration of Guyana’s GDP for the first half of 2024.  The last time I recall coming across a GDP of 49.6%, well, I can’t remember.  Not even China at the peak of its economic trajectory came close.  I am boxing my head about whether those rampaging Asian Tigers-Singapore, South Korea and company-in their heyday were in proximity of a half year GDP of 49.6%, and come up empty. I give credit where it is due: a big thank you to Exxon.  Who said that crass oil company capitalists were ruthless and voracious?  But the biggest thank you is due the PPP Government best personified in the turkey trot combo of President Dr. Irfaan Ali and Oil Viceroy Dr. Bharrat Jagdeo.  Here is something to think about folks. If Drs. Ali and Jagdeo had found their onions, and lurched forward with skill and wisdom (and loads of courage), to change that odious 2016 oil contract, where would Guyana’s GDP be?  At the remote end, Exxon may have packed up their bags, disconnected their hoses, and caught the next American Airlines flight back to Spring, Texas (while billing Guyana for it).  Local GDP would have most likely been creeping around in the low single digits.  On the other hand, had the Ali-Jagdeo leadership tag team delivered on their sworn word to deal with that dastardly 2016 oil contract, Guyana’s GDP would have climbed deeper into the stratosphere.  A mere 2% more (4% total) in royalty negotiated, with a less burdensome cost recovery regime would have blown up all the conventional GDP numbers favored in the halls of academy.  A new textbook would have been written with some new formula to measure this GDP monster in Guyana.

Yeah, Guyana’s GDP is a monster.  But it is our monster to be coddled and cherished.  My hang-up is why is it that with such a monstrous GDP (thanks to Exxon, Ali, and Jagdeo) that the rank-and-file in Guyana are forced to live like midgets?  The bigger and more warming the GDP number, the smaller and colder Guyanese are.  Where’s the beef, Dr. Bharrat?  Now if that is offensive to his godless sensitivities, I apologize and respectfully redirect the question to Excellency Ali, who should have no qualms about my choice of meat.  How is it Excellency Jagdeo and my good friend, the esteemed President Ali, that the more exciting Guyana’s GDP is, the more despairing ordinary Guyanese are?  I see more than a great, big disconnect at work.  I see enormous disillusionment taking hold of citizens.  The oil is theirs, the big bang GDP is because of that same oil, but Guyanese are forced to wait with tongue hanging out, like some pitiful dog, for the first round of election generosity.

To the president and Vice President, I say (with hat in hand, of course) that every Guyanese should be marching in lockstep with those GDP numbers.  Their ability to look at food prices and laugh, their standard of living, and their quality of life, should all be cruising at 35,000 feet.  With a GDP about which Guyana can now consistently boast, the Guyanese people should, at least, also have something to boast about, too.  It is definite that both grand leaders agree privately with what is said here but cannot admit to any of this publicly.  The better approach, the now settled mantra, is to highlight subsidies, and to preach sweetly about how caring and kind the PPP Government (and they themselves) have been to Guyanese.  One would think that they just shoved their hands in their pockets and gave a nice raise to citizens.  Since the Ali-Jagdeo tango prefers to deal in stutter steps and footsies, I give them a hand.  Indeed, there are Guyanese who have reaped their rewards (ten, twenty, a hundred fold).  With the permission of this illustrious Guyanese leadership duet, I take the liberty of identifying those Guyanese who have come into their own on the back of the largely oil driven GDP.  There is the PPP aristocracy class, first in line.  I only have one house and a couple of famished dogs.  Then, there is contractor and pretending-to-be-contractor class, whose contributions to and extractions from Guyana’s GDP borders on the criminal.  Then there is the insidious insider class (aka the friends, family and favorite class) whose pickings closely resemble some of those princes in oil rich Africa, and with as much transparency.  The Middle East of emirates and Gulf States, is still there, isn’t it?

Those have had it good and great.  May I be excused for asking of President Ali and VP Jagdeo, how about doing something that is truly tangible and durable for the little people?  The minimum wage Guyanese: imagine living in a country blessed with an incredible half-year GDP of 49.6%, and this group of economic bottom feeders are compelled to contend any way they can with approximately US$300 per month.  Now that may be hailed as a livable wage by President Ali and VP Jagdeo, but I invite both compassionate Guyanese leaders to try that for a half year and see if the tears don’t flow from their eyes in copious quantities.  Oh, and another matter, brothers Ali and Jagdeo (appreciate the honor), if that is a livable wage, then it sure as hell can’t be for people.  The puppy chow and prime cuts crowd may be able to manage on US$300 monthly, and still have some funds left for an overdue animal manicure.  But not regular people, no gents.  As an aside, though it doesn’t have universal application, a close companion of highflying GDP is rising inflation.  So, I submit that Guyanese are lined up for (experiencing) a two-fisted kick to the face.  A paltry to meaningless share of Guyana’s GDP richness and the slap in the face of rising prices for a round-the-year bonus.

I am sure that Jagdeo the Great and Ali the Greatest will agree with me secretly that something must be done for struggling Guyanese.  Their challenge is how much and when.  Good luck, Guyanese.  I think that ran out when the oil started gushing.

(The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.)

---

---