The same page as BJ

Mar 04, 2025 Features / Columnists, The GHK Lall Column

---

Hard Truths…

By GHK Lall

Kaieteur News- It could be a good place or a bad place for me.  On occasion, I find myself agreeing with Vice President Jagdeo.  The concern is that a few more of such, and people could get the idea that I am seeking to team up with Bhai Bharrat, turning red myself.  They know he, but they don’t know me.  Sure, sure, he has all the cards.  They are his to share to whomever catches his eye.  There is comfort with how I am and where I find myself: no looking over the shoulder, no owing anyone.  Exclamation points don’t do well tying bundle with question marks.  Think that old biblical one about old wineskins and new ones not meshing constructively.  Still, I agree with him on cryptocurrency not being allowed here at present.  Listen to the master himself.

“The answer is no, not at this time.”  No to crypto, with which I agree.  For the purposes of this contribution, cryptocurrency is non-traditional money, that has its many fancy and tricky elements.  Too fancy and too tricky for Guyana, considering where it is at this stage.  Just read on to get a still better idea of how much me and the VP are in sync on this crypto business today: “But I don’t think that we are ready at this stage to introduce any or to go any further until we have done a major financial overhaul.”  Couldn’t have said it better myself, sir.  As an aside, how much different Guyana would be, how much better the PPP Government would be, if Dr. Jagdeo could answer all issues and inquiries in such a frank manner; in way that leaves no impression that he has a whole canister of bad stuff to hide.

Indeed, like a lot of things in Guyana, there is the need for that “major financial overhaul” that Dr. Jagdeo spoke so splendidly frankly about.  Any bona fide overhaul would do, not necessarily a financial one only.  I nominate the Environmental Protection Agency, the Environmental Assessment Board, the Guyana Police Force, the State media, and his own Thursday afternoon entertainment vaudevilles, cum circus, cum verbal trapezes that masquerade under the name of press conferences.  Only trying to help a brother in the worst of shapes, should anyone get the wrong idea.  Remember: it is an election year, so everybody has to be on their best behavior.  Except me, of course. I am not involved in anything with anybody.  But back to the crypto and major financial overhaul.

Try this first one for an eyeopener.  Ever try to hand a man a check as payment for some transaction or product?  If something as basic as that leads to a wall of inaction, then how the hell can this country be even thinking about cryptocurrency?  Thinking of executing a transaction overseas or vice versa?  Get ready to have the serenity of a holy man.  I am talking at the micro or small man, small consumer, level.  Commercial folks know how to get by with the antiquated financial system that Guyana has, and even for those sophisticates it can be a trial of stamina and resourcefulness.  Of necessity, part of any financial overhaul must include a huge effort to educate Guyanese about regular money, then the ins and outs of cryptos.  Especially its snares and trapdoors.  Let us all remember that this is a country where citizens routinely fall for Ponzi scams, land scams, visa scams, and even romance scams, among others.  How helpless would the unsuspecting be in the paws of some crypto sharks!

The above is only scraping the topsoil of some of the deficits and hiccups in the existing financial system.  Look at where we are, with a private foreign exchange market that I believe is bigger than that of the official banking sector.  A few years back, I heard about the push for Guyana to go cashless.  Somebody spoke out of turn, or was overly grandiose, with that one.  It is a mouthwatering standard whose time came a long time ago, but which has still not moved much.  Private consumer banking (retail), business banking (institutional), international banking, and a banking system that is more transparent, and less opaque, should all be a part of that major financial overhaul.  If I had it, I would have little confidence in investing a dollar in any company security in this country.  Such is my regard for where I discern that this particular sector is.  Clearly, like the main man said, “a major financial overhaul” is overdue.  My temperature check of Dr. Jagdeo indicates that that is still some way off.  In the interim, it would to this country’s credibility, if he was to manage to contain the bubbly enthusiasms of some of his senior comrades.  They have a habit of running off the handle.  Stop them from speaking too early, too loudly, and too lavishly about some imaginary ‘world class’ Guyana financial system.  I know what and who I am talking about, and Dr. Jay knows as well.

In parting, I leave three things for fellow citizens to manage.  Crypto is coming.  AI has already touched down.  Guyanese had better clamber out of the Dark Ages in a hurry.

(The same page as BJ)

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

---

• bad stuff, Dr. Jagdeo, hard truths, Jagdeo, On occasion, romance scams

---