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Guyanese missing out on growth opportunities
…Gov’t must negotiate loan terms smarter Chartered Financial Analyst says
Kaieteur News- The Government of Guyana (GoG) must negotiate loan terms smarter to ensure Guyanese citizens and companies benefit from growth and development opportunities.
Chartered Financial Analyst, Rennie Parris
This is according to Chartered Financial Analyst, Rennie Parris. In his weekly column, ‘Talking Dollars and Making Sense,’’ published on Sunday by Kaieteur News, the analyst discussed ways in which government could create more opportunities for its people, from better paying jobs, to skills development, to making individuals and companies more competitive.
The analyst pointed out that over the past few years, the country’s debt has increased significantly, as government contracted loans to build roads, hospitals, schools, and other major national projects, necessary to improve the life of citizens across the country.
He explained however, that while these projects are ultimately to benefit Guyanese, they could benefit from playing a role during the initial stages of these developments.
“Many of these loans come with conditions. In some cases, the countries lending us money are allowed to bring in their own companies and workers to do the job. So even though we’re the ones taking the loan, and paying it back, our people don’t always get to do the work, or gain the experience,” he stated.
He added, “that means Guyanese companies and workers miss out on learning new skills, new technologies, and how to manage large, complex projects. Over time, this keeps our people locked out of future opportunities, both here in Guyana and across the region.”
Parris suggested that Guyana does not have to accept such terms. According to him, “The Government of Guyana can and should negotiate smarter. Multilateral banks such as the Inter-American Development Bank (IDB) already work with local‑content clauses, as long as deadlines stay clear. And if we provide capital from the Natural Resource Fund, we’re showing lenders we have skin in the game.”
Consequently, he urged that instead of signing off on contracts that limit local involvement, government should seek to employ a local content strategy that requires foreign companies to partner with local businesses through joint ventures. “That means both sides work together, share responsibilities, and most importantly share knowledge,” Parris noted.
Additionally, he pointed out that these partnerships should include clear plans for training and development. For instance, “If a foreign company is building a hospital, then Guyanese engineers, electricians, welders, and project managers should be working alongside and shadowing them. That way, the next time a big project comes along, we’re ready to take the lead,” he opined.
Parris believes that such a tactic should not be limited to only the construction of roads or bridges, but should be considered in manufacturing and technology to enable Guyanese citizens and businesses a seat at the table and a chance to grow.
Parris’ academic credentials include a Bachelor’s in Finance and a Master’s in Real Estate from Baruch College, complemented by an MBA in Strategic Management from The Wharton School at the University of Pennsylvania. He holds the prestigious Chartered Financial Analyst (CFA) designation, recognised globally as the highest qualification in the finance industry.
His 18-year career spans some of the world’s leading financial institutions, including S&P Global and JP Morgan.
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