Guyana must wake up

May 14, 2026 Editorial, News

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(Kaieteur News) – Senegal is making headlines and rightly so. Under the leadership of President Bassirou Diomaye Faye, the West African nation has terminated concessions for several oil blocks, signaling a decisive move to assert control over its natural resources. From the Diender and Djiffere blocks to the Kayar deep and shallow offshore blocks, Senegal is actively resizing, renegotiating, and reclaiming contracts deemed excessively favourable to foreign operators.

Prime Minister Ousmane Sonko has emphasised that the country will no longer sign deals in ignorance of its strategic priorities. Senegal is not waiting 25 years to regret inequitable contracts. Instead, it is aligning its oil and gas exploitation with national development goals and energy needs. It is bold, it is sovereign, and it is visionary.

Meanwhile, here in Guyana, we find ourselves in stark contrast. President Irfaan Ali has repeatedly affirmed the sanctity of the ExxonMobil Stabroek Block contract, a deal that critics, including the current and past governments have long acknowledged as skewed in favour of the multinational consortium. Under this agreement, Guyana waives taxes, absorbs costs, and sees only a fraction of the profits—12.5% plus a 2% royalty—while Exxon and its partners recover up to 75% of their investments before the State receives a share. This is a lopsided deal by any measure, yet the government refuses to revisit it, citing investor predictability as the paramount concern.

Predictability is certainly important; no investor wants a government constantly changing the rules. But what is predictability worth if it comes at the expense of fairness, development, and the long-term economic welfare of the country? Senegal has proven that it is possible to renegotiate deals, protect national interests and maintain investor confidence. By resizing blocks, reassessing fiscal terms, and reclaiming concessions where contracts fail the nation, Senegal has created a framework where both the State and investors can thrive, while the citizenry benefits from fairer, more equitable resource management.

Guyana, by contrast, is essentially allowing decades of potential wealth to slip away. While our oil reserves are vast and production skyrocketing, a rigid adherence to past agreements leaves the country vulnerable to lost revenue, unmet development goals, and growing public frustration. Senegal shows us that sovereignty over natural resources is not just rhetoric, it is action. By taking control of contracts, renegotiating terms, and prioritising national interest, Senegal is safeguarding its future. Guyana, by clinging to outdated deals, is squandering an opportunity to do the same.

It is not too late for Guyana. The government must urgently adopt a proactive approach: review existing contracts, identify clauses that undermine national interest, and renegotiate terms where necessary. This is not about antagonising investors; it is about ensuring that Guyana’s citizens reap the rewards of the resources extracted from their soil. The State should establish clear parameters for future agreements: fair taxation, reasonable royalties, shared risk, and clauses that ensure local content and domestic energy security. Deals should be transparent and aligned with our economic priorities, not those of foreign corporations.

Senegal’s strategy also highlights the importance of flexibility. Contracts should not be immutable; they should evolve with changing circumstances, global markets, and national needs. By terminating and resizing concessions, Senegal is creating a model that protects sovereignty while attracting responsible partners who are willing to operate within strategic frameworks. Guyana should follow suit. Maintaining a rigid stance on sanctity of contract, especially when the contracts are demonstrably unfavourable, is a policy that favours multinational profit over national prosperity.

The time for half-measures is over. Citizens are watching. The potential for our oil wealth to transform lives, build infrastructure, create jobs, and fund education is enormous—but it cannot happen under the current status quo. We need bold leadership, transparent renegotiation, and policies that prioritize Guyana’s long-term interests above immediate investor appeasement. Senegal has shown the way: action, not rhetoric, secures energy sovereignty.

Guyana must wake up. Revisiting contracts, renegotiating terms, and asserting control over our natural resources is not a threat to development—it is the path to it. If Senegal can act decisively, there is no reason why Guyana cannot reclaim its economic destiny. The government must act, and it must act now. Otherwise, decades of opportunity may pass, leaving our citizens to wonder why our oil riches enriched everyone else but us.

The choice is clear: follow Senegal’s lead or continue down a path that sacrifices sovereignty for the illusion of investor comfort. The nation’s future cannot wait.

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• Bassirou Diomaye Faye, Editorial, Senegal, Wake up

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