President David Granger said that while many people are dazzled by the prospects of petroleum wealth, there is need for greater understanding and education on how the sector operates.
He made it clear that even as the sector is about to take off, his Government will not veer from the ‘green’ development trajectory nor will it stray from delivering on pre-petroleum promises such as removal of the development disparity between the coast and the hinterland, creating an education nation and a more cohesive Guyana and empowering people, all of which will translate to a ‘good life’.
Speaking at the High-Level Caucus on Oil Sector Strategy on Wednesday, which was organised by the Ministry of Natural Resources, the Head of State said, “We need to educate ourselves as a Cabinet, as a Government and as population as a whole. We have to take a sober approach to the exploitation of this valuable resource. We need to create the organisation, the structure that will manage this resource and even now, as I speak, we are in a state of transition. When the Government came into office in May 2015, it was literally at the same time, almost at the same date, that the announcement of the petroleum find was made. So, we are still putting in place an organisation that is capable of managing this resource and that is one of the reasons why we need this type of advice,” the Head of State said.
According to a release from the Ministry of the Presidency, the core objectives of the forum, which was held at the Baridi Benab at State House, were to build awareness on key issues relating to the oil sector; frame the country’s strategic choices to each of the key issues, to align those choices and to provide a blueprint for a sector roadmap. It brought together a mix of international and local experts on natural resources, governance, fiscal policies, finance and economic development.
One of the main presenters, Sir Paul Collier, a Professor at Blavatnik School of Public Policy at the University of Oxford urged the Government to focus on proper policy choices and decisive national leadership. He also spoke of the importance of transforming oil revenues into assets; noting that oil resource presents numerous opportunities but the Government must develop a sound strategy to transform those opportunities into tangible benefits for the Guyanese population.
Other presenters at the forum included former United States Ambassador to Venezuela, Ambassador Patrick Duddy, Dr. Valerie Marcel, an Associate Fellow at Chatham House, former Manager of the Chilean Sovereign Wealth Fund, Mr. Eric Parrado, Mr. Peter Harrington, a Fellow at Harvard Kennedy School and Professor Paloma Mohamed from the University of Guyana.
