Guyana Chronicle E-Paper 05-02-2024 by Guyana Chronicle

MONDAY 5th February, 2024

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No.107345

GPHC commissions $474M modern pathology lab 03

(Shaniece Bamfield photo)

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Democratic governance, economic stability, regional security high on the agenda PAGE

President Dr Irfaan Ali, on Sunday, met with US Principal Deputy National Security Adviser, Jon Finer and the National Security Council Senior Director for the Western Hemisphere, Juan González at State House in Georgetown. Discussions focused on areas of mutual interest between Guyana, CARICOM and the United States. Issues of democratic governance, economic stability, and regional security and other pressing hemispheric matters were discussed. US Ambassador HE Nicole Theriot; Principal Deputy Assistant Secretary in the Bureau of Western Hemisphere Affairs, Mark Wells and National Security Council Senior Adviser, Laura Updegrove were among the US officials present. President Ali was joined by Foreign Secretary Robert Persaud; GDF Chief of Staff, Brigadier Omar Khan; National Security Adviser, Gerry Gouveia; GDF Colonel, Sheldon Howell and Brigadier (Ret’d) Godfrey Bess (Office of the President photos)

‘Be Ready’

–– President Ali urges local private sector to start groundwork, be ‘assertive’ ahead of energy conference

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Harmony Week an opportunity for 14 Manickchand calls out GTU, 'friends' UWI signals interest in Nine new magistrates for attacking teachers unwilling to religious peace-building, countering support unlawful strike today 06 establishing medical 13 appointed, to 05 conflicts and segregation school in New Amsterdam be sworn in soon PAGE

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– PM Phillips

–– says over 28 actions taken by ministry to improve lives of educators; 25 out of 41 benefits requested by union granted

Guyana looking to tap into United States $4B aquaculture market

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‘Be Ready’

TO maximise potential opportunities for investments, consortiums and networking, President Dr. Irfaan Ali has made a charge to Guyana’s private sector to be more assertive and begin their groundwork to tap into the vast opportunities that are set to arise as the country prepares to host its energy conference and supply chain exposition. With a rebranded fo-

cus, over 200 exhibitors and dignitaries from 21 countries have been confirmed for the third edition of the conference. “The local private sector has to be more assertive and what do I mean…? I think with the scale of investors that are coming in, we have to be ready with proposals, to be ready with proposals

you have to do the investment,” President Ali said during an appearance on the Energy Perspective podcast on Sunday. “I think the local private sector must pay a lot of attention in doing the ground work so that they are ready for any opportunity coming. Even writing out a company profile, investing in the PR [Public Relations] to develop your company profile so you can have matchmaking,

networking, with sophistic investors, these are key things I think the local must use its time from now to the energy conference to develop,” he added. With just a few days remaining until the high-level event opens, the Head of State suggested that both members of the local private sector

and organisers of the conference establish a network of professionals who could assist in engaging with partners to capitalise on opportunities that may arise during the three-day conference being held from February 19th-22nd. At a news briefing last Monday, Chairman of Guyana’s Private Sector Commission, Komal Singh, said that the country’s development pivots on private sector investments, particularly in the oil and gas industry. He emphasised the potential for collaboration with local businesses to create a robust logistics hub and distribute finished products regionally. “We want to create a platform where we can collaborate and create partnerships with companies that have the right technical expertise, the capital to support these investments,” Singh said. He further stressed the continued development in the energy sector to meet market demands and create a competitive marketplace, highlighting the potential for partnerships with local companies to drive growth. At the same news briefing, the conference’s

Chief Executive Officer (CEO), Kurt Baboolall, said this year’s “expo” has been packaged as “a family-oriented event,” focused on the correlation of the energy sector and tangible developments in the country. This, he said, fits perfectly into this year ’s theme: “Fuelling Transformation and Modernisation.” “From a macro lens, what it means is that Guyana is using its income from the energy resources to fuel developments and other sectors and trans-

GUYANA CHRONICLE, Monday, February 5, 2024

- President Ali urges local private sector to start groundwork, be ‘assertive’ ahead of energy conference

President Dr. Irfaan Ali forming and modernising it,” Baboolall said. He related that just about 19 topics will be discussed at this year’s conference, including: Trends, challenges and best practices; building resilient supply chains in the face of disruptions; growth and collaboration strategies for emerging economies, and investing in Guyana. Discussions will also be held from a youth perspective on the oil and gas industry. President, Dr. Irfaan Ali will headline this year’s conference and he

will be joined by Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, the Prime Minister of Qatar. Prime Minister of Trinidad and Tobago, Dr Keith Rowley; Prime Minister of The Bahamas, Philip Davis; Prime Minister of Barbados, Mia Mottley; the President of Suriname, Chandrikapersad Santokhi and former President of Colombia, Iván Duque Márquez will be among several other high-ranking officials to attend this year’s conference.

Wait time for new hires to receive salaries will be addressed early this year - Dr Singh assures

DR. Ashni Singh, the minister responsible for Finance and the Public Service has admitted that there has always been a problem with the length of time it takes for new public service employees to start receiving their salaries. He further stated that the PPP/C government is "firmly of the view" that people should not have to wait an excessive amount of time to obtain their first emoluments. The aforementioned was his response to a query from Opposition Parliamentarian Tabitha Sarabo-Halley regarding the length of time new hires must wait before receiving pay.

Public Service Minister Dr. Ashni Singh Speaking on Friday at the Arthur Chung Conference

Centre (ACCC) about the Public Service Ministry's budgetary allocation, Dr Singh mentioned that, roughly six months prior, there had been a heated debate in the House on the subject, leading to the passage of an amended motion requiring new public servants to receive their first salary within a "reasonable" time. The initial motion had sought to “ensure that public servants receive their first paycheck no more than one month after the commencement of their employment in the public sector.” It has been customary for newly hired public employees to work for three months

straight without getting their first paycheck. It was disclosed during last year's debate that the lengthy wait was caused by the multi-agency agreements in place to bring new hires onto the payroll, as well as by officials hiring people before the required permissions were received. Dr Singh, however, assured the National Assembly that the issue is being addressed. “Let me say clearly and unequivocally… this government’s position is that persons should be paid in the shortest possible time after they are recruited. We are currently doing work to revisit the business process

surrounding recruitment and addition to the payroll,” he said. He promised that this year, the government will move "definitely early" so that the problem "if not completely eliminated" will be “significantly reduced.” Quizzed by Opposition MP Juretha Fernandes on the disadvantages of not being paid early, Dr Singh said, “Well, I can certainly think that a tremendous personal inconvenience is suffered. If one is working and not being paid and that is a personal inconvenience that we would like to alleviate as far as possible. It’s a personal inconvenience not to be trivialised

in any way whatsoever. I suspect that everybody who starts working wants to be paid in the first pay cycle.” He was also asked by MP Sarabo-Halley if there will be an increase of the salary bands in 2024. “The bands are of course addressed,” Minister Singh remarked. “So, every year as the across-the-board salary increase is adjusted, the bands are moved up accordingly. And in 2024, as has always been the practice in the past, whenever an adjustment is made by way of a salary increase, the bands will be adjusted upwards,” he added.

GPHC commissions $474M modern pathology lab 3

GUYANA CHRONICLE, Monday, February 5, 2024

- facility will significantly reduce wait time for test results, improve cancer research, service other CARICOM states, President Ali announces

By Naomi Parris INCREASING its capacity to aid in the early diagnosis, treatment, and prevention of diseases, particular cancers, the Georgetown Public Hospital Corporation (GPHC) on Sunday commissioned a $474 million pathology lab. Speaking at the commissioning ceremony held at the country’ main referral public health facility on World Cancer Day, President Dr. Irfaan Ali, said officials have been placing much emphasis on the infrastructure, investments and modernisation of healthcare services with a focus on closing the gaps that exist within the sector. “There is a gap globally and there is a gap within the region and in the country. There is a gap as a result of affordability. There is a gap

that is systemic because in some systems, the system does not allow everyone to benefit from the treatment of cancer but in this gap, there is tremendous opportunity,” he said while delivering his remarks. He added that Guyana is building out a healthcare system that will provide world-class service not only to its populace locally but regionally. “Our ultimate goal is to make this lab available to all of CARICOM [Caribbean Community], all of this region because this is one of its kind in CARICOM now…what we're doing here is building the healthcare system ahead of time.” Simultaneously, the president noted that the country is also strengthening its human resources capacity with the rapid improvement in the

The new lab has modern pieces of equipment that will reduce wait time for test results and expedite the other services that will be offered (Shaniece Bamfield photo)

overall welfare of those in the medical field. He highlighted that investing in human resources is crucial to building out a world-class healthcare system. “Building a world-class healthcare system relies heavily on a world-class human resource base that would manage and work with that system. And the investments we are making, I can say without a shadow of a doubt that our human resources asset in the healthcare system in Guyana is quickly becoming a world-class asset.” He reminded, however, that the continuous improvement to the welfare of healthcare workers requires patience. “The resources that will come our way to expand and broaden the economy and to improve your welfare will become more pronounced in the years 2027 going forward.” The state-of-the-art pathology lab is outfitted with several cutting-edge equipment. These include: a digital scanner, a chemical recycler, an automated tissue processor, new microscopes and microtome machines. According to the hospital’s Chief Executive Officer (CEO), Robbie Rambarran, telepathology which is the practice of remote pathology using telecommunication links to enable the electronic transmission of digital pathology images, will be among the key services offered for the first time in

President Ali along with several other officials were given a tour of the new facility (Ministry of Health photo) Guyana and at the new facility. The lab which was constructed in partnership with Mount Sinai, the World Bank and the Government of Guyana, stands as a testimony to the hospital’s dedication in improving its service, Rambarran said. “This partnership has enabled us to introduce cutting edge technologies and practices that will increase efficiencies of the hospital operation and pave the way for the introduction of new services to benefit the people of this country and beyond.” Prior to the commissioning of the new lab, the previous facility, according to Rambarran had laid dormant

for several years. He shared his experience from visiting Mount Sinai’s Manhattan Pathology Lab in New York where discussion began to strategize and improve the service, including the acquisition of new equipment and the introduction of telepathology. Crucial decisions were made to restructure the facility, which led to a reduced turnaround time for medical test results from approximately 35 days to seven days. And now with this new facility the hospital anticipates a turnaround time of 48 hours for routine tests and 24 hours for urgent tests. The lab currently has six technical staff and five pa-

thologists and training is ongoing to boost this capacity. Aside from this, the hospital has begun working to achieve the ISO 1519: 2002 certification for the new facility. Meanwhile Health Minister, Dr. Frank Anthony in his remarks said that Guyana is working to build a worldclass healthcare system, with a focus on developing new infrastructure and improving the quality of healthcare through partnerships with international organisations. The government, he said is investing in cancer diagnostics and treatment, including the acquisition of equipment and funding from the World Bank.

Bridging the skills gap: $5.9B approved for training, scholarships for Public Service Ministry

GUYANA CHRONICLE, Monday, February 5, 2024

–– Minister Singh identifies deficit in big data, data science, AI, cybersecurity

IN an effort to close the skills gap, the National Assembly has approved the allocation of $5,970,356,000 for scholarships and training for the Public Service Ministry. Subject Minister Dr. Ashni Singh told the House on Friday that Guy-

ana is experiencing unprecedented development and that there is a greater need for trained workers. The minister stated this in response to a query from Opposition Parliamentarian Tabitha Sarabo-Halley, regarding the 7,752 recipients of Guyana Online Academy of

Learning (GOAL) scholarships in fields related to the acquisition of skills essential for the development of the country. Sarabo-Halley praised this as “quite commendable,” but she also questioned Minister Singh on the existence of a development plan outlining the areas in which individuals should receive training. Dr Singh replied, “We do have an ongoing engagement with both sides of the labour market. That is to say, employers and potential employers including of course the private sector. But the government is also, of course, itself an employer. And on the supply side, employees

and potential employees including recent graduates of schools and tertiary education systems.” He clarified that in evaluating the state of affairs, the government attempts to look forward and predict the future paths that the national economy and global economy will take. He noted that although these fields are “very current and contemporary topics,” there is a skills deficit in technology-driven fields like big data, data science, artificial intelligence (AI), and cybersecurity. “We anticipate a surge in demand and a surge in opportunity for those

Minister of the Public Service Dr Ashni Singh

kinds of skills moving forward. And so, we do have a sufficiently rich set of information to form the basis for the identification and determination of a wide range of training programmes that we have been offering and that we endeavour to offer to potential applicants looking to upskill or expand their skills or certification,” remarked Dr Singh, in his advancing his point. But according to MP Sarabo-Halley, the bulk of the labour force is undertrained and needs to be retrained and become skilled, so the issue is not necessarily training. She reasoned that the problem arises from overtraining and the decision of when to give up on a certain type of training so as not to teach more individuals than the demand will support. As such, she ques-

tioned whether government has a plan to help it understand this trajectory. Dr Singh responded, “The question posed by the honourable member is a perfectly valid one. And we would needless to say, want to avoid the peril the honourable member has identified. “In the same breath, I say it is a point we are not unmindful of. I hesitate to say there is a plan because if the honourable member were to ask me to produce a single document that documents across every single sector what the anticipated needs are…I would be the first to say that I am not myself aware that such a single document exits.” According to him, the government has a “reasonably good idea” of what the needs are across a number of sectors. (Feona Morrison)

GUYANA CHRONICLE, Monday, February 5, 2024

Nine new magistrates appointed, to be sworn in soon

THE Judicial Service Commission (JSC), which has recognised that having enough judicial officers to handle cases is essential to the efficient administration of justice, has appointed nine new magistrates. The magistrates will take the oath of office soon. Attorneys-at-Law Teriq Mohammed, Abigail Gibbs, Shivani Lalaram, Michelle Matthias, Tamieka Clarke, Orinthia Schmidt, Ravindra Mohabir, Omadatt Chandan, and Tuanna Hardy are the latest appointees. Mohammed, Clarke, Hardy and Schmidt were State Counsel in the Director of Public Prosecutions’ (DPP) Chambers for a while before venturing into private practice. Gibbs was previously the Assistant Director of Public Prosecutions and Mohabir previously worked as a prosecutor for the Guyana Police Force’s Special Organised Crime Unit (SOCU). President, Dr. Irfaan Ali reactivated the JSC in July 2023 after a six-year break, and in November it started posting job openings for various judicial positions. In addition to Magistrates, the constitutional body sought to hire a Deputy Registrar for the High Court in Berbice, Puisne Judges, and

Commissioners of Titles (Land Court Judges). To qualify for appointment as a magistrate, applicants had to be an Attorney-at-Law admitted to practise law in Guyana or any Commonwealth country with at least five years’ experience or be magistrates from any other Commonwealth jurisdiction serving in that capacity for at least three years and qualified to practise in Guyana. A magistrate is appointed and serves in that capacity until the age of 55 and is entitled to a basic pay of $880,885 per month plus allowances. Benefits include $15,000 for utilities, $20,000 for special needs, $2,500 per day for subsistence while working outside the district, duty-free concession that is renewed after three or five years (based on the purchase of a new or reconditioned vehicle), vacation allowance of one month tax-free basic salary and round-the-clock security. Those appointed will be required to serve a probationary period of at least six months. On satisfactory completion of the period of probation, the appointees would be confirmed. Magistrates appointed will serve in the 10 admin-

istrative regions, try persons charged with committing summary offences, hear and determine indictable charges heard summarily, conduct preliminary inquiries or paper committals into indictable charges, hear and determine applications made under the Domestic Violence Act, Mental Health Act and other legislation, hear applications for Liquor Licences, and hear applications for Money Lender’s Licences. Magistrates are also required to serve as coroners and conduct inquests into unnatural deaths, prepare Memoranda of Reasons for decisions in a timely manner, prepare returns and reports as required, attend conferences, workshops, and training, be accountable to the Chancellor, Chief Justice, Chief Magistrate, and the Judicial Service Commission and perform any other related duties to support the efficient functioning of the magistracy. The JSC is a constitutional body that deals with issues pertaining to judicial officers appointments, disciplinary action, removals, and promotions. With the exception of the Chancellor and the Chief Justice, this ommission is in charge of advising the President on the nomination of judges. Its commissioners are Chancellor (ag) of the Judiciary, Yonette Cummings-Edwards; former Chancellor, Justice Carl Singh; Retired Appeal Court Judge BS Roy; Chief Justice

Teriq Mohammed

Abigail Gibbs

Shivani Lalaram

Tamieka Clarke

Michelle Matthias

Orinthia Schmidt

Ravindra Mohabir

Tuanna Hardy

Omadatt Chandan

The Attorneys-at-Law who were recently appointed magistrates by the Judicial Service Commission (ag), Roxane George and Public Service Commission (PSC) Chairman, Manniram Prashad. Cummings-Ed-

wards is the JSC’s chairperson, while George and Prashad will serve as ex-officio members of the JSC. While participating in the 2024 Budget debate, Attorney General Anil Nandlall, SC had informed the National Assembly that 10 magistrates would be ap-

pointed this year, bringing the total number to 29. He had said that a new post of deputy chief magistrate has been created. The judiciary had been requesting the appointment of more judicial officers, citing the rise in workload due to staff shortages.

GUYANA CHRONICLE, Monday, February 5, 2024

Political opportunism and hypocrisy

POLITICAL opportunism dances with hypocrisy, a masquerade where principles fade in the spotlight of self-interest. This is unfolding before our eyes, as a person, once appreciative and supportive of the People’s Progressive Party/Civic’s (PPP/C) initiatives for teachers, is now driven by political bias and her party’s agenda of divisiveness. It is clear as day that Coretta McDonald’s affiliation with the APNU+AFC is overlapping her role as an executive of the Guyana Teachers Union (GTU), since there is no greater explanation for her deviation from what had appeared to be an unbiased analysis of provisions for teachers under the former coalition government compared to those offered by successive PPP/C governments. It was widely reported in 2018 when McDonald said: “If we look at what transpired under the PPP Government when they were in power and what is transpiring now…re-

member we didn’t want the five per cent. We made noise about it. But with the five percent we got a whole lot of non-salary benefits.” In expressing her dissatisfaction with the coalition, she further said: “For the first time in the history of this country, our teachers were able to get clothing allowance, duty-free concessions, and allowances for additional qualifications... while the PPP Government was in power... and you know I don’t want to sound political, but we have to make the comparison because of all the untruths they [the coalition] peddling out there.” Ironically, McDonald is now on the side that once told and continues to tell untruths about provisions for teachers, and her rhetoric has conveniently changed as well. With growing budgets for education and consistent provisions for teachers and students, it is clear that the PPP/C remains committed, as it was prior to 2015, to deliv-

ering betterment for teachers. This is evidenced by the incumbent party’s fulfilment of more than half of the 41 proposals made by the GTU for improved working conditions for teachers in just three years. And both the Vice-President Bharrat Jagdeo and Minister of Education, Priya Manickchand have said that engagement with the teachers and the union is an ongoing process. A suite of measures has been implemented to improve teachers’ working conditions and these include teachers being provided termly with grants to purchase teaching materials, an increase in the stipend for CPCE pre-service trainees from $10,000 to $90,000, and the implementation of the EMIS system, which will eliminate most aspects of manual record keeping, among many other things. Of importance too is the fact that the salary of teachers is significantly higher

than it was under the coalition. And more teachers have access to tertiary education to further elevate themselves and increase their incomes. So given the current provisions, commendable working conditions, and the active engagements to consistently enhance the lives of teachers, one could safely determine the motive of McDonald and her coalition partners who are calling for strike action across the country. Educators need to now do their own analysis and decide whether they want to be led astray or continue along the path of progress, recognising the investments being made to improve their lives. A teacher is entrusted with the responsibility to impart knowledge to the younger generation, so it shouldn’t be difficult for them to detect and see the political opportunism and hypocrisy unfolding before their eyes.

Manickchand calls out GTU, 'friends' for attacking teachers unwilling to support unlawful strike today –– says over 28 actions taken by ministry to improve lives of educators; 25 out of 41 benefits requested by union granted

MINISTER of Education Priya Manickchand has called out the Guyana Teachers’ Union for its continued attacks on teachers who have voiced their support against today’s intended strike which was planned by the union. In posts on her social media page, the minister pointed out that while she has said openly that teachers have a right to strike, the union along with opposition members have been bullying and trying to embarrass teachers who have chosen not to strike. The minister’s comments comes amidst continuous calls by GTU officials asking teachers across the country to down tools today.

However, since this call, several teachers have taken to social media expressing their opposition to such a move, noting that they will not participate in the action. One such teacher from the Leguan Secondary School in his post spoke about significant positive changes that have been made in the education sector thus far. He noted that parents and teachers have offset the significant burden with the cash grants that are being distributed and he even added that with several administrative changes, the reduction of records has aided in easing stress off of teachers. Meanwhile, on Sunday, Manickchand said, “I

Minister of Education Priya Manickchand am the minister directly responsible for education and I have said openly that teachers have a right to strike once the conditions are met. The GTU, AP-

NU+AFC and their friends, on the other hand, are out here bullying and trying to embarrass teachers who choose to exercise their right NOT to strike.”

In a subsequent post, she highlighted that the union and their friends took to social media and were on the app “abusing” those who are choosing not to strike. Further to this, Manickchand noted that neither the union nor the teachers could say that they asked to meet with the minister and the meeting did not happen. Additionally, she indicated that the union has asked for 41 benefits, 25 of which have been satisfied. Of the remainder, she said that two pertain to duty-free concessions for the union executives alone among other issues, while another two are unlawful. “We are still talking about the others. Indeed, as late as last Wednesday we

sat down to talk about some of those at a pre-scheduled meeting,” she added. With that, the minister indicated that the ministry of its own volition took more than 28 actions to improve the lives, capacity and professional standing of teachers and she further highlighted that the salaries of teachers have risen significantly over the years. It is also important to note that, according to the Ministry of Labour, the conditions for strike action have not been met, so any such strike would be considered unlawful. Earlier this week, the Minister of Labour called on the GTU to follow proper protocols to address any grievances it may have.

GUYANA CHRONICLE, Monday, February 5, 2024

Budget 2024 Perspectives: Net Private Sector (Household & Business Enterprises) Wealth, Income, Savings and Debt SUMMARY

BUDGET 2024 under the theme, “Staying the course: Building prosperity for all,” is consistent with the journey of development that the PPP/C administration commenced since 1992. Towards this end, over the last three decades, household incomes have grown by 303x since 1990 to reach $241 billion in 2023, representing 9.3 per cent of GDP (19.5 per cent of non-oil GDP); household savings have grown by 54x to reach $364 billion in 2023, representing 4.5 per cent of GDP (29.4 per cent of non-oil GDP); household debts have grown by 154x to reach $176 billion, representing 4.5 per cent of GDP (14.2 per cent of non-oil GDP); while households’ Net Wealth increased by 61x since 1990 to reach $439 billion in 2023, representing 11.2 per cent of GDP (35.5% of non-oil GDP). Notably, total households’ net wealth was greater than the net assets for business enterprises (1.42x) which is an estimated $309 billion at the end of 2023. However, households’ net income represents 84.2 per cent of business enterprises net profits for 2023. Interestingly, for the same period (1990-2023) overall GDP grew by 249x, reflecting a slower pace of growth in contrast to household income which grew by 303x, thereby outpacing the rate of growth in overall GDP. INTRODUCTION On January 15, 2024, the national budget for the fiscal year 2024 was presented by Senior Minister with responsibility for Finance within the Office of the President, Dr. Ashni Singh, to the National Assembly. The budget is 46 per cent larger over budget 2023, amounting to $1.15 trillion, reflecting a 38 per cent increase over the actual expenditure for FY 2023. The budget was presented under the theme: “Staying the course: Building prosperity for all.” While the budget is certainly the largest in absolute terms, it is among the smallest in three decades in relative terms―that is, relative to GDP. In 1992, the budget represented 59 per cent of the GDP, which subsided consistently year over year (Y o Y) since then to reach 21 per cent in 2014, up marginally to 27 per cent in 2019, then down to 21 per cent in 2023 and 23 per cent of GDP for 2024, based on the growth forecast for this year. This is an especially important indicator in respect of fiscal sustainability over the medium to long term, aside from the fact that the debt-to-GDP ratio (2024F) remains in the record low-level region, which is projected to remain below 30 per cent. Considering the country’s development needs, not only in infrastructure, but in every other sector such as health, education, climate adaptation and resilience, public safety and security, information technology, improving the ease of doing business, public administration, the economic sectors, regional development, etc., the earnings derived from the oil and gas sector are inadequate. While at the

same time, it is imperative for the government to accelerate the development and economic transformation agenda, not only for the present, but also for future generations. Critics of the government disputed the theme of the budget, albeit without any robust empirical analysis. The analysis and discussion herein sought to address this aspect, which is framed within the context of the PPP/C government’s assuming the reins of government since 1992. Historically, the PPP/C government inherited a bankrupt economy, wherein the debt-to-GDP ratio was 900 per cent, the inflation rate was 87 per cent, interest rates were hovering over 30 per cent, the poverty level was nearly 90 per cent of the population, there was no foreign exchange reserves at the central bank, the debt service to revenue ratio was over 150 per cent, and zero savings in the bank. Shortly after assuming office in 1992, the PPP/C government crafted a National Development Strategy (NDS1996), which was incrementally implemented year after year since 1997. Despite the many economic, social, and political challenges during that period of the country’s history, the PPP/C government has been staying the course of development and building prosperity since then, as demonstrated hereunder. METHODOLOGY AND ASSUMPTIONS Measuring and estimating household Net wealth. The author examined the level of growth in individual/household wealth for the years 1990–2023. In doing so, the author considered the total deposits (Individual financial assets) and total loans and advances including real estate mortgages for individuals in the financial sector. This data was used to calculate the Net Wealth (NW) for households, where NW = Real Assets (RA) + Financial Assets (FA) – Total Liabilities (short- and long-term loans and advances). Real assets are physical assets (fixed or non-current assets) such as property. The loans and advances portfolio are typically collateralised―that is, backed by tangible non-current assets (individual properties). In the calculations, a Loan-to-Value (LVR) ratio of 70 per cent was considered, given that the financial institutions typically do not lend beyond 70 per cent of the market value of the pledged collateral. Accordingly, these assumptions were taken into account to estimate the market value of the real assets for households. All of the estimates derived are based on conservative assumptions. Measuring and estimating private sector income. The disaggregated data on tax collection by the State is publicly available in the National Budget Estimates. Therefore, it is possible to mathematically calculate the national income for individuals by solving a mathematical equation with the two known variables (variable (1) taxes collected and variable (2) the tax rates), to find the unknown value for (X) representing individual income before and after tax. An average individual income tax rate of 30 per cent for

the period 1990-2017 was applied, and an effective individual income tax rate of 23 per cent to calculate the income for the period 2018-2023, was applied. For the business enterprises, the author used the average of the three corporate tax rates (45 per cent, 40 per cent and 25 per cent) giving rise to an average corporate tax rate of 37 per cent to calculate the profit before and after tax for companies. In the estimation of the gross revenue, on the basis of publicly available financial information for publicly traded companies coupled with SphereX database of clients, operating profit margin before tax ranged between 1025 per cent. The average of this range was used to calculate the gross revenue for companies by forming a mathematical equation with the other variables previously mentioned. MAIN LIMITATIONS There are two main limitations. First, it must be borne in mind that the results of the analysis conducted are conservative given that individuals do not necessarily pledge all of their assets as collateral. So, the Net Wealth derived would be an understated reflection of the true, real value. Second, the unbanked population in the 1990s versus over the last 15 years, would have improved with the wide network of bank branches covering significant geographic spread across the ten administrative regions over the last three decades, and further aided by the financial inclusion policy adopted by the financial regulator. In this respect, based on the author’s estimate, the unbanked population in the 1990s is an estimated 70 per cent, which is estimated to have declined to 25 per cent or less in the current environment. The increased income tax threshold over the years, which would effectively exclude

By Joel Bhagwandin low-income earners from the income tax bracket, this segment of the labour force population represent an estimated 20 per cent of the total labour force population. At the current average market rates for the low-income segment of the labour force, the estimated annual aggregate income is in the region of $60 billion annually (based on the author’s estimate). The total income for this category is excluded from the analysis. HOUSEHOLD INCOME, SAVINGS, DEBT AND NET WEALTH Households net income grew from $795 million in 1990 to $241 billion in 2023, reflecting an increase of 30.197 per cent or 303x over this period; savings grew from a position of $6.7 billion in 1990 to $363.5 billion in 2023, reflecting an increase of 5,315 per cent or 54x over this period; debt grew from $1.14 billion in 1990 to $176 billion in 2023, reflecting an increase of 15,297 per cent increase or 154x over this period; while households net wealth increased from $7.2 billion in 1990 to $439 billion in 2023, reflecting an increase of 5,994 per cent or 61x over this period (Chart 1). In 1990, household savings, debt, income, and net wealth represented 43 per cent, 7.3 per cent, 5.1 per cent and 46 per cent of GDP respectively. In 2023, household savings, debt, income, and net wealth represented 9.3 per cent, 4.5 per cent, 6.2 per cent and 11.2 per cent respectively (Chart 2 (a)). However, as a share of non-oil GDP, household savings, debt, income, and net wealth represented 29.4 per cent, 14.2 per cent, 19.5 per cent and 35.5 per cent See page 8

Budget 2024 Perspectives: Net Private Sector..

GUYANA CHRONICLE, Monday, February 5, 2024 From page 7

BUSINESS ENTERPRISES NET INCOME, SAVINGS,DEBT AND NET ASSET

Business enterprises savings in the banking sector grew from $4.8 billion in 1995 to $216 billion in 2023, reflecting an increase of 4,403 per cent or 45x; debt increased from $15.8 billion to $216 billion in 2023, reflecting an increase of 1,261 per cent or 14x; net profit increased from an estimated $11.6 billion in 1995 to an estimated $286 billion in 2023; while net assets increased by an estimated $11.6 billion in 1995 to $309 billion in 2023, reflecting an increase of 2,561 per cent or 27x (Chart 3). In 1995, business enterprises savings, debt, net assets, and net income represented 5.4 per cent, 18 per cent, 13.2 per cent, and 13.2 per cent of GDP respectively. In 2023, these indicators represented 5.5 per cent, 5.5 per cent, 7.9 per cent and 7.3 per cent of GDP respectively (Chart 4).

For the same period, GDP grew from $15.6 billion in 1990 to $3.9 trillion at the end of 2023, reflecting an increase of 24,845% or 249x; while non-oil GDP grew 7795% or 79x to reach $1.24 trillion at the end of 2023.

CONCLUSION Altogether, budget 2024 under the theme, “Staying the course: Building prosperity for all,” is consistent with the journey of development that the PPP/C administration commenced since 1992. While the budget is touted as the largest in absolute terms, it is among the smallest relative to GDP since 1992-2005, representing 23 per cent of GDP. Hence, Budget 2024 is not an extraordinarily large budget. The macroeconomic framework within which the budget is crafted is among the few countries with some of the strongest indicators within the context of the global economy. Furthermore, over the last three decades under the economic stewardship of the incumbent administration, households’ wealth has grown considerably, outpacing the rate of growth in overall GDP, thereby signalling the positive outcomes of the government’s economic policies and investment in the economy.

Gaza: State of siege, reason of state

GUYANA CHRONICLE, Monday, February 5, 2024

THE term ‘state of siege’ is very personal to me. It is the title of a film about the Tupamaros guerrillas in Uruguay in the early 1970s directed by a brilliant Greek, artist, Costa Gavras. Introduced at a very early age to Marxist thoughts, I embraced Marxist philosophy and it shaped my anti-dictatorship perspectives. I didn’t know about the anti-dictatorship films of Costa Gavras until a teenage friend of mine told me about Gavras. It was Balwant Persaud, currently a Guyanese immigration consultant who introduced me to a particular film of Gavras titled “Z” about the military overthrow of the Greek government. It was brilliantly done so I moved on to other Gavras masterpieces. The one that moved me emotionally was ‘State of Siege’. I would say the films of Gavras had a profound ideological influence on me. When I read about the German government adumbration of a concept called ‘reason of state’ to justify the horrible and anti-civilization state of siege in Gaza, the thought occurred to me that the doctrine of ‘reason of state’, used by Niccolo Machiavelli, is being applied in international relations by the Germans to justify genocide. The doctrine of ‘reason of state’ has been present for centuries in political theory. I never heard about its application in international relations until the then German Chancellor, Angela Merkel, used it to explain why Israel is special to Germany. Since the Israel’s genocidal acts against the Palestinian people started last October, the current Chancellor, Olaf Scholz, has used it several times. Both he and Merkel have said that Israel is “Ger-

man reason of state.” In my opinion, this is a nonsensical application of the term to international relation that cannot be explained in academia. ‘Reason of state’ has been employed in political theory to argue that the existence of the state is paramount and thus state power should not be restrained by moral laws. Use by the two German leaders in the context of German-Israel relation, makes no sense. The closest one can apply ‘reason of state’ to international relations is Bangladesh’s relation with India. The existence of the state of Bangladesh came into being through the war efforts of India to help East Pakistani secede from West Pakistan. But even in this context, the term becomes a caricature. I doubt Bangladesh leaders would tell the world that India is Bangladeshi ‘reason of state’. It is almost impossible to understand how Israel can be the German ‘reason of state’. First, Germany played no part whatsoever in the creation and location of Israel. Secondly, Israel’s existence was premised on the imperialist ambition of the UK, and France. It was France that assisted Israel in acquiring nuclear weapons. Thirdly, since the 1967 war with Israel and its Arab neighbours, prodigious military and development assistance from the US has kept Israel literally alive. I cannot explain what Germany means by Israel being the German ‘reason of state’. Only the Germans can explain what they mean and when they do that then the concept of ‘reason of state’ becomes a justified demand by the Third World on Great Britain. Let us describe the German’s explanation. German leaders said that

Germany owes a special debt to the Jews because of genocidal violence against the Jews and thus there is a permanent obligation to see that the country that the Jews inherited is protected by Germany. They call this ‘German reason of state’. But slavery was a more deadly form of genocide than the Holocaust. Slavery cannot be discussed in any comparative context. It stands out as the single most destructive act in the history of civilization. But Britain does not refer to the former slave colonies as British ‘reason of state’. If Germany can justify the application of the doctrine to Israel, then it equally applies to the British West Windies in relation to the UK.

Britain of course offers no special treatment to its former slave colonies as Germany does to citizens of Israel. Germany pays reparations to Israel. The UK government refuses to pay reparations to CARICOM states. The citizens of Israel do not need a visa for Germany. The descendants of many

former slave colonies need a visa for the UK. It was only in 2023 that the UK abolished non-immigrant visas for Guyana. In fact a horrible and tragic degradation of the descendants of West Indies slaves by the UK was the Windrush scandal in 2018. A large number of citizens of

Caribbean ancestry who were born in the UK were rounded up and deported to the CARICOM countries; some of whom had their lives destroyed because they had no relatives back in the West Indies. That was ‘state of siege’ and a Machiavellian ‘reason of state’.

Sudden death strikes again

I WAS confronted by the spectre of sudden death when I learned last week that someone I considered to be a friend, though we had never met, had passed away. James Paul aka Jaime Pablo and I came into contact when I joined the Guyanese Facebook group GUYASPON (Guyana - A Story in Pictures, Old and New) over two years ago. He was a motive force in the group which seeks to promote a positive image of all things Guyanese, primarily through pictures, but also in words recounting memories, popular anecdotes and the like. Learning that I am a journalist, who in recent years had begun to compose rhymes, he would encourage me to write short pieces

and post them, along with pictures, on the group’s page. In this way I became actively involved in GUYASPON, happy to be a part of a group of proud Guyanese, both home and abroad. Our friendship developed from there and it was cemented in our subsequent exchanges. A writer, poet and social media aficionado, Jaime was constantly posting his work on various platforms and I would comment, often responding in rhyme. He recently ventured into the realm of dub poetry - Guyanese style - appearing at various venues in the US, where he lived, showcasing his unique style. I would read of his burgeoning success with joy and compliment him on his sterling

efforts to spread Guyanese culture far and wide. When he began Pablo’s Kreolese Korner, popularly known as ‘De Karna’ on YouTube in October 2021 -weekly and then bi-monthly- I became one of the “Karna Krew.” He used the show to bring Guyanese talent into the spotlight, through interviews with singers, writers, artists and others making a contribution to our rich cultural tapestry. Talented “Karna Krew” members were also featured and would listen in via Zoom and comment or contribute to a stimulating and varied programme. It was therefore with a sense of shock that we in the group learned of Jaime’s sudden death and registered our disbelief in posts in the

“VIP KARNA KREW,” formulated by him on the messenger app. Some mentioned speaking to him that very day or shortly before that, with no inkling of any illness and no thought that they would hear such devastating news. While I do not have the details, I understand that his death was heart-related and this immediately made me recall the words of so many medical experts, who tell us that diabetes and hypertension, or problems with the heart, claim the most lives each year. The sense of loss at Jaime’s death was palpable, even after his funeral last Saturday, and I believe we are all still reeling from the news and, as with my son’s sudden death last year, I am still grappling with the

GUYANA CHRONICLE, Monday, February 5, 2024

‘aftershock’. As a leading UK psychotherapist, Dr Julia Summer, said during an interview on YouTube’s the Grief Channel, sudden death causes feelings that are complex and intense - with some people often thinking of it as “grief with the volume turned up”. She declared that it can devastate people’s lives and feel like a physical assault, where the bodily sensation is one of fragmentation. In fact, she admitted to feeling shaken up just discussing the topic, in light of her many years dealing with bereavement. Author of the book, “And this too shall pass’, Dr Samuel, referred to the shift from “everything be-

ing okay” to suddenly becoming “totally the opposite” and the “no chance to say goodbye ‘’ feeling that many experience. I am sure that friends and family are going through all of this, to a greater or lesser extent, with Jaime’s wife, June, feeling it so much more acutely. For she is about to embark on what the Alberta (Canada) Health Services video ‘Uncoupled’ calls, “an unfamiliar journey” suspended between “a past that is longed for and a future unclear”. My sincere condolences to June and family as we mourn the passing of this vital and talented man with his heart-warming smile.

GUYANA CHRONICLE, Monday, February 5, 2024

FPSO Errea Wittu ‘will bring most modern features’ to offshore production —MODEC TO celebrate the start of construction of Floating Production, Storage and Offloading (FPSO) vessel Errea Wittu for ExxonMobil Guyana’s Uaru Project in the Stabroek Block, Japanese floater specialist MODEC held a reception on Saturday at the Guyana Marriott Hotel in Kingston, Georgetown. The Stabroek offshore block is home to ExxonMobil’s fifth project, the Uaru development, for which this vessel is specifically being built. This FPSO vessel is a noteworthy addition to MODEC’s portfolio, bringing with it the most modern features in offshore production along with the company’s

competence in building and operation. A statement from MODEC said: “It will be one of the most sustainable FPSOs in the world, using an energy production system with a combined cycle turbine on board. MODEC reinforces its leading role by using this technology offshore. It recovers exhaust heat to produce steam, which is used to drive a steam turbine for supplementary power generation, increasing the overall efficiency of the energy cycle and reducing the emission of greenhouse gases (GHG).” It noted that the impact of the FPSO extends beyond mere resource extraction; it embodies the company’s

commitment to local content, prioritising skills transfer and Guyanese participation. Three Guyanese businesses: Guyana Oil and Gas Support Services (GOGSS), Asequith Guyana, and ZECO Group of Services, have already been hired by MODEC to provide fabrication services for the vessel, with the possibility of additional local co-operation, partnerships, and numerous spin-off benefits, according to the Japanese firm. It explained that the contract encompasses the Engineering, Procurement, Construction, and Installation (EPCI) of the FPSO. MODEC will also provide the operation and maintenance services for

Foreign Secretary, Robert Persaud is flanked by MODEC’s Chief Operating Officer, Katsuyuki Imaizumi (fourth from left) and President of ExxonMobil (Guyana), Alistair Routledge. Also in photo are representatives of local fabrication companies and MODEC

The Errea Wittu Floating Production, Storage and Offloading (FPSO) vessel this unit at least 10 years from its first oil production. The FPSO will be deployed approximately 200 kilometres offshore Guyana, at a water depth of 1690 metres and it will be able to store around two million barrels of crude oil. MODEC group company, Offshore Frontier Solutions Pte. Ltd. (OFS), will be responsible for the engineering, procurement, and construction of the FPSO based on MODEC’s M350TM new-build hull. In addition, the platform will use a Spread Mooring System provided by SOFEC, another MODEC group company. “The Uaru project stands

as a testament to our dedication and ambition. It is not only one of our most significant endeavours but also a showcase of advanced technology and initiatives aimed at reducing greenhouse gas emissions. This project serves as a beacon, guiding us towards a future where sustainability and progress go hand in hand”, said MODEC’s Chief Operating Officer Katsuyuki Imaizumi. Meanwhile, Guyana’s Foreign Secretary, Robert Persaud commended the activity which he said recognises collaboration. Persaud remarked that MODEC’s collaboration with

the local companies is in keeping with the Government’s thrust to ensure that the development, progress and activities of the oil and gas sector directly benefit Guyanese and Guyanese businesses. He encouraged the private sector to see MODEC’s entrance into Guyana as a window to work closely with their Japanese counterpart and maximise opportunities. Vice-Chairman of the Private Sector Commission, Rafeek Khan said that the collaboration with ExxonMobil and MODEC sets the stage from the top for other companies to follow suit, according to the statement.

GUYANA CHRONICLE, Monday, February 5, 2024

Guyana looking to tap into United States $4B aquaculture market – President Ali

By Feona Morrison

WITH the increasing global demand for seafood, Guyana is in a unique position to capitalise on the enormous potential of aquaculture and has the potential to meet both domestic and global demand, says President Dr Irfaan Ali. In this week’s episode of the Energy Perspectives Podcast, he shared his thoughts and outlined his government’s goals to move Guyana forward and maintain ‘green’ leadership globally. President Ali stressed that Guyana is willing to collaborate with investors and that his government is eager to do so in order to capture 25 per cent of the United States’ US$4billion aquaculture market. “So, how are we going to do that? We need the capital, we need the technology, we

need our local farmers to work with the capital and technology and get to the position where we by 2027, were taking up 25 per cent of the aquaculture market in the US,” said the Guyanese leader. Some $1.2billion has been set aside to improve

the fisheries and aquaculture sector in 2024, with a greater emphasis on boosting productivity in the agricultural sector. The nation’s goals for food security and economic growth are significantly aided by the fisheries sector, which includes aquaculture. The fishing industry, which currently contributes $11.9 billion to Guyana’s annual exports, constituting around six percent of

President, Dr Irfaan Ali speaking with local journalist Kiana Wilburg on the Energy Perspectives Podcast

Guyana continues to invest heavily in production of brackish water shrimp

the country’s overall export earnings. The government will also make investments in other agricultural goods, according to President Ali. “We are working on the development of a regional food hub, linking it to northern Brazil,” he said, pointing out that Guyana has the potential to be the region’s main food hub. In order to boost market access, work on the regional food hub will continue in 2024. This work will support the food-supply chain and production operations, such as cold storage and manufacturing processing capabilities. At a cost of US$14 million, the hub is being constructed alongside the Soesdyke-Linden Highway. Furthermore, Guyana is poised to emerge as not just the foremost exporter but also as a hub for agriculture, serving as CARICOM’s food basin or hub. Consequently, the food hub will align with this precise goal and play a major role in the nation’s leadership in cutting the CARICOM food- import cost by 25 percent by 2025. Regarding the sugar

Guyana has a lucrative fish industry business, he stated that a proposal from a company to turn the defunct Enmore Sugar Estate into a refinery is being considered by the government. “So, they will take brown sugar, refine it to white sugar and other processed sugar to be exported.” The Enmore Sugar Estate on the East Coast of Demer-

ara is one of the four estates that were closed during the David Granger-led APNU+AFC Coalition government’s tenure. The Head of State reasoned that the country’s prospects and the declining cost of power are the reasons for all of these opportunities.

GUYANA CHRONICLE, Monday, February 5, 2024

UWI signals interest in establishing medical school in New Amsterdam

President Dr. Irfaan Ali

DISCUSSIONS have begun between the University of the West Indies (UWI) and the Government of Guyana for the establishment of a medical school in New Amsterdam, Berbice, Region six. This was on Sunday revealed by President Dr Irfaan Ali, who was at time addressing a gathering of medical professionals at the commissioning ceremony for a new state-of-the-art pathology lab at the Georgetown Public Hospital Corporation (GPHC). “Today I am pleased to inform that the University of the West Indies School of Medicine has now approached us to be a part of this vision in bringing their campus here to Guyana and negotiation and discussions would have commenced,” the President shared. The establishment of a medical training facility here has been on the cards for the government since an agreement was signed for the construction of a new modern level five hospital at New Amsterdam. “So we're talking to the University of the West Indies and moving the possibility of a school of medicine now to Region

Six that has the capacity of bringing students from Suriname, but importantly in the negotiations, we are now working on ensuring that the rates is the same as local students in Trinidad and Tobago. So there will be equity and quality matched together,” the President said. Just last month the sod was turned for the US$161 million fa-

ating theaters, one specifically for cardiac surgery, and advanced digital X-ray, and CT scan machines. It will be the second public facility to house an MRI machine and will be equipped for transplants. Two additional buildings will be constructed within the compound – one for a teaching facility and another for a modern

cility in New Amsterdam which is set to be equipped with all modern facilities to conduct transplants and other major surgeries. At that ceremony, President Ali had touted that training will be a major component of the hospital. The new hospital will feature five oper-

psychiatric facility. Once completed, the new facility will be linked to the Georgetown Public Hospital Corporation (GPHC) which will be connected to Mount Sinai Hospital in New York and other major hospitals around the world in telemedicine.

GUYANA CHRONICLE, Monday, February 5, 2024

Harmony Week an opportunity for religious peace-building, countering conflicts and segregation – PM Phillips Scenes from the launch of Harmony Week 2024 (Office of the Prime Minister photos)

PRIME Minister, Brigadier (Ret’d) Mark Phillips has underscored the nation's commitment to fostering dialogue among different faiths and religions, aiming to enhance mutual understanding, harmony, and co-operation. During the launch of the United Nations Interfaith Harmony Week 2024 observances, on Thursday at ISKCON of Guyana Hare Krishna Study Centre, the Prime Minister emphasised that

Harmony Week offers an opportunity for religious peace-building and countering conflicts and segregations. According to a statement from the PM’s office, he reminded that Guyana was one of the first 29 countries to endorse the 2010 UN resolution establishing the event and said that the country recognises the resolution “as a testament to the imperative and continued need for such dialogue". Prime Minister Phil-

lips also delved into the key tenets of the resolution, emphasising the crucial role of mutual understanding and interreligious dialogue in cultivating a culture of peace. "More importantly, that resolution recognises the profound impact of conversations between diverse religious communities on creating a culture of peace. Today, I stand here to reaffirm Guyana’s commitment to this resolution's tenets and emphasise why it is

important and essential for the well-being of our country and the world at large," he was quoted as saying. Aligning with the government's vision of "One Guyana," he also emphasised that harmony and inclusiveness are pivotal to this vision. "Our Government, guided by the vision of 'One Guyana,' envisions peace and harmony among our people as necessary for our existence". The Prime Minister

also spoke highly of religious tolerance in Guyana. “As we witness prayers from various religious groups today, the spirit of mutual respect and tolerance evident in those outside those religions is heartening. It is a small but meaningful gesture that suggests we are already instilled with a spirit of understanding for one another," he said. Attendees were urged to recognise that the tenets of the resolution go

beyond mere ideals, but serve as a road map for building a world where diversity is celebrated, understanding is paramount, and peace is the ultimate goal, the statement added. The well-attended breakfast brought together religious leaders from various faiths, civil society representatives, members of the opposition, and members of the diplomatic community in a display of interfaith solidarity.

million under this $1 billion sum will be spent on specific software for the Materials Management Unit (MMU). Against this backdrop, Opposition Member of Parliament, Dr Karen Cummings questioned whether the digitisation of records will include information on drugs and medical supplies. In response, Dr Anthony said that the MMU has been using software that is about 25-years-old and although they have tried to get updates for the software from time-to-time, it

is time to change. Added to this, he indicated that a consultant from USAID has been working with the ministry over the past year looking at the system and helping to decide what type of software would be best to acquire. “So, we have set aside some provisions to look at acquiring that software during this year,” Dr Anthony said. Late last year, the minister revealed that the government was evaluating bids that were submitted for the provision of a

comprehensive electronic health records system here. At that time, he noted that they have been working assiduously on digital health and added that in 2024 they would set up a new department regarding digital health in the ministry. The health minister had said that while aggressive talks have been underway concerning the integration of a comprehensive electronic health records system, they had some 16 companies so far bidding to provide the system.

Sums allocated to develop electronic medical records system, upgrade monitoring software

THE development of G u y a n a ’s e l e c t ro n i c medical health record system is expected to be underway this year as specific sums were allocated for that along with the upgrading of software in several areas of the Ministry of Health. This was revealed by Minister of Health, Dr Frank Anthony during the examination of estimates for his ministry in the 2024 budget. As part of a $1 billion allocation, Dr Anthony stated that funds will be put aside to develop the

Minister of Health, Dr Frank Anthony

electronic medical health record system. Added to this, he noted that they will

be paying for software that the ministry uses. Further to this, $16

Guyana is the place to be 15

GUYANA CHRONICLE, Monday, February 5, 2024

- Jamaica Stock Exchange conference hears

NCB Capital Markets Chief Executive Officer (CEO) Angus Young wants the world to know that “Guyana is the place to be.” And if anyone was offended by thinking Young’s statement at the recent opening ceremony of the Jamaica Stock Exchange (JSE) 19th annual conference was immoderate, he immediately backed it up. “Guyana is probably the fastest-growing country in the western hemisphere having grown by an estimated 39 percent in 2023, [and it] has been estimated similar percentage growth for 2024.” CEO Young continued: “And it is by far the fastest growing in the region. This places the country at the forefront of global conversations and its people are set to encounter with unprecedented changes for the good, the bad and the in-between,” he said. The recently-concluded conference was held under the theme, ‘The Drivers of Capital: From Concept to Growth’ and attracted more than 1,000 business leaders and aspirants from both private and public sectors regionally an internationally. CEO Young contended that there are opportunities to assist in Guyana’s domestic capital market by leveraging the collective expertise and experience of other markets in the region, such as Jamaica. “This will be crucial to ensuring that every Guyanese citizen can participate in the world’s fastest-growing economy,” he counselled. He continued,

“While traditional banking plays a vital role, it is not sufficient to harness the full spectrum of opportunities across various industries, especially in the rapidly evolving landscape of Guyana.” The Trinbagonian financier and businessman disclosed that Guyana’s model is one that is drawing significant global interest, stressing that the energy sector is one that will aid in creating vast and untold opportunities. “In the region traditional banks stipulate asset bank lenders relying on collateral as physical asset. However, the energy sector always requires specialised equipment posing a challenge for traditional banking. This is where the capital markets can play a pivotal role. The swift and expeditious development in Guyana presents tremendous opportunities for its people,” he stressed. Guyana is located in the northeastern corner of South America. Its indigenous peoples, called the Amerindians (from American Indians) inhabited Guyana prior to European settlement, and their name for the land was Guiana (meaning land of many waters), gave the country its name. Contemporary Guyana reflects its British and Dutch colonial past and its reactions to that past. It is the only English-speaking country of South America. Since Guyana gained its independence in 1966, the country’s chief economic assets have been its natural resources, mainly its pristine rainforests, sugarcane plantations, rice fields, and bauxite

and gold reserves. The recent massive raft of rich deepwater oil field discoveries in Guyana’s offshore Stabroek Block have potentially changed the country’s economic fortunes. Some geographers classify Guyana as a part of the Caribbean region, which they deem to include the West Indies as well as Guyana, Belize, Suriname, and French Guiana on the South American mainland. The capital and chief port of Guyana is Georgetown. The country’s populace is mainly of colonial origin, although the eight tribes of Amerindians are scattered throughout the forested interior. The more numerous coastal peoples are chiefly descendants of slaves from Africa and indentured workers from India, who were originally transported to work the coastal sugarcane plantations. Meanwhile, Young reiterated his view that for Guyana to maximise these existing golden opportunities there are a few key imperatives. “To seize this opportunity, access to the right scale and type of financing is imperative, given the fast pace [sic] commodity-based environment,” he declared. Young added that: “By accessing capital markets the public gives exposure to the activities of direct investors in energy, energy-support and spinoff industries without direct involvement.” The senior NCB executive noted that movement of skilled labour regionally will further boost and enhance Guyana’s workforce. “The recently-announced ferry system

between Guyana, Trinidad and Barbados should be seen as a catalyst for further activity for labour and physical resources. “Additionally, Guyana has signalled its openness to being a recipient of skilled labour in the region, a situation that would boost and strengthen productivity of that market while threat-

Angus Young addressing the conference

ening the already tight labour markets in oth-

er territories,” Young reasoned.

GUYANA CHRONICLE, Monday, February 5, 2024

Pieces of legislation enacted to

modernise Guyana’s financial architecture - Dr. Jagdeo says; cites reform of financial agencies as another contributor OWING to many major reforms and the passage of several pieces of key legislation, Guyana has been able to modernise its financial architecture. This is according to the People’s Progressive Party/Civic (PPP/C) General Secretary, Dr. Bharrat Jagdeo, who on Thursday told reporters at his weekly news conference that officials through the years have managed to table pieces of legislation to effectively reform several financial policies and agencies. “We passed the law on the stock exchange, two new Companies Acts, new Insurance Sector Act, new Bank of Guyana Act, Deeds Registry Act... a whole range of things. If you look at the Financial Institutions Act, we modernised the financial architecture of the country through a slew of legislation,” Dr. Jagdeo said. “If you go to revenue collection we reformed the agency, we created a semi-autonomous agency…we modernised the treasury function in the Ministry of Finance, we reformed the tender board, we have one of the most modern pieces of legislation in any part of the world,” he added. The General Secretary said that the government has maintained a transparent formula of managing the country’s finances while responding to ques-

tions posed by a reporter on changes to the legislation for the governance of the country’s Natural Resource Fund (NRF). “We made it clear that our money will be invested in areas like education, health, some transferred to the vulnerable groups, infrastructure of a productive nature…it is not a slush fund,” he added. Guyana’s NRF was recently a topic of discussion with international experts sharing their thoughts, with some even going as far as calling it a ‘slush fund.’ Dr. Jagdeo however, maintained that the NRF cannot be a slush fund following the government’s implementation of a formula-based approach. He explained that under the previous government’s tenure, the NRF could have been a slush fund. “Under APNU [A Partnership for National Unity] it could have been a slush fund. Why? Because under APNU the Minister of Finance was in charge of managing the NRF. We amended that by putting in place now a board of

directors.” According to Dr. Jagdeo, the now opposition had established a committee which ultimately saw the sole responsibility for the fund being placed in the then finance minister’s full control, without any system to maintain accountability. “Under APNU the minister of finance had some committee advising him, a fiscal committee and a macro-economic committee, but at the end of the day he had the sole right to determine how much would be withdrawn from the fund…he didn’t have to account for it, he didn’t need to explain it to the people of the country; it was arbitrary, assumption-based and he could have taken all or none.” Under the current government, he said, “it is formula-based, it is transparent and [at] the end of the day, he [finance minister] has no say in this. It’s based on the formula, so that is why it wouldn’t be a slush fund now.”

GUYANA CHRONICLE, Monday, February 5, 2024

Batting collapse hands Australia series

CMC – WEST Indies slumped to another demoralising defeat after a Player-of-the-Match performance from Sean Abbott gave hosts and world champions Australia an 83-run win in the second One-day International on Sunday, and an unbeatable 2-0 lead in their threematch series. Chasing 259 to win in the day-night contest at the Sydney Cricket Ground, the Caribbean side were bowled out for 175 in 43.3 overs after Abbott followed up a top score of 69 in the Australian innings with a spell of three for 40 from his allotted 10 overs. Keacy Carty continued in his rich vein of form with a top score of 40 for West Indies, his captain Shai Hope made 29, and Roston Chase added 25, but the visitors failed to make a serious assault on the target, and pacer Josh Hazlewood took three for 43 from eight overs to hasten the finish. West Indies stumbled to 40 for three at the close

of the first Power Play with Alick Athanaze, Justin Greaves, and Justin Greaves falling cheaply, but Hope and Carty laboured over 14 overs to stitch together a fourth wicket stand of 53 that stabilised the innings. The Caribbean side limped to 96 for four at the halfway stage after Hope was bowled by Hazlewood in the 23rd over, and they were rocking further on 108 for five when Carty was caught behind off Abbott in the 29th over. Chase put up a brave front in the closing stages, but there was neither substance nor support from the rest of the West Indies batting, and the Australians continued to bowl with adroit precision and fielded with aplomb to close out the match. The visitors lost the first ODI by eight wickets this past Friday at the Melbourne Cricket Ground, and they will be hoping to avoid a clean sweep when the final ODI is contested on Tuesday at Manuka Oval in the

Australia capital of Canberra. “I thought we stuck to our guns really well in the bowling department,” Hope said during the post-play TV interview. “I must commend our bowlers. 258 wasn’t too much, but it was a challenging wicket, and the Aussies bowled very well, and we needed to find ways to score more freely. We have to win one, that’s the plan.” Earlier, West Indies bowled with discipline and had Australia on the ropes at 167 for seven in the 35th over before Abbott, batting at eight, struck one four and four sixes in his 63-ball innings to rescue the home team. West Indies won the toss and decided to field, and fast bowler Alzarri Joseph gave them a bright start when he struck with the fifth ball of the match and got opener Jake Fraser-McGurk – mak-

ing his ODI debut in place of 2023 World Cup batting hero Travis Head – caught behind for 10. Joseph struck again in the third over when wicketkeeper-batsman Josh Inglis was caught at backward point for nine before fellow pacer Matthew Forde got Australia captain Steve Smith bowled off the inside edge for five in the eighth over. The Caribbean side had the Australians wobbling on 61 for three at the close of the first Power Play, and they were 89 for four when chunky pacer Oshane Thomas got Cameron Green caught at mid-on in the 16th over. Left-arm spinner Gudakesh Motie was the pick of the West Indies bowlers taking three for 28 from his 10 overs, starting with the scalp of Marnus Labuschagne caught at cover for 26 before Australia had past 100. With Hope deciding to

use Motie and the off-spin of Chase at this stage, runs were at a premium for the Aussies, and they limped to 130 for five at the halfway stage before two wickets for 25 in the span of 41 balls slowed them down further. Motie got Aaron Hardie caught at long-on for 26 from a top-edged pull in the 29th over and followed up with the scalp of Matthew Short caught and bowled for 41 in the 35th over. West Indies failed to maintain the pressure in the closing overs, and Australia – led by some enterprising batting from Abbott and his 57run stand for the eighth wicket with another ODI first-timer, Will Sutherland – pushed past 250 on a pitch that made boundaries difficult to find.

CRICKET QUIZ CORNER

(Monday February 05, 2024)

COMPLIMENTS OF CUMMINGS ELECTRICAL COMPANY LTD – 83 Garnett Street, Campbellville, Georgetown (Tel: 225-6158) Answers to yesterday’s quiz: (1) Shamar Joseph-8/128 (Brisbane) (2) Josh Hazlewood-9/79 (Adelaide) Today’s Quiz: (1) When and where did the WI and AUST contest an ODI for the first time? (2) Who were the captains involved? Answers in tomorrow’s issue …………………………………………………………

AMERICAN RACING TIPS MAHONING VALLEY Race 1 Barrelhouse Race 2 Duel Fuel Race 3 Curt's Angel Race 4 Mr Laoban Race 5 My Two Aunt Jones Race 6 Chaco Spirit ENGLISH RACING TIPS LINGFIELD 09:15 hrs Taxiing 09:45 hrs Freetodream 10:15 hrs Hold The Press 10:45 hrs Eleanor Cross 11:15 hrs Romilda

11:45 hrs Berrygate 12:20 hrs Hot Front CARLISLE 09:32 hrs Diamond Dice 10:02 hrs Gardener 10:32 hrs Lunar Discovery 11:02 hrs Royale Margaux 11:32 hrs El Jefe 12:07 hrs Breeze Of Wind 12:40 hrs Danno's Dollar SOUTHWELL 12:25 hrs Simiyann 13:00 hrs Velvet Vulcan 13:30 hrs Quereine

14:00 hrs Copper Mountain 14:30 hrs City Cyclone 15:00 hrs Churchella 15:30 hrs Zephlyn 16:00 hrs Sibyl Charm 16:30 hrs Daytona Lady IRISH RACING TIPS PUNCHESTOWN 09:20 hrs Stattler 09:50 hrs La Malmason 10:20 hrs Mercurey 10:50 hrs Pirate Island 11:20 hrs Shannon Royale 11:55 hrs Bestaline 12:30 hrs Lucky Lyreen

GUYANA CHRONICLE, Monday, February 5, 2024

GCA Pepsi 50-over first-division cricket…

Police form slumps as MYO batter lawmen

By Sean Devers

ON a day blessed with glorious sunshine, Zeynul Ramsammy stroked a classy 53 to spearhead MYO to a one-wicket victory over Police at Malteenoes yesterday as the GCA’s Pepsi 50-over first division cricket resumed. Police elected to bat on a good track and fast outfield and led by a pugnacious 61 from Chemroy Kendall (35

balls with five fours and five sixes) were dismissed for 194 off 37.3 overs. Man-of-the-Match Troy Benn made 23 before returning with the ball to bag 5-48 in a losing effort. Lennox Andrews (28) and Amir Mohammed (39) ‘got starts’ for Police without going on to substantial scores. Josh Hurrchin had 3-19, Leon Swammy took 3-34 while Suresh Dhanai (2-31) and Abola Ramsammy (2-51)

had two wickets each for MYO who reached 195-9 in 32.2 overs. Ramsammy reached the boundary five times and cleared it twice in his 44-ball 53 for MYO with Andrew Lyght Junior, the son of the late West Indies ‘B’ opener Andrew Lyght, scored 29 against his old team. Lyght added 74 for the first wicket with Ricardo Ramdeholl (35) before Benn trapped Lyght LBW to break the stand. Vishwanauth Ram-

Man of the Match Troy Benn

lakhan scored an important 36 after Omesh Danram (2) fell to Benn with the score on 782; Benn also removed Ramdeholl to leave MYO on 83-3. Ramlakhan and

Zeynul Ramsammy stroked a classy 53

Ramsammy steadied the ship by taking the score to 168 before Ramlakhan fell to Benn’s on-target medium pace. Kyle Michael who finished with 4-16 and

Benn sliced through the batting order as MYO slipped from 181-3 to 182-9 before Swammy held his nerve to see MYO to victory despite Benn’s heroics.

Metro renews RHTY&SC females cricket sponsorship

THE long-standing relationship between the RHTYSC and Metro Office and Computer Supplies has been renewed for another year. The popular stationery store renewed their cricket sponsorship of the RHTYSC female team on Friday during a simple presentation ceremony at the company’s Main Street New Amsterdam branch. Berbice Regional Manager Danny Ramnarine handed over the sponsorship cheque to RHTYSC female cricketers Trisha Hardat and Stephanie Ramdas. RHTYSC secretary Hilbert Foster stated that the club was the first to form a female section in 2008 and that Metro came on board as the team’s official sponsor in 2009 un-

Danny Ramnarine hands over sponsorship to RHTYSC female cricketer Trisha Hardat and Stephanie Ramdas

der the management of their Chief Executive Officer. The team has dominated female cricket in Berbice and remained the only of its kind in

Guyana with full membership. The RHTYSC Metro female team in 2010 became the national champions when it won the Guyana Cricket

Board title and has won all female tournaments organised by Berbice Cricket Board since 2011 despite playing against sub-association in the county.

The team is currently being led by West Indies vice-captain Shemaine Campbell while her West Indian counterpart Shabaki Gajnabi is her deputy. The team since 2008 has produced 4 West Indies players, Campbel, Gajnabi, Grimmond and Erva Giddings. Campbell is also the captain of the Guyana senior team and remains the only Guyanese to ever play 100 matches at the T20 and ODI international levels. She is also the only Guyanese to score centuries at the inter county, regional and international levels. West Indies player Trymanine Smartt also played for the team in 2010. Foster who is a former president of the Berbice Cricket Board

stated that the team in 2023 was also able to successfully complete a total of over 40 committee programs including the ‘say no to suicide, say yes to education’, Christmas village and others. Stephanie Ramdas speaking on behalf of her teammates expressed gratitude to the management and staff of the sponsor for their support over the years. The Berbice under 19 player stated that the female team under the dynamic leadership of Campbell was very pleased to be associated with Metro and to play under its brand. R e g i o n a l M e t ro manager Ramnarine wished the team success in 2024 and urged them to uphold high standards they have set themselves in the past.

GUYANA CHRONICLE, Monday, February 5, 2024

East Coast Mash Cup Knockout Football Competition…

Cougars, Fruta Conquerors and Monnederlust register wins on night two

THE 2024 edition of the East Coast Mash Cup continued on Saturday night with Cougars, Fruta Conquerors and Monnederlust registering wins on night two Played at the number 5 Village Community Centre Ground, West Coast Berbice, the triple header saw fans treated to a night of pulsating action. In the opening match Cougars FC of New Amsterdam defeated Mahaicony Lions 2-0 with Alistair Drakes and Lomar Reid being the the goal scorers in the 9th and 46th minutes. In the second match of the night, GFF Elite team Fruta Conquerors of Tucville Georgetown defeated Para-

Cougars goal scorers Alistair Drakes (left) and Lomar Reid from left to right

dise Invaders 1-0. Dwayne Jones was the goal scorer for the Fruta boys in the 35th

minute. In the feature game newly promoted Elite team

Fruta Coquerors goal scorer Dwayne Jones

Monnederlust FC made light work of fellow West Coast Berbice team – Hop-

Monnederlust FC goal scorer Kevin Layne Jr

etown FC. National player Kevin Layne Jr scored a first half hattrick in the

20th 23rd and 28th for the Berbice League Champions.

BCQS 2024 Squash Masters Guyana…

Guyana’s Mekdeci wins Men’s 55-64 title WHEN the dust settled on Saturday Evening in the climax of a riveting BCQS 2024 Squash Master Guyana Championships, Guyana’s Joseph Mekdeci had beaten Barbadian Peter Harris to take the Men’s 55-64 age group title. The tournament was played at the Georgetown Club on Camp Street. Mekdeci’s win capped off

a stellar tournament in which Bajan Shawn Simpson took the Men’s 30-44 title with fellow Bajan Donn Benn capturing the men’s 45-54 title. Results: In the men’s 55-64 final Mekdeci defeated Bajan Peter Harris in straight sets 11-7, 11-6, and 11-5. Simpson crushed Robert Cameron in straight sets 116, 11-5, and 11-5 in the final

of the men’s 30-44 division. Benn defeated Khalil Alli in straight sets 11-2, 11-2, and 11-2 in the men’s 45-54 segment. Ryan Rahaman beat Medhi Ramdhani 11-8, 115, 11-1 Deje Dias beat Javid Rahaman 11-8,11-7, 11-9 Brian Young defeated Trinidadian Gowkaran Bissoon 11-5, 11-1, 11-7

Bajan Sanjay Amin beat Narendra 11-9, 6-11, 11-8, 9-11, 11-8 Bajan Donn Benn beat Khalil Ali 11-2, 11-2, 11-2 Dean Straker beat fellow Barbadian Orson Simpson 11-7, 11-7, 11-6 Javid Ali beat Regan Rodrigues 11-8, 11-2, 11-3 Jason Van Dijk beat Jonathan Antaczak 11-8, 11-9, 11-6 (Sean Devers)

Guyana’s Joseph Mekdeci (left) beat Bajan Peter Harris to take the 55-64 age group title

Guyana Harpy Eagles arrive in St Kitts

- Looknauth replaces Persaud, Cadogan in for Smith By Sean Devers Under the leadership of new Captain Kevlon Anderson the Guyana Harpy Eagles arrived in St Kitts yesterday as they prepare to defend their regional four day title from Wednesday. The Harpy Eagles team will open their defence against the Trinbago Red Force, a team searching for their first four-day title since 2005. The Guyanese, already without some of their bigname players due to West

Indies and T20 league commitments, were forced into further changes before their departure. The National Selectors have had to make two changes. Akshaya Persaud, who will be playing for CCC, has been replaced by fellow West Demerara player Richie Looknauth. Off-spinner Looknauth who, like Persaud, plays from Everest in GCA cricket, was a replacement for injured pacer Ronsford Beaton in the Regional Super50 tournament.

Fast bowler Nial Smith was injured during the training camp and has been replaced by Essequibo quickie Neiland Cadogan in the touring party. The 28-year-old Smith who has 47 wickets from 18 First-Class matches, is likely to return to the team during the tournament which has been extended from five to seven rounds. According to well-placed sources, with West Indies no longer in contention for a place in the ICC U-19 World Cup Semi-finals, efforts were being made to get pacer Isa-

Neiland Cadogan iah Thorne to fly from South Africa to St Kitts. “However we were informed that Isaiah had to have at least one week of rest before playing any cricket,” said the source, who informed that the lively 18-year-old is expected to

arrive home tomorrow. New Test fast bowling sensation Shamar Joseph has also returned home nursing a toe injury which has resulted in him missing the T20 league in Dubai. The 24-year-old has gotten a T20 contract in Pakistan with the team which will be Coached by the West Indies ‘white ball’ Coach Darren Sammy. Joseph, who says he wants to play Test cricket (West Indies have just five more Tests to for the year and none in close to six months) should be back for Guyana’s last two First-Class games in Jamaica in April. Tevin Imlach, Romario

Shepherd and Gudakesh Motie should return from Australia in time for Guyana's third-round game against the Windwards in St Kitts. The out-of-form Tagenarine Chanderpaul and Kevin Sinclair have returned from the Test series in Australia and are a part of Guyana’s contingent to St Kitts. Guyana Harpy Eagles squad: Matthew Nan du, Raymond Perez, Tagenarine Chanderpaul, Kevlon Anderson (Capt), Kemol Savory, Kevin Sinclair, Veerasammy Permaul, Ronsford Beaton, Neiland Cadogan, Anthony Adams, Renaldo Ali- Mohammed

GUYANA CHRONICLE, Monday, February 5, 2024

Batting collapse hands Australia series SEE PAGE

Josh Hazlewood clean bowled Shai Hope • Feb 04, 2024 • Cricket Australia/Getty Images

BCQS 2024 Squash Masters Guyana…

Guyana’s Mekdeci wins Men’s 55-64 title SEE PAGE

Outstanding performers show off their hardware at the Georgetown club

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| MONDAY, FEBRUARY 5, 2024