Guyana Inc Magazine Issue 32

YOUR FREE COPY TO KEEP! - ISSUE 32

THE PERFORMANCE OF THE GOLD SECTOR AND REFORMS NEEDED TO IMPROVE PRODUCTION

NOTHING GOOD COMES FROM HAVING THE WRONG CEO

PLASTIC TRUMPS PAPER BUT TECHNOLOGY

PRIVATE SECTOR CALLS FOR PORTION OF OIL WEALTH TO BE DEDICATED TO “GREEN SECTORS”

IS BETTER

Dave Narine

THE UNDISPUTED KING OF WEST INDIAN IMPORTS IN THE USA

Founder and Publisher Teshawna Lall, BA, MBA Managing Director Frank Sanichara Marketing Iconic Marketing & Printing Rozana Mohamed

CONTENTS 10 42

Design Iconic Marketing & Printing Editorial Contributors Kiana Wilburg Gordon French Sharmain Grainger Feona Morrison Brian Ramsey Rae Dawn Brusch Simran Gajraj Abena Rockcliffe Tiffanne Ramphal Georgetown Chamber of Commerce & Industry The Ministry of Education The Ministry of Indigenous Peoples’ Affairs

24 Saffon Street, Charlestown, Georgetown, Guyana, South America.

Tel: (592) 223-2169 or (592) 226-7454 For Subscription in Guyana and the Caribbean Contact: (592) 223-2169 or (592) 600-4212 North America: 347-599-6426 Email: guyanainc@gmail.com Website: www.guyanainc.biz

22 Fiscal Regime For The Mining Sector and IMF’s Call For Reform............................... 6 Major Foods: Condiments That Instantly Transform Your Culinary Delights.................... 8 The Art Of Diplomacy: Minister Greenidge Calls For Commitment To Peace and Solidarity At OIC Council Of Foreign Ministers............................ 9

Guyana and The Fight To Protect The Ozone Layer............................................ 27 Facts About Debt Control In Guyana and Where We Stand With Our Oil Wealth............ 28

Dave Narine: The Undisputed King Of West Indian Imports In The USA................ 10

Nothing Good Comes From Having The Wrong Ceo.............................................. 30

A Professional Identity: Do We Really Need To Be Someone Else In The Business World?............................................ 14

Acknowledging Each Team Member’s Growth Is A Benefit To The Entire Team......................................... 31

Powers Of The President and The Wait for Constitutional Reform....................... 16

The Performance Of The Gold Sector and Reforms Needed To Improve Production........ 32

Examining The Laws Governing Broadcasters In Guyana................................. 17

Private Sector Calls For Portion Of Oil Wealth To Be Dedicated To “Green Sectors” … Gives Full Support To Guyana’s Green State Agenda....................... 33

The Establishment Of The $10M Lapidary In Monkey Mountain Is On Track.................... 18 While every effort has been made to ensure that information is correct at the time of going to print, Iconic Marketing & Printing cannot be held responsible for the outcome of any action or decision based on the information contained in this publication. The publishers or authors do not give any warranty for the content, explanation or opinion. It is advisable that prospective investors consult their attorney/s and/or financial investor/s prior to following/pursing any business opportunity or entering into any investments.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form without prior written permission of the Publisher.

Region Three’s Special Education Needs Unit Shines Light On The Realities Of Autism........................................ 26

Plastic trumps Paper but Technology is better....................................... 19 Government Secures US$7B In “Improved” Contract With Exxonmobil.............................. 20 Are Hotel Room Cards Really Safe?

Let’s Examine The Facts!............................... 22 Private Sector Development, Local Content and Joint Ventures Tools For Promoting A New Industry.............. 24

Placing The Spotlight On Gender Based Violence.................................. 34 The State Of The Timber Industry.................. 36 Knowing The Signs And Symptoms of a Stroke..................................................... 38 The 1823 Monument Remains an Essential part of Guyana’s Turbulent History........................................... 39 Oil And Guyana’s Prepardness For Taxation................................................... 40 Fitness Fanatic, Vena Mookram, is on a Mission To Bring Healthy Back!................................... 42

EDITORIAL

FISCAL REGIME FOR THE

MINING SECTOR AND IMF’S CALL FOR REFORM

By KIANA WILBURG

T

he mining sector is, unequivocally, one of the most vital organs of the Guyanese economy. But there are some underlying issues which must be addressed if there is to be any improvement and doubling in the reserves.

In agreement with this perspective is the International Monetary Fund (IMF), one of the world’s leading financial institutions.

During one of its most recent assessments here, the IMF noted that the gold mining sector in Guyana is split between smaller artisanal mining and larger industrial mines, typically owned by foreign investors. In fact, artisanal mining continues to represent 70 percent of Guyana’s 700,000 ounces of annual production, though larger scale mines are proving profitable.

One of these larger mines wound up production in 2005, two others recently began production, and it is reasonable to expect that other similar-sized mines, producing in the range of 200,000 ounces per year, could be developed in the future.

In some cases, larger scale mines are being developed at sites on which artisanal miners have already produced as much as one million ounces of gold.

But let’s turn our attention to the fiscal regime for mining, which is a tax-royalty system. Artisanal mines pay a flat five percent royalty on the gross value of gold production; while per ounce, the royalty for large scale mines varies with the world price of gold, which is five percent under US$1,000 and eight percent above.

Corporate income is taxed at a 27.5 percent rate, with royalties being a deductible expense and capital expenditures depreciated on a straight-line basis over five years. Mining agreements with foreign investors typically include a stability clause that confirms the applicable royalty and corporate income tax rates, plus a range of exemptions from taxation, including: wide zero-rating of VAT; exemptions from import duties and other indirect taxes; and exemptions from dividend and withholding taxes.

The IMF notes that, in practice, these exemptions have been a challenge to administer, creating delays at the port of entry and a significant compliance burden for the private sector. The stability clause is also applied asymmetrically: mining companies benefited from the general reduction in the

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corporate income tax rate, from 30 percent to 27.5 percent as part of the 2017 budget.

The Fund said that it is common, in a mining fiscal regime, to have a tax targeting natural resource rents.

In this regard, the IMF said, “A mining rent tax can allow a business to earn the rate of return required to undertake investment and then tax the residual supernormal profits at a relatively high rate, without distorting the decision to invest.

Simple royalties, based on the volume or value of production, such as that levied by Guyana on the value of gold production, are relatively easy to administer and comply with and yield a steady stream of predictable revenue from the start of production.”

It continued, “However, simple royalties are insensitive to the profitability of the individual mine and can thereby have a negative impact on business investment. In general, the combination of a royalty – such as five percent on the value of gold production – with a mining rent tax presents the best combination of the stable, predictable revenues provided by a royalty with the high government share of supernormal profits and optimal level of business investment available from a mining rent tax.”

Furthermore, the IMF pointed out that those negotiating exemptions into mining agreements creates competitive imbalances and administrative complexities. In this regard, it explained that mining businesses that obtain tariff and VAT exemptions on imports favour foreign over domestic suppliers. This problem is exacerbated when input tax credit refunds on domestic purchases of goods and services are challenging to get processed. Revenue administrators, in turn, dedicate significant resources to interpreting individual mine agreements and then assessing imports to determine whether they qualify for exemptions that may differ from one mining agreement to the next.

Additionally, mining companies are required to file an annual Investment Development Agreement to import equipment under their contractually granted exemption.

It can take up to six months for it to be reviewed and approved by the Guyana Revenue Authority. This Investment Development Agreement is then the basis for applying tariff and VAT exemptions specified in the mining agreement at the port of entry. Additional assessment at the port of entry,

concerning whether the goods are necessary for use within the mine, introduces additional delays, complications and uncertainties.

That said, the IMF stressed that it is important that these administrative challenges are addressed now for all businesses; in particular, so that petroleum development proceeds as quickly as possible.

The Fund said that a comprehensive review of the mining tax regime would provide a good basis for introducing a generally applicable fiscal regime for future investment for mining.

It said that the key features should include the following, subject to a further, more detailed review: • Artisanal gold miners should be subject to an escalating royalty plus service and permit fees. Given the prominence of artisanal gold miners in Guyana and the simplicity of the current royalty structure, a mining rent tax should only be considered for larger and more sophisticated mines. That said, at higher gold prices, the Government should take a greater share of the profits from all gold producers.

• For larger gold mines, retain the five percent royalty while replacing the escalating royalty with a mining rent tax. This could allow more revenue to be earned from larger mines with a smaller negative impact on investment. It would be difficult to make such a large change in the current structure of mining taxation without creating disputes with foreign mining companies in possession of a mining agreement that includes a stability clause.

As a result, the legislation could be amended to clearly specify the tax and royalty treatment of all future mines. Existing mines with a mining agreement that includes a stability clause could be given a one-time irreversible opportunity to opt-in to the new regime.

• Tariffs should be eliminated on capital goods and other business inputs for all businesses, not just those foreign-owned businesses with the ability to negotiate preferential provisions in a mining

agreement. Such a change would greatly simplify the current administrative approach of exemptions and annual Investment Development Agreements, while improving the competitive position of domestic businesses and increasing productivity and economic growth rates more generally.

• In the case of VAT, in lieu of exemptions for foreign-owned businesses, the Guyana Revenue Authority should commit to processing and paying all input tax credit refunds in a timely manner. Such a change would allow business to quickly clear their importations through the port of entry by paying the VAT up-front, with the confidence that refunds would be expedited.

It is worth exploring the scope to design the VAT policy in ways that reduce the cash-flow pressures from mining and petroleum operations (perhaps by applying a reverse charge mechanism or a deeming rule); since their exported supplies are zero-rated, there is no revenue at stake (other than ensuring that there is no leakage stemming from abusing VAT exemptions).

The Fund said that VAT registration should be made available to all mining or petroleum companies with an exploration or production license. Regardless of whether the business is currently making taxable supplies or whether all future outputs are likely to be zerorated exports, the core benefits of VAT include the non-taxation of business inputs during the exploration and development phase.

In the interim, the IMF has called for the Government to undertake a review of the mining fiscal regime, ensure that VAT registration is available to all mining and petroleum companies with an exploration or production license and strengthen the administration of exemptions from tariffs and VAT under mining and petroleum agreements.

This call was made since November 2017. The nation and the IMF continue to await any movement by the Government in this regard.

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Major Foods…

Condiments that instantly transform your culinary delights

By FEONA MORRISON

A

s one of the country’s leading manufacturers, Major Foods has been producing a wide array of condiments which have been transforming the culinary endeavours of cooks for decades. The company stands for producing quality products as well as exemplary customer satisfaction. Major Foods has maintained the values of a family business and continues to successfully operate out of Victoria, East Coast Demerara.

With a variety of products under its belt, like green seasoning; Chinese sauce; cake colouring; cassareep; mango, souree and tamarind achar; and pepper sauce; Major Foods has, over the years, grown to become a leader in the agro processing industry.

The manufacturing enterprise was registered in the early 1970s by the late Alan Major, the son of Edna Major, who started the family business which operated at “Factory Yard” Victoria, in the 1940s. The “Factory Yard” was always bustling with the making of products, from cassareep to cassava bread. Chickens and pigs were also reared, slaughtered and then sold by Edna Major, who would travel as far as New Amsterdam, Berbice to earn sales.

Alan Major had adapted the skills of his mother and had also begun selling pork, fish and eventually cassareep in Linden. He would travel from the East Coast of Demerara to Linden every week to peddle his goods.

In the early 70’s, Alan decided to manufacture his own cassareep. Little did he know that this would be the start of the mighty Major brand. After years of trial and error, his company has turned out to be a huge success. It is

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now under the stewardship of Dennise Major-Goppy, the daughter of the late Alan Major.

The company has maintained long lasting business relationships built on reliability, quality and customer satisfaction. In fact, Major Foods was one of the first manufacturing plants in Victoria and later grew to become one of the largest employers in the village. With 99 percent of its workforce being women, the company prides itself on promoting empowerment among women, not only in the village of Victoria, but also countrywide.

For this family business, which has been carried on for generations, quality is everything.

According to the company’s Marketing Consultant, Earl Gittens, “Our quality is important. We source all of our ingredients from suppliers who believe in quality, because that’s all we would accept. We try to use local spices and purchase from local farmers that we can monitor.”

Gittens continued, “We track even the celery from the date it was planted, reaped and sold to us. Ultimately, we would like to support only sustainable farming practice and add value to the green sustainable society that Guyana is becoming. Consumer safety is priority with us, so our quality control starts from our procurement methods. We inspect the produce from the farms if possible and ensure that what we are buying is processed in a safe manner.

Once in our facility, we practise our SQT (Safety, Quality & Taste) system.”

Major Foods exports its products to Trinidad, Barbados, St. Lucia, England and the USA. The company has even had sightings of its products in stores in Amsterdam, Holland.

The Art of Diplomacy…

Minister Greenidge calls for commitment to Peace and Solidarity at OIC Council of Foreign Ministers

By KIANA WILBURG

V

ice President and Minister of Foreign Affairs, the Honourable Carl B. Greenidge, recently joined Foreign Ministers and Heads of Delegations of Member States in Dhaka, Bangladesh for the 45th Session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC).

The session was held under the theme, “Islamic Values for Sustainable Peace and Development”. During the meeting held between May 4 and 5, Minister Greenidge lauded the OIC’s commitment to peace, solidarity and development.

“Guyana’s efforts in these areas are encompassed in a national development plan which focuses on social cohesion and inclusion; wellbeing, education and good life; sustainable use of biodiversity and resources efficiency; decarbonization and climate resilience: sustainable finance and investments and good governance,” Minister Greenidge said.

This is in alignment with the 2030 Agenda and Sustainable Development Goals (SDG), he further stated. The OIC continues to play a major role in development around the world and in Guyana, as evidenced by a recent pledge of

financial and technical assistance to the tune of US$900M that will be placed towards Guyana’s key development areas, including economic infrastructure, rural development, human development, trade and competitiveness.

According to the Minister, in the midst of a global search for peace, unity and stability, efforts to advance the development of our countries and relieve the suffering of our peoples are reflected in the policies to address migration, climate change, combat terrorism and intolerance and address inequalities.

“These must be reinforced at the multilateral level,” he emphasized.

The Minister called on OIC members to reaffirm their commitment to the enforcement of peace and solidarity for all, particularly where development is on the line.

The economist also recommitted the efforts of the Government of Guyana towards fostering an environment of respect, tolerance and justice, “as we work towards the eradication of poverty and realizing peaceful coexistence of our societies in order to establish sustainable development of our peoples”.

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Dave Narine THE UNDISPUTED KING OF WEST INDIAN IMPORTS IN THE USA

By GORDON FRENCH

P

roducts manufactured in Guyana continue to improve steadily, as new market opportunities become available.

But instances where persons tend to find difficulty with Guyanese producers, Dave Narine, a consummate entrepreneur, sees a golden opportunity to distribute Guyanese and West Indian products across the United States (U.S).

For nearly three decades, Dave has provided Caribbean products to supermarkets, restaurants and households across North America through Dave West Indian Imports.

Spices, curry powder, chowmein, sodas and more recently, seafood, are some of the products from Guyana that are available to the diverse West Indian market in the U.S. Dave is undoubtedly one of the main entrepreneurs responsible for this. “When I started Dave West Indian Imports, it was my intention to push Guyanese products into the U.S. and world arena because of the good stuff that we have.

Our products are sought after across America and we are bridging the gap,� Dave stated in his exclusive interview with the Guyana Inc. Magazine.

He noted that his company operates two retail outlets at Liberty Avenue, New York and Takoma Park, Maryland.

But before he could delve into the successes of these enterprises to date, he was more than willing to take the Guyana Inc. Magazine on a trip down memory lane; back to where it all got started.

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Mr. & Mrs. Narine

A VILLAGE BOY If you ask Dave where he grew up, he instantly replies at the Numbers 59 and 60 Villages, East BerbiceCorentyne, because his house bordered the two villages.

Dave was born at Number 59 Village and later moved to Number 60.

He attended the Number 59 Primary School. He then attended senior classes at the Messiah School in the Number 71 Village. There, he wrote his Common Entrance Examination.

His parents were teachers; hence, he received a bit more unwanted attention than his peers.

Dave described his early days as a normal village life, spending time outdoors and playing with friends who have remained close to this day.

According to Dave, he was always down to earth as he was not born into a rich family.

“I would go with my friends to ride horses. I helped plant rice and round up cattle. We were lucky to have kerosene stove then, but I would go with my friends to fetch wood to light their fireside. I didn’t know it then, but maybe God was preparing me for what was to come in my life,” Dave recounted.

He then moved on to Tagore Memorial Secondary School at the Number 63 Village.

ROAD TO FAMILY LIFE Dave finished high school at the age of 15 with nine Caribbean Examination Council (CXC) subjects.

He was considered too young to work which led to his pursuit of mechanical training programmes.

He quickly realized that technical vocational training was not his desired career path.

Dave then accepted a job in the Accounts Department of the Skeldon Sugar Estate where he worked for six months. This was as a result of his response to a newspaper advertisement for a Customs officer.

He later moved to Georgetown to work for Customs at the age of 18.

“It was hard then, because I could not cook at the time and being a village boy in Georgetown, I had to adjust to the fast moving city life. At first, I told myself that I will succeed,” Dave stated.

Eventually, he brought his sister to the city to live with him, which proved to be a helpful move.

Dave said that he enjoyed working with Customs because it provided many life lessons that he still carries with him. He was interacting with people at all levels of society.

In 1986, Dave decided to apply for an American visa.

“I got this visa, but it was a sad moment for me because I didn’t want to go. I loved this job at Customs,” Dave stated.

Following discussions with his close friend, Justice Prem Persaud, Dave was convinced that his journey to the U.S. would be beneficial.

On May 4, 1986, Dave left for New York to explore the United States and the promise of a better life.

He worked for four years in the Accounts section of a computer laser printing company called Magna Graphics Inc., during which time he helped many Guyanese acquire jobs in the company.

“When the opportunity knocked, I always ensured that I assisted people because some of the people were from my village. It was a mission of mine to help as much people as possible who wanted to expand their horizon. Some of the people that I assisted were older than I was at the time,” Dave explained.

In 1990, Dave married the love of his life, Debbie.

The union produced two sons, David, 21, a graduate with a Degree in Business Management and Finance; and Dylan, 19, a second year medical student. Both are St. John’s University alumni.

“When the opportunity knocked, I always ensured that I assisted people because some of the people were from my village. It was a mission of mine to help as much people as possible who wanted to expand their horizon. Some of the people that I assisted were older than I was at the time.”

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Dave Narine and his family.

TAKING RISKS Dave decided to venture out and started Dave West Indian Imports the same year he wedded.

While residing in New York, a friend sold Dave the dream of becoming the sole distributor for a caramel wafer manufactured by British company, Tunnock. At the time, Dave was a part time taxi driver, searching for a business opportunity.

He naturally fell in love with the idea.

“We met one day, and I decided to give it a try. I started selling from my car trunk. Would you believe that my storage was in my porch and in my house?” Dave asked.

Unfortunately, the business venture ended when Dave discovered that he was not the exclusive supplier of the wafer as was promised.

With other suppliers operating in New York, the wafer market quickly became saturated, forcing Dave’s exit. He sold the remaining stock of the wafer at cost and in some cases, below cost.

It was a bitter lesson for Dave, but he persevered with the mission of

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becoming a successful entrepreneur.

During a visit to England, Dave said it struck home that there were many English products being sold in Guyana which were not available to the New York market at the time.

From Cadbury chocolate to the Sanatogen protein powder, Dave started sourcing a variety of English products for the New York market which were popular in the Caribbean.

“That is how this business really developed, because once I started to bring in the English products, people started to buy. This was something new for the Caribbean migrants living in the tri-state area.

Business grew quickly because I had to expand storage from my porch, to the backyard, and the garage,” Dave recalled.

GUYANA MISSION Convinced that he had built a launch pad for his business, Dave returned home to look for Guyanese products that would marry with the large West Indian population in New York. He travelled throughout the

country, surveying the manufacturing industry.

Starting with only one item, Dave grew to exporting hundreds of products from Guyana.

“People were responding very well to the products. I lived in New York and we made inroads into the tri-state area and then sometime later in Connecticut. Guyanese and other West Indians from other states started to contact us in New York because they wanted to taste the products from home that they had grown up with,” Dave pointed.

From across Eastern U.S.A, persons were contacting Dave to fill orders of cassareep, chowmein, mango achar, Icee sodas, cassava bread, pepper sauce, essence and golden cream butter, among other items.

In fact, Dave became the official distributor for Beharry products, which include the popular Champion chowmein, Indi curry powder and the traditional Chico candy.

The hottest product remains the chowmein, followed by the curry.

Both products account for at least one 40ft container weekly.

Dave is of the view that Guyanese products are on the move again, but warned that packaging needs to be improved.

“Trinidad, Jamaica and Barbados, they have superior packaging than us. We do have several large companies here that can stand up. We have Edward Beharry, Sterling, Tandy’s, DDL, Banks DIH, Twins, and Ricks and Sari. These are all companies that can hold their own,” Dave outlined.

He said other local manufacturers need to up their game.

“I would love to buy more from the smaller suppliers with the pepper sauce, mango achar and cassareep, but we need to improve it a whole lot and because they can’t improve here, I have had to buy some of those products in bulk, but I don’t need to get into the manufacturing,” Dave stated.

EMBRACE THE COMMUNITY Over the years, Dave’s upbringing has shaped his outlook of life. He continually encourages friends and businesses that were failing to never give up.

He embraces the motto that honesty is the best policy.

“If you are going to do an honest business, you are going to survive. I kept telling people, do an honest business and you will survive. Pay your taxes and be nice to people. Do not overprice your product and you will last. I kept telling everyone in Guyana and in the U.S. to do the right businesses the right way,” Dave highlighted.

He shared that a country runs on taxes and every businessman must pay their fair share of taxes. Dave advised that business owners must do whatever it takes to give back to the Government and to the wider community.

In the U.S., Dave is involved in local politics and has been a staunch supporter of candidates who have contested city council seats, mayor, governor and senate races.

He was also deeply involved in the formation of the International Center for Democracy.

Over the years, Dave’s company has sponsored numerous cricket teams and tournaments.

In Guyana, Dave’s West Indian Imports has sponsored the Joseph ‘Reds’ Perreira Cricket Foundation and for the past three years has been the title-sponsor for the Guyana Cricket Board’s Under-15 cricket competition.

The company also supports the ‘Bless the Children Home’ which is located on the East Coast of Demerara and, during the Christmas season, gives out food hampers to the elderly and the less fortunate in Dave’s hometown, the Number 59/60 Village, East Berbice-Corentyne.

“We are very supportive of religious events because they bring people together. Dave West Indian is known for its charitable deeds and we will continue to support the community because the people have given us so much over the years,” Dave assured.

ROAD AHEAD Dave plans to penetrate more of the U.S. market by looking for opportunities beyond the West Indian market.

“We have sub-distributors that we sell to and most of them are able to go into the heart of the American market like the WalMarts.

We are making a lot of headway in the larger supermarkets and we are hoping that, in the next five to ten years, we are a house name across America,” Dave shared.

The products that he plans to take across the U.S. are rice and the Golden Cream margarine. Dave envisions that peppersauce and hot sauce along with the seafood market will propel Dave West Indian Imports to a new level.

“We are hoping to go into the American market with seafood.

The red snapper and gray snapper, we expect, will be our big sellers in years to come. We just need to keep pushing ahead with our plans,” Dave noted.

Another product that he wants to market is coconut water.

Currently, the company is exporting freshly frozen coconut water with no additives.

“A lot of people are looking for it. The American market always had coconut water from the Eastern markets, but we will have the actual coconut water. Some of the stores we are already in and we are trying to build the market for coconut water,’ Dave stated.

According to Dave, his journey is just getting started.

(L-R) Dylan, Dave, David and Debbie Narine at David’s Graduation.

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A PROFESSIONAL IDENTITY: Do we really need to be someone else in the business world?

By RAE DAWN BRUSCH

W

e spend an average of forty to forty-eight hours a week at work. Dealing with clients, making calls, in and out of meetings; the hassle seems endless at times. Work not only has a serious effect on our emotional and physical being, but toils with our identities. Each workplace is different, and since individuals enter their profession from different paths and for different reasons, the effects will also be diverse.

Professional identity is the notion which describes how we distinguish ourselves within our professional framework and the manner in which we interconnect this with others. Some may argue that its aspects vary and evolve from shared expertise or through work socialization and observation of our peers.

Professional identity is established and supported by the shared surrounding which adds to creating a common sense of cohesion amongst coworkers.

But do we really need to be someone else in the business world? Do we adopt a completely different persona in order to function and deliver as professionals? It should be obvious that we must all exhibit some self-control in our jobs, but not being able to express ourselves originally can cause us to feel inauthentic, which puts a serious strain on our identity and emotions. The internet advises us on aspects of work concerning being a great listener, managing our time and resources, learning to deal with conflicts, being confident and the list goes on.

But we are led to believe that cultivating a strong persona that would distinguish you and lead you on the path to success would result in the death of our personal identity. This is a terrible misconception!

Bidding farewell to what makes you unique as an individual and nurturing a robotic-like personality with a new set of skills, behaviours and qualities is the classification of the ideal professional. On the contrary, any professional advice should assist in

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you becoming your best you. The goal should be to capitalize on your best, unique traits and use those to impact your work life in the most professional way you could. It is all about finding the balance between your professional and personal identity and knowing when we should get both aspects involved.

Your personal identity has a direct effect on your professionalism, whether or not we can help it. But it can also help you to be your best through your career. Illuminate and dedicate yourself to your values, since they reflect what is most important to you and enables you to work in the manner of which you would like to be perceived and experienced by others. This will assist in the growth and perseverance of your true identity. Staying true to your ethics will cause you to best use all the skills, experiences and knowledge you’ve gained and shape them to be a very fundamental part of you. Remember that you are a work in progress and be proud of it. We are open to a world of endless capabilities, so there is always room for growth. Take advantage of this and you will flourish in both the professional and personal aspects.

Another grave mistake is the need to be someone else. We all have successful people whom we presume to be motivators, inspirations and mentors, but it is detrimental to one’s identity when we lose our sense of self and pattern our lives to mimic them.

These people are simply successful people who have developed strong professional identities that served them well in their careers. Take all advice and mould it in a manner that will best be applied to your job and life.

Most importantly, don’t be your worst enemy.

Life is already complex, and with the trials of work, you will feel overwhelmed, discouraged and stuck at times. Try to be extra kind to yourself and patient with your growth. This will help nurture your professional identity.

POWERS of the PRESIDENT and the wait for CONSTITUTIONAL REFORM

C

onstitutional Reform—you’ve heard this phrase before. Politicians love to use it when they’re out of the office of power and especially during election campaigns.

The Granger Administration promised that this reform would take place should it get elected to office, but it has been more than two years now and there has been no movement on this front. Constitutional Reform has essentially taken a back seat.

And the reason for this is simple. Constitutional Reform, in effect, means that the powers of the President would be diluted.

In this piece, we will examine the brief views of three prominent lawyers and political activists—Mr. Nigel Hughes, Mr. Khemraj Ramjattan and Mr. Raphael Trotman.

Before one ventures further to discuss the powers of the President, Hughes sought to outline firstly that the Constitution is quite clear on where power lies and how it should be exercised by the arms of the State.

He notes that Article 51 of the Constitution points out that supreme power is vested in the Presidency, Parliament and Cabinet. To the unassuming, nothing seems wrong with this arrangement. But Hughes said that there is a great travesty taking place here. The veteran lawyer noted that the President is vested with powers, then he is the head of the Parliament and then, made the head of Cabinet.

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By KIANA WILBURG

Hughes said that in actual fact, whoever becomes President holds power over those important organs. He said that this is worrying, especially when you consider his immunities from suit. Hughes said that one must find it of concern that the only thing that can remove the President of Guyana is ill health, loss of confidence by the House or “grave misconduct.”

In his contribution, Natural Resources Minister and a seasoned Attorney-at-Law, Mr. Raphael Trotman noted that in the 90s, there was an exercise of constitutional reform, but there was a failure to deal with the recommendations for power distribution. He nonetheless agreed that the Constitution is in need of a serious overhaul.

Trotman said that, ultimately, the people of Guyana should have a say where Constitutional Reform is concerned.

Speaking to other powers, Public Security Minister and Attorney-at-Law, Mr. Khemraj Ramjattan notes that the President has a very heavy hand in the selection of the Chancellor and the Chief Justice. Permission must also be sought from the Opposition Leader. Ramjattan noted, however, that the other judges for the court system are appointed by the Judicial Service Commission.

The Lawyer said that this point is crucial, since one really has to consider the powers of the President to appoint the top members of the Judiciary and what kind of influence that translates to.

The Minister of Public Security said that even if the Opposition Leader and the President do not agree on those selected for the posts, the President can still appoint them to act in those posts. Ramjattan said that the spirit of the Constitution never meant for this to occur.

Ramjattan expressed that the Constitution wants consensual appointments. He said that anything else creates an undesirable arrangement. Ramjattan said that reconfiguration is necessary in this regard.

Work-Related Law

Examining the Laws Governing Broadcasters in Guyana

I

n any form of the media, it is necessary to have certain measures in place. These measures are not only present to control the type of content being delivered, but also to protect the purveyors of his/her content should negativity arise.

Broadcasters have a right to make their own content and also the right to provide it to the masses, depending on how credible and appropriate any of it is. They also have the right to use materials created by others, but sparingly, and most times, with permission.

However, before any of this is possible, broadcasters must conform to the rules and regulations stipulated upon them, inclusive of licensing and payment of their annual fees. This is accounted for in Act No. 17 of 2011The Broadcasting Act 2011.

The Act stands to make provision for the establishment of the Guyana National Broadcasting Authority (GNBA). This entity is responsible for the supervision and development of the National Broadcasting System and the provision of its functions and licensing of broadcasting agencies. It is also vested with the responsibility to encourage the production and broadcasting of television and radio programmes having relevance generally to life and culture of the people and for consequential and related matters.

Part II of the act calls for the establishment of the Guyana National Broadcasting Authority and appointment of members of the Board of Authority within the Broadcasting Authority. It also calls for the tenure of the members of the board and the seal of authority.

It puts into perspective the grounds which will be used for the

disqualification from membership of the Board, all proceedings of the board, disclosure of interest, confidentiality, protection of members, appointment of employees, funds and resources of the Authority, utilization of funds and production of an annual report, among others.

The function of the board is to monitor and provide equal opportunity for persons who are broadcasting or wish to become broadcasters. It strictly keeps broadcasters in check, especially for those who seek to break the regulations set by the Board of Authority. The Board also serves to ensure that Section 19 of the Act is fully observed. That section states: It is hereby declared as the broadcasting policy for Guyana that(a) Broadcasting services are effectively owned and controlled by(i) Guyanese nationals; (ii) Guyanese nationals and CARICOM nationals: Provided that in the case of CARICOM nationals, their ownership and control shall be subject to there being reciprocal provisions governing broadcasting by the Member State of which the CARICOM national is a citizen; (b) No one person can own and or control more than 25 percent of the broadcasting sector; (c) While recognizing the special role of state-owned media, the broadcast industry is plural and open to fair competition; (d) Contributes to the strengthening of a shared Guyanese consciousness and identity, fostering national unity and building a harmonious society;

(e) Ensures wide geographic availability and accessibility of broadcasting services, especially to hinterland and border communities; (f) Safeguards, enriches and strengthens the diverse ethnic, cultural, social and economic fabric of Guyanese society; (g) Promotes the growth of Guyanese expression through diversified programming that reflects Guyanese rich cultural diversity, traditions, history, attitudes, opinions, ideas, beliefs and values, and provides a reasonable opportunity for the public to be exposed to the expression of differing views on matters of public concern; (h) Serves the need and interests and reflects the circumstances and aspirations of Guyanese, including those of equal rights and the multi-cultural and multiracial nature of the Guyanese society; (i) Caters for a broad range of services, specifically for the programming needs of Amerindians, children, women, youth, the disabled, the underprivileged and rural residents; (j) Be varied and comprehensive, providing a balance of information, enlightenment and entertainment for men, women and children of all ages and tastes; The details go on, but the fact remains that there are strict rules and stipulations that govern the ownership of media houses and the specific types of content that they can deliver to the masses.

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THE ESTABLISHMENT OF THE

$10M LAPIDARY IN MONKEY MOUNTAIN IS ON TRACK

T

he much anticipated construction of a Lapidary in the picturesque village of Monkey Mountain in the North Pakaraimas (Region 8) is expected to commence soon.

This facility, once operable, will produce jewelry, ornaments and exotic furniture pieces with semi-precious stones from the plains of the Pakaraimas.

Minister within the Ministry of Indigenous Peoples’ Affairs, Valerie Garrido-Lowe, recently attended a meeting in the village where residents agreed on the location for the construction of the facility.

Fifteen youths and a few adults from the village have been actively involved in gathering semi-precious stones. Minister Garrido-Lowe assured villagers and the dedicated youths, who are at the forefront of the project, that there will be tremendous benefits awaiting them once the project goes on stream.

The Minister has selected Marcel Yhip, who has been in the field for more than thirty years, to impart her knowledge and provide guidance to persons involved in the project and to ensure that these semi-precious minerals meet international market standards.

Minister Garrido-Lowe also encouraged villagers to support the establishment of a Co-op Society there which will further strengthen their earning power.

“It will give you an opportunity to earn in an organized way. And Minister Gaskin, who is not only the Minister of Business but he’s an excellent jeweler, is very excited about working with us on this project. Not only will we sell polished stones, but we will also learn to make jewelry. We will train about five or six young people to make jewelry from these beautiful stones, so like the tomato farmers in Paramakatoi, you will be able to earn form the Co-op”, the Minister assured.

Monkey Mountain Village is nestled beautifully in the North Pakaraima Mountain Range, Region 8.

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By THE MINISTRY OF INDIGENOUS PEOPLES’ AFFAIRS

Perlina Gifth, the Chief Co-operatives Development Officer in the Ministry of Social Protection, said that once established, the Co-op will ensure “better representation for members and communities, where members can apply and acquire more resources. We believe that if people come together, the profits will be shared and not only one man will become the rich and famous in the community, but all will become rich and famous. It will also ensure better opportunities for marketing products.”

Villagers are eagerly awaiting the completion of the facility since many of them were aware of the presence of these semiprecious stones but, at the same time, were unaware of how invaluable they are.

Johnny Roth, a villager who is a gem specialist, is expected to play a key role in seeing this project to fruition. Roth has worked in the mining industry for a number of years and will be an asset.

Minister Garrido-Lowe also highlighted the Tourism aspect of this initiative where tourists can go on an excursion in search of these semi-precious minerals and be able to appreciate the process, from the time it is collected to completion of the final product.

Kato, Kurukubaru, Maikwak and Tuseneng are the four other villages to benefit since these semi-precious stones can also be found there in abundance. Among them are crystals, amethyst, volcanic, jasper and agate gemstones.

The Ministry had requested of the village a quarter of an acre of land for the construction of the facility, but villages decided to set aside an acre of land which will see the construction of a 40’x 20’ facility which will boast a workshop, exhibit area, wash rooms and security area.

Monkey Mountain is home to the Patamona people and is poised to produce exotic jewelery from semi-precious stones.

CONSUMER TIP

PLASTIC TRUMPS PAPER BUT TECHNOLOGY IS BETTER

By SHARMAIN GRAINGER

A

lthough plastic has long been recognised as a nonbiodegradable product and paper is viewed as more ecologically friendly, when it comes to financial matters, the former option has no doubt taken the lead.

You see, while in the past many people might have thought it best to walk around with loads of cash to undertake business transactions, it is becoming more feasible to use a debit or credit card to get the job done.

Having immediate cash is well and good and may allow for fast processing, but there are few things that can beat the safety of having a mere card, which not only requires a pin to be accessed, but can allow for quick action to intercept any unauthorised use.

Since taking office, the Government of the day has advocated for a move in this direction.

In fact, Minister of Public Telecommunication, Cathy Hughes, had deemed this approach as a crucial one. She had said, “My message to the whole of Guyana is to start thinking differently. We have to start embracing the use of plastic. We have to stop walking [around] with millions of dollars. It doesn’t make sense. It doesn’t happen anywhere else in the world and what we don’t realize is that there is a financial cost to operating a financial system so heavily dependent on cash.”

Here in Guyana, many people can appreciate the need for increased measures to ensure that people are safeguarded while doing financial transactions. This is in light of the fact that there have been many instances where persons attempting to do financial transactions have been attacked by rouge elements of society.

Some of these attackers have even ended the lives of their victims as they relieved them of hard-earned cash.

While cards have been the

redemption for the financial sector to some extent, there have been even more advancement that many have been gravitating towards.

Technology has made the use of money even more easier and safe too.

In addition to the online service offered by banks to pay bills and make purchases, there is even another technological advancement that is available to us right here in Guyana.

As such, carrying around sizeable amounts of cash in this day of major technological advancements should not even be an option, as the Minister suggested.

Banks, for some time now, have started to allow their customers to even transfer funds between accounts with the click of a computer mouse or by using a mobile device.

However, a service that is unique to Guyana and is gradually taking a hold in the Guyanese society is that of the GTT Mobile Money Guyana [MMG] application [APP].

This APP platform, which was introduced a few years ago by telephone giant GTT, is one that affords customers the ability to make purchases, pay bills and even buy and sell credit from their very mobile devices.

In addition to providing security for financial transactions, the APP is one intended to help reduce the long lines of people each month trying to make payments at various business enterprises.

But the APP is one that Guyanese were slow to embrace, with most expressing worry about the security of their finances.

Perhaps in recognition of the reservation of some individuals, GTT started off offering them bonus credit for paying their bills via the APP. Today, not only has GTT been able to get buy-in from a wide cross-section of companies to use its APP platform, but many customers have being opting to

do their transactions via MMG. The MMG service works simply by purchasing a deposit [a sum of cash] from a GTT office or MMG agent. The deposit purchased is then entered into a virtual wallet on your mobile device which can only be accessed by a pin created by the user.

In addition to paying all utility bills, the APP allows its user to pay hire purchase instalments at named companies, cable operators, the University of Guyana and other schools’ fees, rates and taxes to the Mayor and City Councillors of Georgetown [MCC], taxes to the Guyana Revenue Authority and even more recently, make payments to a car company.

Clearly, the MMG way of doing business has been catching on, so much so that GTT has decided to stop its bonus credit to customers for paying bills. This move suggests that the APP has been having the desired effect, that is, large numbers of people have been taking advantage of it. This means that paying all of your bills can be done at a time convenient to you, even in the comfort of your own home or pretty much wherever you have internet access.

Many persons who have been using the service have shared testimonials that the MMG service has helped in many ways to improve how business is done in Guyana.

This indeed is the way that the world is going, a direction that can ensure efficiency and personal security when doing business.

But just like the good and evil forces of nature, there might be some who are already scheming to infiltrate the system in a negative way. However, until then, we at Guyana Inc. Magazine endorse the use of the MMG service because it has been proven by many people to be a safe and very reliable service.

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GOVERNMENT SECURES US$7B IN “IMPROVED” CONTRACT WITH EXXONMOBIL

By Abena Rockcliffe

M

inister of Natural Resources, Raphael Trotman, has said that he is proud of the contract that the Government of Guyana signed with Esso Exploration and Production Guyana Limited (ExxonMobil’s subsidiary) and its two partners: CNOC Nexen Petroleum Guyana Limited and Hess Guyana Exploration Limited.

The politician expressed that as a result of that contract, every Guyanese will become rich in a few years.

Trotman said that the contract allows for Guyana to receive over US$1.5B after five years of oil production and over US$7B over the life of the Liza project.

The Production Sharing Agreement (PSA) with ExxonMobil and its affiliates was signed on October 7, 2016. That agreement was an improvement on the pro forma contract prepared in 2012 during the rule of the People’s Progressive Party/Civic (PPP/C) Administration.

Trotman boasted that the APNU+AFC Government has been able to secure quite a few more benefits. Under the new contract, there is an increase in annual rental fee from US$240,000 to US$1M. There is also an increase of annual training fee from US$45,000 to US$300,000. Government was also able to secure a social responsibility/ environmental support with an annual fee of US$300,000 per year.

In addition to this, the USA firm has agreed to give Guyana a two percent royalty, up from the original one percent.

Article 11 of the contract – which speaks about cost recovery and

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production sharing – outlines that ExxonMobil’s cost recovery is limited to a cap of 75 percent total monthly production. The remaining volume is to be split 50/50 between the Government and ExxonMobil.

Article 12 provides for gas to power mechanisms. It says that if gas is in excess of operational needs, then ExxonMobil gets five years to conduct a utilization feasibility study. That gas requires additional infrastructure and market development.

ExxonMobil officials have said that gas-to-power is being assessed for gas sales under the petroleum agreement. The 50/50 that is to be divided between ExxonMobil and the Government of Guyana is not money, but actual crude.

Further, Article 14 outlines how Government will dispose of its share of oil. It states that Government may request that ExxonMobil markets the Government’s share of oil. The Government may change from that method, but will need to give a six months’ notice if indeed it needs to approach ExxonMobil to market its share.

ExxonMobil country manager, Rod Henson, explained that this method is often selected by countries new to crude marketing for a period of learning.

Moreover, Article 15 deals specifically with taxation and royalty, which states that ExxonMobil shall not be exposed to any Value Added Tax, excise tax or duty. The company shall, however, pay income tax.

Additionally, Article 17 deals with domestic market obligation.

Domestic market obligations are the

responsibility to supply oil or gas to the local market if government entitlement volumes are insufficient.

Henson said that ExxonMobil is open to exploring the viability of sales with any interested domestic buyers without the need for an obligation.

He said that such sales, in any case, will benefit the people of Guyana as the same are subject to the payment of royalty and applicable taxes.

Articles 18 and 19 deal directly with Guyana’s resources and employment training respectively.

These two articles provide local content obligations to give preference to competitive Guyanese goods and services available on a timely basis in the quantity and of the quality required. They speak, as well, to the employment of Guyanese subcontractors in so far as they are commercially competitive and can satisfy the contractor’s financial and technical requirements.

There are also requirements for ongoing local content review, reporting and submission of a detailed plan with the Ministry. Annually, US$300,000 is to be paid to the Government to provide for Guyanese personnel training on the job at domestic or overseas institutions, university or college courses.

Overall, Henson said that Guyana secured a “fair” contract.

Henson based his pronouncement on the fact that Guyana is new to oil production. Also, Henson said that the agreement it signed with Guyana is globally competitive for countries at a similar stage of exploration.

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25 ORONOQUE & NORTH ROAD, BOURDA, GEORGETOWN

ARE HOTEL ROOM CARDS REALLY SAFE? LET’S EXAMINE THE FACTS!

By BRIAN RAMSEY

T

he writer, some time ago, stayed at a hotel in Florida, Miami. This was necessary so as to facilitate attendance to a wedding. At the end of the stay, one of the members of the wedding party said, “Do not give back the room key”. After some discussion, his rationale for keeping the room key was revealed.

Key card systems have been in use in hotels for more than 15 years. In the United States of America (USA), key card systems are in use for almost every hotel room. Caribbean hotels are increasingly converting from traditional room keys to key card systems. Hotel key cards are widely used because of their numerous benefits.

Among the advantages that a hotel enjoys when using key cards is that it becomes simpler and cheaper for them when they have to deal with lost keys.

Converting to hotel key cards also provides assistance in conducting investigations. Every hotel knows the headache of having a guest who claims that something was stolen from their room. Invariably, trying to investigate if the item was really stolen and how it was done presents a degree of difficulty in establishing who may have gone into the room and when did they go there.

The use of key cards certainly provides significant assistance in these situations. The information stored on the cards allows the hotel to easily identify which key card was used to unlock the

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door and thus, who went into the room, and at what time they entered the room. This allows the hotel, at the very least, to eliminate potential suspects.

The use of hotel key cards can also help hotels contain their energy costs and in the Caribbean, energy cost is a significant factor in the overall running of a hotel. It is not uncommon for a hotel guest to be out of their room for the entire day and yet, leave the air-conditioning unit and lights on for the entire day. Some hotels, in an attempt to control these costs, have instituted a policy with their room cleaning staff that when they have completed cleaning a guest’s room, if the room is unoccupied, to turn off the airconditioning unit and lights.

Using key cards and linking these to the airconditioning and lighting controls in each room simplifies the task of controlling the energy costs. In order to operate the lights and airconditioning, the guest must insert their room card into a small reader in the room. When the guest is leaving the room, because they must have their room card to reenter the room upon their return, the guest would remove the key card from the unit and this automatically powers off the air-conditioning and lights.

These various advantages help hotels contain costs which, in turn, help reduce hotel room rates.

Despite their widespread use, a misconception persists about these room key cards, making some hotel guests reluctant to use them and causing some persons to not want to return the key cards at the end of their hotel stay.

There is the belief that when the hotel activates the key card for use by the guest, that personal information is placed on the room card. People believe that hotels do not erase the information placed on these cards until they re-issue the card to the next guest, at which time the personal information is overwritten with the personal information of the new guest. People further believe that until that personal information is removed, hotel staff can take the room card and scan the information to a laptop computer and then use that information to go shopping on the Internet at your expense. As a result, some hotel guests refuse to return the cards and, instead, seek to take them home and destroy them.

This common misconception had its genesis in 2003 when the Pasadena Police Department issued a warning about these key cards. The warning was the result of a Sergeant being told by a detective about these cards having personal

information. The Sergeant did not check the information, but issued a warning. It has been said that nothing ever dies or goes away on the internet. And although the Pasadena Police Department issued a retraction of the warning, the misconception has multiplied, spread and remained active for years on the Internet.

In reality, no personal information is placed on hotel room cards. The key card would only have the guest’s room number and departure date and in some instances, the name of the guest.

Thus, there is no information on the room card that someone can use to go shopping on the Internet and so, no reason to retain these cards at the end of your hotel stay.

About the Author Brian Ramsey has a B.A. in Accounting & Management, along with an M.B.A. in Finance and over 29 years in the Caribbean security field. He is the Regional Development Director for Amalgamated Security Services Limited which operates in Trinidad and Tobago, Grenada, Antigua, Barbados, St. Lucia and Guyana. He can be contacted at bramsey@assl.com.

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Private Sector Development, Local Content and Joint Ventures - tools for promoting a new industry

By DEODAT INDAR, President, GCCI & RICHARD RAMBARRAN, Executive Director, GCCI

T

he year 2020 will be remembered as a watershed moment in the history of Guyana. But the years in the build-up to 2020 are pivotal in ensuring that the development path which is charted for the country is one which is sustainable as well as one that allows maximum benefits to be assimilated to Guyanese. As the oldest and largest private sector umbrella organization in Guyana, the Georgetown Chamber of Commerce and Industry (GCCI) believes that it has a responsibility to the private sector and citizens of Guyana to help strengthen the fibres of economic development.

A TWO-PRONGED APPROACH

It is as a result of this deep-seated sense of responsibility that, since the announcement of ExxonMobil’s major oil discovery in 2015, the Chamber has been one of the organizations at the forefront in offering input into the development of the oil and gas industry. In this regard, the Chamber has adopted a two-pronged approach in promoting local private sector development in and around the industry – these include, ramped up efforts in the area of oil and gas and oil and gas-related advocacy, as well as strategic action to promote private sector development in and around the oil and gas industry.

Deodat Indar

ADVOCACY

In the area of advocacy, there has been a particular focus by the GCCI on local content to ensure that indigenous companies are able to garner as much benefit from the value chain of the oil and gas industry.

Notwithstanding this, even in calling for local content, the Chamber is cognizant of the deleterious effects that rigid local content requirements can have on oil and gas companies, the investment prospects and ultimately, economic growth. As a responsible party to national development, the Chamber therefore subscribes to the view that local content legislation should simply facilitate first preference to competent Guyanese firms.

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Richard Rambarran

STRATEGIC PARTNERSHIPS

It is the Chamber’s position that strategic partnerships between local and foreign companies who are experienced in the oil and gas industry will bode well for the promotion of private sector development in Guyana. In this regard, the Chamber has embarked on the adoption of a Memorandum of Understanding between itself and Newfoundland and Labrador Environmental Industry Association (NEIA), a private sector umbrella organization in one of the most successful oil and gas economies, Newfoundland and Labrador, Canada.

Another Memorandum of Understanding is also expected to be signed shortly between Newfoundland and Labrador Oil and Gas Industries Association (NOIA). These Memoranda of Understanding (MoUs) will be executed through a multi-stakeholder Trade Facilitation Council which will comprise all activities designed to, among other things, promote strategic partnerships through joint ventures and others between members of the GCCI, NEIA and NOIA.

THE CHAMBER & GIPEX

The Chamber was also a critical player at the Guyana International Petroleum Business Summit and Exhibition (GIPEX). It fielded speakers from the private sector on expert panels and a booth which promoted members of the Chamber who could not have a dedicated booth at the event. The GIPEX acted as a multi-purpose platform for both foreign investors and

domestic companies looking to exchange information and become partners in Guyana’s promising oil and gas sector. The Chamber found that Guyana was promoted as oil rich, ripe for investment, and competitively positioned as the only English speaking country in the South American region – a position which bodes well for foreign investors.

CLOSING REMARK

It is against this backdrop for the Chamber that we continue to work tirelessly to ensure that these critical years in Guyana are given as much attention as possible. In a contemporary age, where reliable information and strong network are keys in developing successful businesses, the Chamber will continue to aid in the development of local private sector in the multi-billion dollar industry as a hub for advocacy, information, strategic partnerships and an emphasis on local content.

We will continue to work tirelessly to ensure that the benefits which accrue from the oil and gas industry are transmitted through inter-generational wealth mechanisms and that our descendants can enjoy the great Guyana we all dream of. Notably, the Chamber would also like to welcome foreign investors, particularly those who are interested in forming partnerships with and supporting local businesses, as we seek to embark on this new chapter in Guyana’s development story.

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Region Three’s Special Education Needs Unit shines light on realities of Autism

By THE MINISTRY OF EDUCATION

T

he month of April is designated International Autism Awareness month. As part of its observance, each educational district planned programmes to observe and bring light to the reality that many children in Guyana are challenged with Autism Spectrum Disorder.

The Essequibo Islands hosted a forum at the Vreeden-Hoop Primary School to shine a light of awareness on the reality that one in every 68 children is autistic in Guyana.

The public awareness programme represents a collaborative effort between the Special Education Needs Unit (SEN), the National Centre for Educational Resource Development (NCERD) and the Department of Education in the Essequibo Islands.

Ms. Akeshia Benjamin, Education Officer of SEN, Essequibo Islands said that autism awareness is very important as it helps one to become aware of signs and symptoms of autism and teaches how to treat such persons, in order to avoid discrimination and mental illness.

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“It is a category of disability. However, while it has been on the back burner for quite some time, efforts are in place to make it a front burner issue, as autistic children are important and should not be seen as less than any child. This is because children with special needs also deserve a chance to realise their true and full potential through the education sector.”

In addition to the Autism Awareness forum, other activities held included a Parent-Teachers Association Awareness and Staff Development session, with brochures and flyers distributed to the public.”

As is, the Ministry via each educational district has officers engaged in a process of assessing and identifying children with all other forms of disability including autism.

Autism is a diagnosis that describes significant social, communicative and behavioural challenges which appear in early childhood (usually before threeyears-old). People with autism handle information in their brain differently from typical developing peers.

By RAE DAWN BRUSCH

I

n the face of overwhelming evidence, Governments across the world have not only acknowledged that climate change is a serious threat to mankind’s very existence, but they have also launched several programmes towards reversing its damaging effects.

One of the ways in which world leaders sought to address this worrying environmental issue is by signing onto the Montreal Protocol on Substances That Deplete the Ozone Layer and also the Vienna Convention for the Protection of the Ozone Layer.

The Montreal Protocol on Substances That Deplete the Ozone Layer is a landmark international agreement designed to protect the stratospheric ozone layer. The treaty was originally signed in 1987 and substantially amended in 1990 and 1992. The Protocol stipulates that the production and consumption of compounds that deplete the ozone in the stratosphere are to be phased out by 2000 (2005 for methyl chloroform).

Scientific theory and evidence suggest that, once emitted to the atmosphere, these compounds could significantly deplete the stratospheric ozone layer that shields the planet from damaging UV-B radiation.

Since August 12, 1993, Guyana has been a signatory to the two initiatives.

The country is classified as an Article 5 country under the Protocol. This means that its annual per capita consumption and production of ozone depleting substances is less than 0.3 kg. Since Guyana does not manufacture or export these products, the extent of Guyana’s use is confined generally to the refrigeration and air conditioning sector. Hence, over the years, training and capacity building efforts and resources have been concentrated in this area.

But to ensure that the nation continues to play its part in the fight to protect the ozone layer, the National Ozone Action Unit (NOAU), within the Hydrometeorological Service has been tasked with monitoring the local consumption of Ozone Depleting Substances (ODS).

With funding from the Multilateral Fund and assistance from United Nation Environment Programme (UNEP), Guyana has made significant progress in meeting its Montreal Protocol obligations. Under the National Ozone Action Unit, the HCFC Phase-out Management Plan (HPMP) Project and Institutional Strengthening Project

Guyana and the fight to protect the Ozone Layer

By KIANA WILBURG (ISP) are currently being executed.

Since its inception, the National Ozone Action Unit has worked closely with technical institutions to ensure that emerging technicians have the skills and tools necessary to ensure that Guyana remains compliant with international obligations.

The continuous training and provision of resources to technicians is a clear signal of Government’s longterm commitment towards environmental protection and unrelenting efforts to combat the impacts of global warming and climate change.

Some of the major beneficiaries of these training and resources have been the many technical institutions and technicians across Guyana – and without exception, the Government Technical Institutes and GuySuCo Training Centre.

It is of the belief that efforts to combat climate change must take on an integrated approach that incorporates all sectors – not only forestry, but education, industry, agriculture, etc.

The Institutional Strengthening Project (ISP) is an agreement between UNEP and the Ministry of Agriculture – Hydrometeorological Service to lend support to the National Ozone Action Unit in completing tasks and meeting the objectives under the HPMP and Trade Order.

Objectives under the ISP are; • Monitoring and reporting of HCFC imports in Guyana to the Multilateral Fund • Executing and reporting activities completed under the Project It is important to meet these objectives in order to achieve the following outputs; • Strengthening and sustaining the capacity of the NOAU and other stakeholders to effectively monitor imports of ODS in order to maintain compliance with the Montreal Protocol • Continuous enforcement of ODS regulations and licensing systems to control and monitor imports of ODS • Effective communication and awareness activities to educate consumers to convert to ozone-friendly products.

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MONEY TALK

FACTS ABOUT DEBT CONTROL IN GUYANA & WHERE WE STAND WITH OUR OIL WEALTH

By KIANA WILBURG

E

very Finance Minister this country has ever had has struggled with one familiar problem: How do you make a dollar out of fifteen cents?

Well, in some cases, when the economic conditions are favourable; this kind of magic trick in finance is possible.

But then there are cases when it just isn’t. So what do you do? You borrow!

Many countries like Guyana have been borrowing from its bilateral and multilateral partners in an effort to fund projects that are needed to advance the development of the nation. These projects make up the national budget which has, in Guyana’s case, always been run at a deficit.

Since the APNU+AFC Coalition Administration took over, there has been worry about the country’s debt profile.

It is currently in check, but many citizens still have probing questions. Some of these concerns are premised on how much borrowing the new administration has done since it came to power, how much it has actually inherited from the PPP regime and which outstrips the other.

Finance Minister, Winston Jordan, recently set the record straight on this matter for the Guyana Inc. Magazine. He noted that between 1964 and 1992, in terms of borrowing, the last government borrowed US$2,047,854,139. The PPP/c, in 23 years borrowed US$2,611,371,581. Jordan revealed that the current administration has racked up, between May 2015 and December 2017, US$210M. He explained that, of the US$210M, it inherited several debts from the PPP regime. These include the loan for the East Coast Road for US$45.2M, the Ogle Bypass Road US$50M, etc. He said that real borrowing for APNU+AFC is under $100M. The Finance Minister said that he is proud of what the Government has done so far where debt is concerned, since he and his Government have been doing an exceptional job on debt reporting where the law does not require or was ever done before.

FACTS ON INTERNAL/EXTERNAL DEBT

The Finance Minister also provided some essential facts on Guyana’s debt standing as of 2017 in his budget 2018 speech. The economist noted that the Government remains committed to providing efficiently for its financing needs by minimizing borrowing costs within an acceptable amount of risk.

He said, “Debt relief of US$17.7 Million and debt forgiveness of US$55.5 Million are expected to finance the balance of payments deficit for 2017 and permit an increase in the Bank of Guyana‘s (BOG) net foreign assets 28

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by US$20.1 Million. Gross reserves of the Bank of Guyana are expected to be equivalent to approximately 3.4 months of import cover at the end of 2017, well above the 3.0 months minimum benchmark for reserve adequacy.”

The Finance Minister noted, too, that the total stock of public debt is projected to increase marginally, from US$1.60 Billion in 2016 to US$1.66 Billion in 2017. This corresponds to a further declining total public debt-to-GDP ratio of 45.2 percent in 2017, relative to 45.7 percent at the end of 2016.

Jordan related that the external debt-to-GDP ratio is expected to marginally increase from 33.2 percent in 2016 to 33.6 percent in 2017, as a result of faster growth in the external debt stock, from US$1.16 billion in 2016 to US$1.23 billion in 2017, when compared with growth in the GDP. Total external debt service is projected to increase by 16.6 percent, from US$53.7 million in 2016 to US$62.7 million in 2017.

He said that this increase is attributed to higher principal and interest payments to several multilateral creditors, one bilateral creditor and one private creditor. In spite of this, the cost of servicing our external debt obligations remains manageable, consuming a mere 5.7 percent of the projected central government revenue for 2017. This represents a significant reduction from the 23.7 percent and 12.6 percent recorded for 2014 and 2015, respectively.

Jordan stated, too, that, “The stock of domestic debt is projected to decline from US$438.6 million in 2016 to US$427.8 million in 2017, representing a decrease of 2.5 percent. However, domestic debt service is expected to increase by 16.8 percent, from US$9.3 million in 2016 to US$10.9 million in 2017, primarily due to the payment of the National Insurance Scheme (NIS) debentures issued in 2016 to assist in recovering the impaired investment in the Colonial Life Insurance Company (Guyana) Limited (CLICO).”

In the area of public debt management, the Finance Minister also reported that progress has been made to consolidate various pieces of legislation that govern debt into a draft Public Debt Management Bill. It is anticipated that under this consolidated umbrella, institutional and legal frameworks will be solidified to allow for more effective public debt management. The intent is to promote transparency, accountability and debt sustainability while striving to meet financing needs at minimal borrowing costs and an acceptable level of risk. The Bill is expected to be laid in the National Assembly this year (2018).

BORROWING AND THE LOOMING EFFECT ON OIL

While the aforementioned is all well and good, local critics continue to ask poignant questions.

Since the news was announced that Guyana had found oil, local critics have been warning about the proclivity of any government to step up borrowing since the forthcoming wealth can be used to repay that debt. But there is great danger in this and even cause to worry when the current borrowing figures are looked at from a different angle.

The perspectives of Chartered Accountant and Attorneyat-Law, Christopher Ram are useful in this regard.

Ram also agrees that the National Budget has been running at substantial losses for years and these have translated into increased domestic and external debts. The Chartered Accountant noted, however, that a ballooning in spending not financed by increased revenue will only exacerbate the situation with the effect that there will be no resources to be put into the Sovereign Wealth Fund in the early years of oil production.

The Chartered Accountant explained that the variables are simply too many, and too substantial to offer an acceptable level of comfort in making projections.

He said, “For example, will the Government pursue restraint in spending or does it see its electoral prospects tied to uncontrolled borrowings? It has to contend, too, with the vagaries of the oil market and the production cost of oil which determine the country’s share of oil revenues.”

Ram continued, “Second, the implications on these numbers of any borrowing of the magnitude contemplated

by Minister Jordan will rupture the existing permitted ceiling under the External Loans Act which authorizes the raising of foreign loans for the broad purpose of financing the general development of Guyana. That Act places a ceiling on borrowing at four hundred billion dollars in the aggregate, or roughly US$1.9 Billion.”

The Chartered Accountant added, “The Act does, however, give the Minister the power to increase the limit by way of an order which is subject to affirmative resolution. That means that any increase in the borrowing

Particulars

Deficit

Domestic Debt

External Debt

2017

205.5

427.60

1,234

2016

184.2

439.23

1,162

2015

116.4

395.64

1,143

2014

306.3

379.66

1,216

2013

304.0

478.45

1,246

The Chartered Accountant then referenced a graph to cement his case. The graph examines the deficit for the past five years as well as the domestic and external debts from 2013 to 2017.

The Government has since announced that Guyana stands to gain about US$300M in its first year of oil production. But looking at the deficit first, Ram stated that it is uncertain whether revenues from oil for part year 2020 and full-year 2021 will cover the deficits for those years.

ceiling has to be approved by the National Assembly before it becomes effective.”

Ram also noted that the Act requires that a copy of every agreement for a loan under the Act must be laid before the National Assembly as soon as is practicable, and that the repayment of the sums borrowed and all interest and other charges payable thereon are charged on the Consolidated Fund.

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NOTHING GOOD COMES FROM HAVING THE

WRONG CEO

A

ccording to the Harvard Business Review’s article from the May-June 2000 Issue titled, “Don’t hire the wrong CEO,” leadership is defined as a combination of personal behaviours that allow an individual to enlist dedicated followers and create other leaders in the process.

A Chief Executive Officer (CEO) is the highestranking executive in a company. Their main duties include managing the overall operations and assets of the company, making commercial resolutions and being the main point of communication between the board of directors and business operations. But, ever so often, boards make the grave mistake of selecting the wrong CEO for a company. According to the Havard Business Review, boards that are great at choosing excellent CEOs do four main things that others don’t.

Firstly, they work meticulously to illuminate the qualities needed, they are open-minded as to where the candidate will come from, they do deep evaluations to see which candidate will fit the job and they are open to deficiencies. Thorough progression arranging is fundamental, but only good judgment will matter in the long-run.

Administrators need to make a convincing vision for change that will gain widespread commitment within their organization. They should ask themselves, ‘What will people see, hear and feel once the progressions have been accomplished?’ The quest is to find the decision turn or pivot. Often, candidates are current or former CEOs. The effects of having the wrong CEO are so colossal that coaching, mentoring, help from higher management and senior team members can’t recompense. Firstly, bad CEOs lack focus; they will find themselves having lots of great ideas and starting new initiatives. Companies generally can only do a few things at a time. The smaller the company, the fewer the number of things they can accomplish. Even major companies have been chaotically managed at times, leading to their downfall.

A bad CEO will cause confusion in a business by

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By RAE DAWN BRUSCH failing to properly plan and execute ideas, but still expect to see major results. They will also be very demanding and not great listeners. This additional pressure will cause the employees to be discouraged and question their purpose in the company. It is an effect that trickles down, whether or not we can help it. It all starts with the head.

Being a CEO, in the whole, is a difficult position, but a good CEO is focused on a few big things instead of many small things all at once. Another major characteristic of a bad CEO is that they avoid recognition among great workers in a company. These CEOs are selfish and criticize often without offering praise for good work. When employees are only criticized for their shortcomings and not recognized for their accomplishments, they do not feel valued and they work in a state of fear. Often, they forget that they are there to serve shareholders and work for the betterment of the company and the employees.

When people aren’t recognized, they aren’t motivated.

This adversely affects the flow of communication in a company. Communication should be consistent and open where employees could receive constructive feedback.

Bad CEOs run bad meetings. Employees view meetings as major time sinks with little payoff. They have to stop their work to focus instead on summarizing projects, pulling reports and presenting new ideas and sharing opinions. A bad CEO is eager to listen, since they love to stay in the loop, but would do little to nothing concerning the planning out of them all. Instead, they add their opinions and delegate tasks, adding more work. These distractions strew their focus and kill their productivity and confidence.

Ultimately, a negative environment is created. When employees suffer from anxiety and stress, they will not work well. The CEO will affect the senior employees and the junior employees will receive the worst end of the result. There will be evidence of inconsistent policies, favouritism and the lack of supervision. The effects will be felt in every aspect of the company.

Acknowledging each team member’s growth is a benefit to the entire team

By RAE DAWN BRUSCH

A

team can be described as a group of people with different skills and tasks that work together towards a common project, service, or goal, through interconnecting functions and mutual support. Producing top-performing teams is every company’s wish. But successfully guiding and assigning work is just the tip of the ice burg.

Personal growth not only provides benefits for that individual but to the entire business. As leaders, we need to distinguish the inimitable strengths and weaknesses of each team member to optimize them. This is the first step and is the only way we can see each person’s growth as a benefit for the team.

Research done by the Gallup Organization’s State of the American Workplace found that building on employee strengths is vastly effective in raising performance. Gallup also found that when employees become aware of their strengths, they become 7.8 percent more productive and teams that focus on the growth of each team member have a 12.5 percent chance of greater productivity.

This will result in individuals finding more balance and fulfilment in their lives.

When people work together in a team, it nurtures creativity and learning. Personal growth among team members should lead to shared knowledge and the development of new skills. Employees will spread those new ideas and it will result in brainstorming, which avoids stale vantage points that often erupt from working solo. When team members’ unique perspectives are combined, each team member creates more effective solutions.

Collaborating on a project and identifying areas of growth creates enthusiasm for learning that solitary work usually lacks.

When team members grow, they bring perspectives, knowledge and skills that they share with the rest of their company. But most

importantly, they add new energy that revitalizes the entire team. Growth causes employees to feel freshly enthused about their work. This is very infectious and will breathe fresh life into the whole team. Teamwork balances harmonizing strengths and causes employees to build on the talents of their teammates. While one employee may shine in organizing and planning, another may excel in creative thinking. Leaders should constantly encourage the sharing of abilities within the team.

By observing the process behind the continuous sharing of skills, you can become a stronger team by adjusting and improving your methods.

Depending on people builds trust, but at the same time, occasional disagreements are normal.

When you are bonding and trying to establish the foundation of a relationship, there will be minor conflicts. Trust provides a sensation of safety, which fastens the development of idea production.

Without trust, a team won’t be able to function, since open communication is key. It helps employees to open up and encourage each other.

Great teams build each other up and strengthen and foster growth which creates a cohesive group.

Cooperation in a team results in the learning of conflict resolution skills. When employees grow, they begin learning to resolve conflicts by themselves, instead of turning to management.

These skills can be used in their personal lives and can result in them becoming efficient managers down the road.

This development boosts confidence and will eventually build the relationship between employees and clients. When a customer is confident in your employees and business, they are more likely to continuously use your service or product and increase the likelihood of a client recommendation due to the positive experience.

This results in the benefit of the entire company.

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Import/ Export Analysis

THE PERFORMANCE OF THE

GOLD SECTOR AND REFORMS NEEDED TO IMPROVE PRODUCTION

By KIANA WILBURG

G

iven its sterling performance in 2015 and 2016, there were great expectations for the performance of the gold sector in 2017. But Finance Minister, Winston Jordan, recently revealed that production figures show that gold declaration was not as good as they had hoped it would be.

The economist noted that gold production for 2017 was projected to be at 694,000 ounces. But only a production of 653,674 was achieved. Taking this into account, the Minister of Natural Resources, Raphael Trotman, recently called on the Guyana Gold and Diamond Miners Association (GGDMA) to encourage its members to declare more gold.

But the Executives of the Association noted that if the Government and, in particular Minister Trotman, wants to see an improvement in declaration, then there are some immediate changes that must take place. These are as follows: •

Fast track maintenance of main and arterial access roads to the current centers of local gold production. According to the GGDMA, there must also be a policy to encourage the opening of new roads to access virgin mining lands.

•

Government needs to come out with a clear statement that its Green Development Strategy will not adversely impact the mining industry, but will speak to responsible mining which the Association endorses. Miners are currently unwilling to make new investments in this climate of “green” uncertainty.

•

De-bottleneck the applications for Prospecting & Mining Permits which are buried under bureaucracy at the Guyana Geology and Mines Commission (GGMC). The rate of granting these documents for new mining lands has slowed. Everyone is affected and, more so, the emerging mining syndicates.

• Government needs to reintroduce the incentive to Industry Fund [was previously set at G$1B] to fund and support the drive to identify and adopt appropriate industry best practices, specifically the adoption of better technologies to improve the current 30% gold recovery and the reduction and responsible use of mercury.

•

Work with the industry to reduce the hurdles in entry for new miners and barriers to production and production growth that the punitive VAT on Excavators represents.

• Bring final and definitive resolution to the issue of the conversion to Mining Permits for locally held Prospecting Licenses.

This is a low hanging fruit and the obvious huge and immediate benefits from executive action by way of ministerial order are that: pending applications by local

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miners to convert from Prospecting Licence to Mining Permits have directly contributed to the 2017-18 shortfall in gold production as the applicants still wait, and, some over two years, for the permission to put their excavators and other idle mining equipment into production. Some of these new Mining Permits will result in immediate new investments, yielding new production and thus contribute to the increase in gold production that is being sought in 2018.

•

Treat with the outstanding applications for new Prospecting Licences and PGGS; a number of applicants for both gold & diamonds and other non-traditional minerals and metals are being frustrated when applications, which historically took weeks to process, are now taking months, if not years. Applicants have voiced their repeated concerns and consternation at the bureaucratic delays, some of which they view as deliberate stalling, or worse, for whatever rhyme or reason. It is suggested that the Minister issue clear instructions to the GGMC and circumvent the dillydallying.

•

In other situations, the Board of Directors acting under the Minister’s instructions has made decisions and forwarded recommendations to Trotman, and he in turn asks GGMC to follow up, but nothing has happened as GGMC continues to aimlessly bumble and flounder. Meanwhile, development and Direct Foreign Investment in the country suffers. Just imagine if the same bumbling surrounded the application by Reunion Mining for the Matthews Ridge manganese project; the US$42 Million they spent exploring the property would not have been spent and Bosai would not be, this year, starting the development of a new manganese mine. If you do not plant, you cannot reap!

PRIVATE SECTOR

CALLS FOR PORTION OF OIL WEALTH TO BE DEDICATED TO

“GREEN” SECTORS

…GIVES FULL SUPPORT TO GUYANA’S GREEN STATE AGENDA

By KIANA WILBURG

T

he Government of Guyana has a number of plans outlined for the use of the nation’s looming oil wealth. And while there is no harm where that is concerned, the Private Sector Commission (PSC) is hoping and praying that the Administration puts aside a small portion of that money to develop “green sectors”, such as agriculture and tourism.

This point was made recently by PSC Chairman, Eddie Boyer.

He was, at the time, addressing a workshop dedicated to examining Guyana’s Green State Development Strategy. There, he spoke to the role of the private sector in the development, implementation and monitoring of the nation’s Green State Development Strategy.

Boyer said, “I’ve travelled to many countries across the globe and I must admit that the world is changing drastically, with emphasis on environmental preservation and protection.

While many countries have endorsed a growth path that focuses on people and profits, prominence is now being given to the conservation of our planet.”

The PSC Chairman noted that Guyana is playing its part and certainly heading in the right direction.

He added, “Our policy makers are committed to the establishment of a Green Economy to mitigate the harsh effects of climate change. We (PSC) are pleased and supportive of Guyana, as a signatory to the Paris Agreement and Rio Conventions, to ensure development in a sustainable way. I would like to state that responsible and successful businesses can be even more successful by going green. To understand the benefits of a business going green, we must first understand what that term means.”

In this regard, Boyer explained that when a company makes a concerted effort to reduce its negative environmental impact, that is tantamount to going green. He opined that this can manifest itself as taking measures to reduce utility costs, to starting recycling and reusing programs, and buying green products and services.

Boyer said, “What are the benefits of going green? Most states and countries have laws on the books that mandate environmental compliance in various ways and to varying extents. Every year, more laws are passed on local, state, and federal levels as we understand how positive going green is in Earth’s ecology. Going green means getting ahead of the curve — if certain green laws aren’t on the books, they soon will be and it gives a company a head start, to begin as soon as possible.”

The PSC Chairman added, “Increasing energy efficiency saves on utility costs. Reusing existing material in creative ways means that fewer dollars are spent purchasing new stock to create products. Streamlining transportation of employees or shipping saves the earth as well as a substantial amount of money. Although there is often a bit of money to be spent establishing green business procedures, it saves a lot of money over time.”

Boyer said that a business going green makes customers feel that it is a trustworthy business. Additionally, the Chairman said that going green doesn’t only foster positive feelings from

customers. He opined that employees feel safer working for green businesses.

After outlining the reasons, both from a social and profit point of view, Boyer issued a challenge to his fellow businessmen and women to make changes aimed at going green.

He continued, “I have mentioned earlier that there is the need for green laws and this is where I would like to solicit our Government. We need policies and incentives to guide and encourage businesses to adopt green practices and technologies. I believe that only through such policies will we be able to develop a Green Agenda.”

Boyer said that successive governments have outlined their intention to promote Value Addition and Agro Processing in Guyana, given our rich endowment of resources and arable land.

But many are yet to the fruition of this plan. But, we are hopeful that, given the benefits, it can be realized under the Green Agenda.

Boyer said, “I am proud to note that some of our members are investing in large scale green projects. I believe they are leading the charge and setting a good example for other businesses to follow.

In our productive sectors such as Agriculture, Forestry, Mining, Manufacturing and Commerce, we have witnessed significant behavioral changes with regards to protecting our environment.”

“Some industries have embraced energy efficient measures and adopted hybrid systems utilizing solar, wind and energy smart technologies. Businesses have invested in large renewable energy projects utilizing gasification, wind turbines and massive solar panels to significantly reduce their individual energy bill.

Additionally, smart techniques such as Reduced Impact Logging and practices in the mining sector - progressive reclamation, mine site rehabilitation, replanting, and biodiversity enhancement measures, have helped to reduce the environmental footprint.”

“We are certain that as finances permit and with the right policies and incentives, businesses will continue along the green path. We would like to see the banks, both commercial and retail, allocating funds at encouraging rates to pursue green projects.”

In 2020, Guyana will benefit from its first drop of oil and, according to PSC Chairman Boyer, its membership encourages Government to channel some of the revenues to green sectors such as Agriculture, Tourism, Agro-Processing and other areas, to facilitate sustainable development.

The Private Sector Commission, he said, has endorsed the Green State Development Strategy. He stressed that it is lending support to the development and implementation of this strategy, as it has done with the Low Carbon Development Strategy.

Boyer expressed, “When it comes down to it, the benefits of going green for a business far outweighs any negatives.

The time and money it takes to establish new environmentally green protocols pay back in dividends over the years, not only financially, but also in feeling good that the company is good to the planet.”

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Placing the Spotlight on Gender-based

Violence

By SIMRAN GAJRAJ

T

he term Gender-based Violence is used to describe acts of violence or oppression enacted against an individual, merely because of their gender. The term Gender-based Violence and ‘Violence against Women’ are often used interchangeably- as in most cases, women and girls are the most affected by this type of violence. As such, this article will be focused on this aspect.

Gender-based violence against women is based on women’s perceived ‘lower’ or ‘subordinate’ status in society. It includes any act or threat by men or male dominated institutions that inflict physical, sexual or psychological harm on a woman or girl because of her gender.

Some examples of Gender-based Violence include: • Physical, sexual and psychological violencean example of this is domestic violence • Sexual abuse, including rape and sexual abuse of children by family members • Forced pregnancy • Sexual slavery • Traditional practices harmful to women, for example: honor killings, burnings or acid throwing • Cultural practices involving females, such as: female genital mutilation & dowry-related violence

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• Violence in armed conflict- such as the rape and murder of women at times of war • Emotional abuse – including coercion, belittling • Trafficking of women and girls for prostitution • Forced marriage • Sexual harassment In many instances, cultures, traditional beliefs, norms and social institutions legitimize and therefore perpetuate violence against women.

These forms of violence can occur anywhere; within the family, in the workplace, and in the general community. Gender-based violence happens in all societies, across all social classes, with women particularly at risk from men they know.

The family is usually a primary source of genderbased violence as it has the responsibility of socializing its members. While preparing young members for social life, they may perpetuate and encourage forms of gender stereotypes and perceptions of division of labor between the sexes. Spousal battery and domestic abuse can also occur in the family setting.

In the workplace, intimidation by male co-workers and the lack of opportunities given to women based on false assumptions that they cannot do certain jobs that men can, are also good examples of gender-based violence working in society.

to February 2018 using a gender equality and rightsbased approach and has integrally included sexual and reproductive health and rights. This association also provides training via workshops for volunteers who can become peer counsellors for those who are victims of such violence.

The primary inequality that gives rise to genderbased violence is the power inequality between women and men. Most perpetrators of such violence include men. Many times, this is a person who is an intimate partner of the woman or previously was her intimate partner.

It should be noted that there are instances where gender-based violence is perpetuated by other women.

A good example of this would include where some mothers-in-law are violent or oppressive towards their daughters-in-law.

According to studies, such as one done for Oxfam entitled ‘Ending Violence Against Women: A Challenge for Development and Humanitarian Work’ (Oxfam GB 2001), women commit violence as a way to ensuring their own survival and security within a social, economic and political context that is shaped and dominated by men.

In Guyana, Governmental and Non-Governmental Organizations have established policies and funding to deal with incidences of Gender-based Violence (GBV) in Guyanese society. Guyana’s Ministry of Human Services and Social Security has a Domestic Violence Policy Unit which implements and executes National Domestic Violence policies. These policies include the provision of temporary shelter, training about domestic violence for healthcare workers, social work services and provision of legal aid for victims among other actions.

The Guyana Responsible Parenthood Association has also spearheaded programs to help combat Genderbased Violence which started with young children in schools across Guyana. The GBV and Youth Project of GRPA, supported by the Canada Fund for Local Initiatives, was geared at enhancing young people’s capacity to contribute to the prevention and combating of Gender-based Violence by providing them with safe spaces to share their attitudes towards violence, to reassess their tolerance towards it and to empower them to become actively involved in developing an environment free from violence for themselves as well as for their peers.

The project was implemented from August 2017

DID YOU KNOW? Some Global examples of Gender-based Violence: • Around the world, at least one in every three women has been beaten, coerced into sex, or otherwise abused by a man in her lifetime.

• More than 20 % of women are reported to have been abused by men with whom they live.

• Approximately 60 million women, mostly in Asia, are “missing” – killed by infanticide, selective abortion, deliberate under-nutrition or lack of access to health care.

• Among women aged 15-44 years, genderbased violence accounts for more death and disability than the combined effects of cancer, malaria, traffic-related injuries and war.

• Trafficking in women and girls for sexual exploitation by men is most common among poor women and girls. Each year, two million girls, between ages 5 and 15, are introduced into the commercial sex industry.

• Women who are victims of domestic violence are 12 times more likely to attempt suicide than those who do not experience such violence.

• During war and civil conflict, women and girls are often targeted for special forms of violence by men as a way of attacking the morale of the enemy, both women and men. Such violence often redounds doubly against women, first through the direct experience of violence and its aftermath and secondly through the reactions of their families, particularly the men, to their status as survivors of sexual crime.

• Based on recent studies, more than 130 million women and girls in Africa, Middle East and Asia, have undergone female genital mutilation and an estimated 2 million girls are at risk for undergoing the procedure each year.

• In Canada, the cost of domestic violence amounts to $1.6 billion per year, including medical care and lost productivity. Estimates in the United States place this figure between $10 and $67 billion.

• A 1998 study found that in the United States, 1 out of every 6 women has experienced an attempted or completed rape. Of these women, 22 % were under 12 years old and 32 % were aged 12-17 at the time of the crime.

• Studies suggest that one-quarter to one-third of the 170 million women and girls currently living in the European Union are subjected to male violence.

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BUSINESS INDUSTRY

THE STATE OF THE TIMBER INDUSTRY

By KIANA WILBURG

T

he forestry sector continues to be an important sector in Guyana, contributing approximately three percent to the Gross Domestic Product (GDP) based on primary production. It also provides direct employment to approximately 22,000 persons, inclusive of over 3,000 residents of the hinterland communities.

Due to depressed markets and the reverting of several concessions to the State, forest sector production, since 2015, has been on the decline, save and except for a slight improvement in 2017.

This has impacted negatively on the Guyana Forestry Commission’s (GFC) revenue collection as well as that of the country at large. But due to prudent financial management, GFC has been able to complete its deliverables satisfactorily in the last two years.

In this piece, we will examine the performance of the timber industry for the last two years, with specific focus on 2016.

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PERFORMANCE FOR 2016 2016 was a challenging year in terms of revenue collection. Limited local and export market access, repossession and expiration of some forest allocations, and the non-renewal by the previous largest state forest allocation lessee were the major reasons for this situation.

Production and export were therefore below the desired levels and this had an adverse impact on the revenue position of the Commission. The GFC had projected to collect $1.5B for 2016. But revenue collection was $ 1.250B. Total GFC expenditure was $1.190B. The main heads of expenses were employment cost (salaries and wages, station allowance, vacation allowance, pension, medical etc.), operational cost (fuel, maintenance, subsistence and other field cost), administrative (training, conferences, scholarships, stationery and office supplies, forestry exhibition and promotion) and financing (support to Forestry Training Center and Forest Products Development and

of 2015, with a few additional markets emerging in Europe and the Latin America and Caribbean region.

Noteworthy,Guyana continues to feel the effects of the contraction in both China and India markets, since these two destinations are the major markets for Guyana timber products. Overall, the general price level for 2016 was lower than that of 2015 for the main forest products. This impacted on the overall export value for the year 2016.

Marketing Council, Directors fees, legal fees, subscription, etc.).

Despite the difficulties experienced in terms of revenue collection, GFC was able to meet most of its financial obligations. Operational and administrative activities were also executed in accordance with the 2016 work plan.

However, some capital works had to be curtailed based on cash flow.

Additionally, forestry sector activities registered decline in both production and export in 2016. Total production of Timber products (Logs, Primary Lumber, Roundwood, Fuelwood, and Splitwood) for 2016 was recorded at 353,495m3 and is 21% lower than the corresponding 2015 total. This quantity, summed with Veneer and Plywood production for 2016, recorded a total of 380,659 m3. This compares to 452,954m3 in 2015 for main timber products, and with Veneer and Plywood added, the 2015 total was 483,702m3.

This decline was partly as a result of less than favourable pricing conditions in the global timber trade, as well as production declines from concession that have returned to the State. This included the largest timber concession which was issued to Barama Company Limited, for which the Company opted not to renew following its lease expiration in October 2016.

Furthermore, export of forest products recorded total export value of US$41.9M. When compared to the 2015 value of US$45.6M, this represents a decrease of 8.15%. The leading value earner for 2016 continues to be Sawnwood, with revenue earnings of US$18.8M. This was followed by Logs, which recorded export value for 2016 of US$16.2M. This was then followed by Roundwood, earnings of US$3.1M. Within this category, Greenheart Piles has been the main contributing product, with earnings of US$2.7M. Splitwood and Plywood also formed part of the export product basket in 2016, although with a lower volume and value than that of 2015.

Of the two Splitwood products (Paling Staves and Shingles), the main value earner has been Shingles, with earnings of US$1.9M. Plywood earnings for 2016 has been recorded at US$1.3M. The main markets for Guyana’s forest products in 2016 remained generally the same as that

TIMBER AND WOOD PRODUCTS To strengthen the capacity of the forestry sub-sector to adapt to sustainable production practices, which ultimately will improve international competiveness and our access to foreign markets, the Government of Guyana has committed to become a part of the European Union Forest Law Enforcement, Governance, and Trade (EU-FLEGT) programme.

According to Finance Minister, Winston Jordan, “We are on our way to initializing the Voluntary Partnership Agreement (VPA) of the Programme by the end of this year. Once the VPA is ratified, we can then commence the implementation phase, at the end of which, the aforementioned benefits would be realized.”

In addition, the Government spearheaded the establishment of an Inter-Ministerial Roundtable, tasked with working collaboratively with the private sector, through the Guyana Manufacturers and Services Association, to meaningfully develop methods and initiatives to stimulate growth amongst the various industries of the manufacturing and services sectors.

Jordan said that the forestry subsector was identified by the Guyana Manufacturing and Services Association (GMSA) as the priority industry for the attention of the Roundtable, given the struggle of its players in progressing to value-added production, which would allow for the sector’s true potential for growth and employment to be realized.

While the challenges facing the forestry sector are multifaceted and complex, Jordan said that the Roundtable was able to identify several key issues that were hampering the sector’s transformation. A package of measures has been designed and will be announced soon. The economist said that the Roundtable will continue to meet in 2018 to resolve outstanding issues with regards to forestry and commence discussions on the next priority industry.

2017 PROJECTIONS AND PERFORMANCE The forestry sub-sector is expected to show some improvement, with a projected slowing of the contraction to 7.2 percent in 2017, from 27.3 percent in 2016.

Total production for 2017 was projected at 297,070 cubic meters, 10 percent lower than 2016. The Finance Minister noted that the forestry sector, at the end of the first quarter, has already showed some hope since Government budgeted 318,000 cubic meters but came in at 349,900 cubic meters.

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HEALTH

Knowing the Signs and

Symptoms of a Stroke Risk factors

Many factors can increase your risk of a stroke and chances of having a heart attack. Some potential and treatable stroke risk factors include: ► Being overweight or obese; ► Physical inactivity; ► Heavy or binge drinking; ► Use of illicit drugs such as cocaine and methamphetamines; ► Cigarette smoking or exposure to secondhand smoke.

S

troke is a disease that affects the arteries leading to and within the brain. When the blood supply to a part of your brain is interrupted or severely reduced, brain tissue is deprived of oxygen and nutrients which causes the cells to die.

According to the World Health Organization (WHO) in 2017, Guyana ranked as number 19 in the world with 711 or 12.33% of total deaths caused by stroke.

Symptoms

By knowing the signs and symptoms of a stroke, you can take quick action and even help save someone’s life. ► Headache- A sudden, severe headache with no known cause, which may be accompanied by vomiting, dizziness or altered consciousness. ► Paralysis, numbness or weakness of the face, arm or leg ► Slurred speech and confusion- Victims may experience difficulty in speaking and pronouncing words as well as understanding. The person will seem confused. ► Blurred vision- Trouble seeing from one or both eyes. ► Trouble with walking- The person may stumble suddenly and experience dizziness and loss of balance and coordination.

Seek immediate medical attention if you notice any signs or symptoms of a stroke, even if they seem to fluctuate or disappear.

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Other factors associated with a higher risk of stroke include: ► Personal or family history of stroke, heart attack or transient ischemic attack; ► Being 55 years or older; ► Race — African-Americans have a higher risk of stroke than people of other races; ► Gender — Men have a higher risk of stroke than women. Women are usually older when they have strokes, and they’re more likely to die of strokes than are men. Also, there may be some risk from some birth control pills or hormone therapies that include estrogen, as well as from pregnancy and childbirth.

Prevention

Adopting a healthy lifestyle and knowing your stroke risk factors is vital in preventing a stroke. ► Controlling high blood pressure (hypertension); ► Lowering the amount of cholesterol and saturated fat in your diet. Quitting tobacco use; ► Controlling diabetes; ► Maintaining a healthy weight; ► Eating a diet rich in fruits and vegetables; ► Exercising regularly; ► Drinking alcohol in moderation, if at all; ► Treating obstructive sleep apnea, if present; ► Avoiding illicit drugs.

T

he 1823 Monument was unveiled on August 5, 2013 by former President, Donald Ramotar.

The renowned Ivor Thom of Guyana is the architect of the eccentric structure which is located along the Kitty Seawall Road, opposite the Guyana Defence Force’s Camp Ayanganna Headquarters.

Thom beautifully carved, out of bronze, the body of a male slave of African descent wielding a cutlass with a chain attached to its end. It sits on a concrete pedestal which consists of a miniature male and female sculpture on either side of the base.

The monument is positioned perfectly in the centre of a large plot of land, flanked on three sides by a white picket fence. The African man was made to stand erect, with legs apart, symbolizing strength and perseverance.

The chain he clings to symbolizes the oppression humans endured during slavery. As with most, if not

all monuments, there is a great representation by the 1823 monument which stands as a reminder of an important part of Guyana’s history.

The shrine recognizes the slaves who lost their lives in the 1823 Demerara Slave Uprising.

Readers would find it interesting to note that the 1823 revolt served as one of the catalysts for the abolishment of slavery in Guyana. In fact, the slaves who worked in Eastern Demerara were distressed because their governor and masters were withholding their freedom from them. They learnt that slavery was abolished based on a decree in Guyana’s Parliament. Since their overlords were not obeying the new law, they were left with no other choice but to rise up against those who did not obey the King’s orders.

They claimed what was rightfully theirs— freedom.

The 1823 Monument remains an essential part of Guyana’s turbulent history Edition 32

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39

Economic Focus

OIL & GUYANA’S

PREPAREDNESS FOR

TAXATION

By KIANA WILBURG

T

axation is one of the most challenging issues when it comes to the oil and gas industry. But the Guyana Revenue Authority (GRA) maintains that it is quite alert when it comes to the tax avoidance tricks of oil and gas companies.

This assertion was recently made by GRA Commissioner General, Godfrey S. Statia.

He noted that despite the gloom and doom expressed by numerous persons and many experts in the field, the Guyana Revenue Authority, which is the premier tax collection agency in Guyana, has embarked on a program to ensure that the nation benefits from every activity associated with first oil; be it at the upstream (the license or the concession stage, exploratory, appraisal, developmental, production and abandonment phases); the midstream; or the downstream activities – (refining, processing, marketing and distribution).

Statia noted that Governments of oil producing countries, when designing the tax regime of “first oil”, face the challenge of ensuring a fair share of revenues for their country, while at the same time providing sufficient incentives to encourage investment.

The Chartered Accountant said that this has caused governments around the world to employ either the concessionary system or the contractual system of taxation or a hybrid of both. He noted that developed countries tend to employ the Tax and Royalty regime which are concessionary in nature (UK, Norway and Australia), while developing countries (India, China and Guyana) have contractual regimes which pertains to the current Production Sharing Agreement (PSA) as signed with ExxonMobil.

The Chartered Accountant noted that petroleum taxation is the universal instrument through which governments seek to determine the crucial balance between the financial interests of the oil companies and the owners of the resource. It is a decisive factor in the oil and gas investment decision making process and it ultimately has material impact on production. Statia said that the design of fiscal regimes is critical in shaping the perception of competitiveness within the industry.

The Commissioner General asserted that the details of what fiscal tools are used and how they are applied to a particular oil and gas project are part of a country’s legal framework, which includes the laws, regulations, specific sector rules and contracts.

He asserted that there are many considerations a country contemplates in determining which fiscal tools to use and how to use them. While the government may have preferences, he opined that it must also respond to the needs of the companies if the state wants to attract and sustain foreign direct investments.

The GRA Commissioner General said, “The uniqueness of petroleum taxation, when compared to the taxation of other goods and services, lies in the industry’s special characteristic. He said that its contribution to national economies, the high operating and development costs, high uncertainty in exploration activities, the volatility of oil prices, the inability of government to fund its own exploration, the political and economic climate, and hostile neighbouring countries who harbour territorial claims which allow for increased risk, are all factors that warrant the demand for a higher rate of return by investors.”

Under a PSA or contractual term agreement, Statia said that the oil company is appointed by the government as a contractor, with the government retaining ownership of the natural resource.

He noted that the parties agree that the contractor will meet the

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exploration and development costs in return for a share or a fee for this service, if production is successful.

The Commissioner General explained that the contractor has no right to payment in the event that discovery, appraisal or development does not occur. However, if there is a discovery, the contractor is allowed to recover the costs it has incurred.

Statia noted that this is known as Cost Recovery or Cost Oil. In respect to the accounting for exploratory costs, Statia said that successful drilling costs are usually considered to be a part of the cost of oil and gas reserves, while unsuccessful exploratory costs are usually written off.

The Chartered Accountant said that development costs, on the other hand, is considered to building a producing system of wells and related equipment and facilities, hence they are capitalized as part of the cost of the oil and gas. The Commissioner General said that this certainly would have been the thinking behind ExxonMobil’s pre-contract costs of US$460.2M, which represents exploratory costs as stated in Annex C, Section 3(K) of the contract it has with Guyana.

Additionally, the Commissioner General said that some countries may elect to ring fence their oil and gas activities, while others ring fence individual projects or wells. Ring fencing imposes a limitation on deduction for tax purposes across different activities, or projects undertaken, and prevents leakage since only losses incurred within the ring fence are allowed as a deduction from the ring fence profits.

The absence of ring fencing can postpone government receipts or revenues. In this regard, Statia explained to the Guyana Inc. Magazine that the contractor can deduct exploration and development costs from new projects or even dry wells (unsuccessful drilling efforts) against the income of projects already generating income.

Also, during the maturity phase, the absence of ring fencing may discriminate against new entrants who may have no income against which they can deduct these expenditures.

Statia told the Guyana Inc. Magazine that because of the special characteristics that pertain to the industry, ring fencing of activities are sometimes employed, as was the case in the United Kingdom.

That being said, Section 51 of Guyana’s Petroleum (Exploration and Production) Act 1986, provides that the Minister responsible for Finance has the option to direct that any or all of the following Acts shall not apply to or in relation to the holder of a Petroleum License who has entered into a Production Sharing Agreement with the Government of Guyana: - The Income Tax Act; - The Income Tax (In Aid of Industry) Act; - The Corporation Tax Act; and - The Property Tax Act This being the case, the tax chief said that Article 15: Taxation and Royalty, Article 23: Accounting and Audits; and Annex C at first glance, seem to outline the taxation regime that governs the current ExxonMobil Agreement.

However, other articles that are of relevance to the taxation regime include: Article 7 – Annual Work Program and Budget, Article 10 – Annual License Rental Charge, Article 11 – Cost Recovery and Production Sharing, Article 12 – Associated and Non-associated Gas, Article 13 – Valuation of Crude Oil and Gas, Article 14 – Disposal of Production,

Article 21 – Import Duties, Article 27 – Applicable Law, Article 32 – Stability of the Agreement, and Article 33 –The Signature Bonus Additionally, the Chartered Accountant noted that Annex D speaks of the Pre-approved and certified petroleum operation items.

He said, “As you are aware, Guyana will get both a share of production in the form of profit oil, as well as a fixed rate of two percent Royalty on Production Petroleum. Hence, Guyana has a hybrid agreement, in that, the agreement has both concessionary and contractual terms. Cost (cost oil), will be recovered from the value of Production to the extent of 75%, with all recoverable cost being carried forward indefinitely until fully recovered.”

“Let me hasten to add, however, that Guyana stands to gain considerably should oil prices increase or when the cost of production decreases. Apart from these production (royalty) and profit based instruments (share of profit oil), bonuses and annual rental payments are also features of the PSA, which are aimed at ensuring up-front revenue for the State while encouraging investors to explore and develop contract areas more rapidly.”

Additionally, the GRA Commissioner General said that the PSA only relates to the Contractor and the affiliated companies.

Consequently, companies and sub-contractors, and their employees would be subjected to the various tax legislation under the Acts listed above, thereby allowing for PAYE deductions, withholding taxes and corporate and other applicable taxes. Despite the exemptions stated in Article 15.11 of the PSA with ExxonMobil, Statia asserted that this sizeable component will enhance revenue collection thereby allowing for Guyana’s take to be within 25% to 30% of the oil revenues. Further, with spin off industries based on downstream activities, Statia said that the impact on Guyana’s economy and its tax take will be phenomenal.

It should be noted, however, that the tax assessed by the GRA will be in accordance with the PSA, based on a Pay On Behalf (POB) arrangement and that the amount of such sum will be considered income tax of the contractor. What this means is that the government’s share of profit oil has the tax complement therein, hence the reason for the GRA to be extremely vigilant in the audit of the company at all levels of its operation and revenue from the sale of oil.

Statia, in agreement, said that all monies collected will first be placed in the Sovereign Wealth Fund which the Government has made moves to create before 2020.

Statia said that it is only through such vigilance that the true share of Profit Oil can be determined, and the tax base protected, so that the GRA can assure the Guyanese citizenry that they are receiving what is rightfully due to the country.

Statia also noted that cost oil is not the only determinant of profit oil. Revenue associated with the sale of the oil can also be subject to manipulation through intercompany and related party transactions.

He stressed that inflated costs will result in a decrease in available profit oil / petroleum, while deliberately depressed oil prices or non-arm’s length transactions in the sale of the oil can also lead to a reduced share to the Government and a larger share to the Contractor.

Additionally, the tax chief said that differing tax rates in jurisdictions where the contractor or its subsidiaries operate can create the incentive to shift profits out of Guyana to zero or low tax jurisdictions and shift costs into Guyana thereby distorting the tax base as well as profit base for profit oil split.

Statia said, “It is not unusual for multinationals to incur legitimate costs in the form of business overheads for services such as accounting, human resource, marketing, procurement, IT, etc.

These costs, however, should be fair, reasonable and in line with arm’s length principles.”

“Excessive debt financing and recoverable interest should also be subjected to scrutiny and be subjected to limitations, especially when the loan transactions are between affiliated or associated companies. Thinly capitalized positions in the absence of rules aimed at limiting interest claims will be challenging and will require stringent policing efforts by the GRA.”

On the revenue side, Statia said that accurate reporting of the components of gross revenue; volume of production and sale price (value) of production would have to be safeguarded, with volume being less contentious as the methodologies for measurement of such are globally accepted.

The GRA Commissioner General said that the greater risk lies in accurately assessing the true market value of oil, especially when such a sale takes place between affiliated companies. When the sale is between unrelated third parties, market values are easier discerned through international benchmarks after considering crude quality, upliftment and production methods, etc.

Finally, Statia said that the ability to move revenues and shift costs between countries has become common for Multinational Corporations. He emphasized that complex corporate structures are adopted by many multinational companies, often using a conduit company / subsidiary, incorporated in a low tax or tax haven jurisdiction, as part of the chain of ownership leading to the main operator in the host country.

To this end, and realizing that GRA lacks the capacity to fully scrutinize the oil industry, Statia stressed that international assistance has been sought. He said that this continues to be the case as Guyana seeks to learn from the experiences of other countries and understand the financial, technical and socio-economic challenges that emanates from the oil industry.

He said that the GRA has reached out to the International Monetary Fund, the World Bank, the Commonwealth Secretariat, the UK, and Trinidad and Tobago, for training and secondment/ attachments in this regard.

The Commissioner General said, “The Oil and Gas Unit has been established and is presently within the remit of the Large Taxpayers Unit and will be a separate Unit by 2020. Training for prospective members of this Unit is going on as we speak, and initial letters have been written to Contractors advising them of their obligations under the PSA. I can assure you that the officers of the GRA will be working to minimize the curses associated with our country’s oil find. Since the oil discovery, we at this institution have sought to acquire as much information and knowledge as possible on the socio-economic impact and technical requirement of oil production, and to equip ourselves with the tools necessary to ensure that our country’s share of Profit Oil is maximized.”

“At the national level, Guyanese are optimistic that the oil find will improve their quality of life. However, they are also cautiously optimistic being cognizant of the many countries that were affected negatively by oil wealth, with increasing political instability, environmental degradation, and increasing inequality.”

“As Commissioner General of the GRA, I am au fait with the potential of lost Government revenue due to tax avoidance and evasion strategies by multinational companies. It is a widely accepted fact that the extractive sector is particularly vulnerable to such. Guyana is not alone in this regard, there are a common set of challenges that affect all countries and therefore the threats to Government revenue will have to be assessed on a sector specific basis.”

The Commissioner General of the GRA said that it is a challenge, though not insurmountable, to protect the tax base of most economic sectors, let alone the oil and gas sector.

He said, “Our country’s revenue, based on the PSA for the Stabroek Block, will be determined by four (4) main variables; the volume of production sold, the price at which this was sold and hence production value, the costs involved in production and hence eligible for cost recovery and taxation.”

Notwithstanding the various challenges and risks associated with first oil, which he outlined above, Statia said that GRA is building capacity to ensure a mantra he repeated to all taxpayers since assuming the post of Guyana’s Tax Chief, that is, that all taxpayers must pay their true and rightful taxes.

He noted that the contractors in the oil industry are no exception, and with the right tools and attitude, the officers at the GRA will ensure that this vital resource contributes its rightful share to the coffers of Guyana.

“After all, this is a national resource that belongs to all Guyanese.”

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FITNESS FANATIC,

VENA MOOKRAM,

IS ON A MISSION

TO BRING HEALTHY BACK

By SHARMAIN GRAINGER

I

She wore her Miss Guyana World crown with class.

The fitness fanatic and her ball.

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t isn’t everyday that you find a young woman who has a clear understanding of the importance of a healthy diet and exercise in the quest to be healthy. In fact, there are even adults who do not have an appreciation for the notion of being healthy. Many people are sometimes forced into this direction only after they would have developed some daunting medical condition.

But this is not likely to be the fate of former Miss World Guyana, 19-year-old Vena Mookram.

Vena shot to pageantry fame in 2017 when she won the Miss World Guyana title which allowed her to represent Guyana on the international stage in China.

During that pageant experience, Vena’s ‘Beauty with a Purpose’ platform saw her promoting physical fitness and nutrition.

But even before taking the pageantry spotlight, Vena was a fitness fanatic.

Delving into the fitness world, however, was not an overnight decision. It was triggered by a sad state of affairs she’d witnessed which affected her to the core.

The event in question was the death of her maternal grandmother who passed away due to complications related to Type Two diabetes. Her paternal grandmother is battling the same disease. (Diabetes is a chronic condition associated with abnormally high levels of sugar in the blood.)

Seeing her dear grandmothers suffer caused Vena to want to learn more about the condition. The knowledge she gained as a result, helped her to understand that the disease is one that could have been prevented altogether. Vena did not take this information for granted; instead she opted to act upon it.

“After realizing that it could have been avoided by simply eating right and exercising, I wanted to be an advocate for healthy living, not just for myself, but so that our Guyanese citizens can understand the importance of this too,” Vena related.

She was just 17 years old when she adopted this stance. Among her immediate

actions was to register at a gym, at which she currently works out at least four times weekly. “My regular exercise routine involves cardio and strength training,” said Vena, who has been ensuring that she eats healthy too.

Through her pageantry experience, Vena has been able to spread the word about embracing a healthy lifestyle. In fact, Vena shared that being a part of such a major event essentially gave her greater scope to reach even more people in her quest to raise awareness.

During her involvement in the Miss World Guyana pageant, she was able to host four major health outreaches with the help of many businesses and youth groups.

This beauty ambassador is optimistic that she will be able to make an even greater impact as, according to her, persons have been very receptive of her healthy lifestyle messages.

She is convinced, however, that “persons need to know that once you start and see results, you’ll never want to stop.

It’s not just about being physically fit, but how much it can improve your health and happiness.”

In fact, post pageant, Vena has kept her campaign going. “Since I came back from China, I have been working with a number of youth groups, making special appearances to advocate for my cause and I have participated in quite a few health outreaches,” said Mookram. She gloated about a fitness park she was able to establish during the pageant which, according to her, “is still up and running and I would encourage everyone in the Diamond, East Bank Demerara community to come out, play some cricket, and just have fun with your friends and family.”

Even as she keeps fitness in the forefront, Vena has also been indulging in other activities aimed at elevating herself academically. In this regard, she is currently undertaking the Associates in Business Executive course at the Nation’s University.

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