26th of July, 2021. Georgetown, Guyana, South AmericaLast updated: July 26, 2021 at 13:48 pm
On the 20th of December, 2019, under the previous APNU/AFC government, ExxonMobil started extraction of commercial quantities of sweet light crude at Liza Phase 1 Development. As of August, 2020, just at the time of the swearing in of the Presidential Candidate of the PPP/C, Irfaan Ali, Guyana had earned a total of over US$98,000,000.
Guyana has to date earned over three hundred and forty four million US Dollars (US$344,000,000) in oil revenue. And that’s in addition to gold, bauxite, timber, rice etc. To put that into perspective, that money could build more that 3,400 luxury homes at the cost of 20 million Guyana dollars each.
On the 21st of August, 2020, Vice President, Dr. Bharrat Jagdeo, made a statement that legislation is being drafted to ensure full transparency of the earnings and spending of Guyana’s oil revenue. He committed to criminalizing non-disclosure of any revenue collected from Guyana’s oil productions in an effort to prevent theft and corruption.
On the 15th of October, 2020, President Ali said that, in the context of recently commenced oil production, Guyana’s economic prospects has never been brighter, and committed to doing everything in his power to support accelerated economic growth.
In November, 2019, the International Monetary Fund had forecasted that Guyana’s economy would grow 14 times faster than that of China during the year 2020 and that Guyana’s Gross Domestic Product is expected to surpass 15 Billion by the year 2024.
It is not so much about how much we earn; it is more about how we utilize Guyana’s wealth. We must hold our government accountable and continue to trust that it utilizes its oil revenue in a way that positively impacts the lives of every citizen. At the same time, we must remember that Guyana’s wealth, which is being extracted from under the feet of every citizen, belongs not to any political party, but to all Guyanese.
Team Guyana, South America is committed to keeping the citizens of Guyana and the world at large updated with Guyana’s oil revenues and financial prospects. Be sure to like our Facebook Page to stay abreast with recent developments.