economy
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Guyana Now Boasts the World’s Highest Oil Reserves Per Capita
In April, 2022, after the Guyana Government disclosed that Guyana’s proven oil reserves stood at over 11 billion barrels, I published an article entitled, “Guyana Boasts World’s Second Highest Oil Reserves Per Capita.” Since then, the Guyana Government announced numerous other oil discoveries, but did not update the country on the total volume of proven oil reserves in billions of barrels, a reality which reportedly worries international anti-corruption organizations. In July 2024, a US analytical company, S&P Global Inc., announced that Guyana’s proven oil reserves now stands at 18.7 billion barrels.
Can this Recently Discovered Superfood Add a New Layer to Guyana’s Wealth and Food Security?
The moringa tree, colloquially called saijan, grows naturally and prolifically in the country of Guyana. The plant thrives in hot, tropical climatic conditions. As hardy as wild bush, it requires little care and grows well on hard, poor soil. It a previous article, I referred to the saijan tree as “riches in the midst of poverty” because Guyanese, considering the readily available leaves a “poor man’s food” didn’t actually know there were consuming a million dollar product.
Guyana is Now Officially the Richest Country, Financially, in South America
Guyana’s GDP Per Capita surpassed $20,000 USD at end of 2023 and is expected to grow significantly in 2024 as oil exports increase. Guyana will retain its crown as the world’s fastest growing economy throughout 2024. Before Guyana started pumping oil, in 2019, the GDP per Capita was just about 6500 USD.
What is Dutch Disease, and Why Guyana is at Risk
Managing a booming oil economy has its upsides, but it also has its challenges. It is a job which demands the ability to strike a delicate balance while satisfying the cries and demands of an increasingly privileged population. Guyana’s President, Dr. Irfaan Ali, mentored by veteran economist and national leader, Dr. Bharrat Jagdeo, is in the hot seat saddled with the responsibility of transforming Guyana’s non-renewable oil resources into renewable, sustainable, long-term, economic success. And this is no walk in the park.
Venezuelan Economy Regains Traction as US Lifts Sanctions
The once floundering Venezuelan economy, the failure of which has put millions of Venezuelans on the breadline and sent millions more fleeing starvation, is regaining traction as US lifts crippling sanctions and Venezuela becomes able to sell its oil to once blocked markets. Already, India, China, and United States have started to import crude from Venezuela bringing the glimmer of hope that the Venezuelan economy will be flooded with Petro dollars once again like it was in the good old days of the 90s.
Gas to Energy Project Expected to Reduce Electricity Cost by 50% and Cooking Gas Cost by 70%
The Guyana Government is moving full board ahead with its much criticized and debated Gas to Energy Project which is expected to be completed by 2025. Upon completion, President Ali said, electricity costs for the Guyanese people will be slashed by 50% and cooking gas by 70%. This will in turn contribute to the reduction of cost of living in the world’s fastest growing oil economy.
Guyana Records World’s Highest Economic Growth Over Last Decade
In order to compile a list of the 20 countries with the highest rate of economic growth in 10 years, we sourced data from the International Monetary Fund (IMF). The most recent data was available from 2022. We considered the growth in real GDP for all countries over the last 10 years. We averaged the real GDP growth rates of countries over the last 10 years and ranked them in ascending order.
Several Billion Dollar Investments Aimed at Turbo Charging Berbice Economy
The decision by the directors of the Sheriff Group of Companies to invest in the ancient county of Berbice is in support of President Dr. Irfaan Ali and Vice President Dr. Bharrat Jagdeo’s vision for Berbice with the creation of a stadium, deep water port, refinery and ongoing oil exploration in the Canje block.
Gas to Energy Project to Save Guyanese 27 Billion Dollars Annually – President Ali
During a State House event in July, 2022, President Ali boasted about the immense benefits that the Government’s Gas to Energy Project will bring to the citizens of Guyana, South America. The President explained how the Gas to Energy Project will reduce cost of living for citizens of Guyana, saving them collectively an estimated GY$27 billion annually which can be used for other commodities or savings.
How Reevaluating Guyana’s Currency Can Make Guyanese Rich Overnight
One Guyana Dollar is currently valued at around 210 US dollars. Guyana’s currency is weak because of numerous factors, but one of the most influential of those factors is the low GDP that the country produced over the last several decades. However, Guyana’s financial windfall from oil revenues now enables it to have a much stronger currency.
No Laughing Matter
I was extremely disappointed to hear our president referring to sugar as a “curse.” The same sugar that put food on the table for so many Guyanese families for centuries. The same sugar which enriched and sweetened the lives of so many people. The same sugar that laid the foundation for so many other industries, and created so many millionaires out of all races, classes, and conditions.