Guyana Times Responds to Kaieteur News Column on Economic Development

The Guyana Times, through a letter signed by Attiya Baksh, stated that the Peeping Tom column published in Kaieteur News on October 30, 2026, presented a simplistic and misleading interpretation of Guyana's economic development. The letter contended that while the column might appeal to colonial history, it obscures the actual realities of modern economic growth, the strategic choices available to a small developing nation, and the deliberate policies in place to ensure Guyanese benefit from national resources.

Baksh argued that the core error in the column's argument was equating foreign investment with foreign domination. The assertion made was that economic sovereignty does not mandate that a nation must own, finance, and operate every segment of its productive sectors. Instead, sovereignty requires the capability to make decisions aligned with national interests, to negotiate partnerships, to regulate investment, and to guarantee that the resulting advantages benefit its citizens. The letter drew a distinction between colonial exploitation and sovereign nations engaging in voluntary commercial partnerships.

This distinction was highlighted as particularly relevant in the oil and gas sector. Developing offshore petroleum resources demands substantial capital investment, advanced technology, specialized expertise, and the acceptance of significant commercial and operational risks. The letter noted that for Guyana to finance and build the necessary infrastructure independently, it would place extraordinary burdens on public finances, diverting limited resources from priorities such as healthcare, education, housing, and transportation, while also delaying revenue generation from the sector. Furthermore, such an approach could expose the country to the risk of holding stranded assets as the global energy transition advances toward net-zero emissions commitments.

Baksh questioned why Guyanese taxpayers should bear billions of dollars in investment risks when strategic partnerships with international firms can supply the required capital, technology, and expertise. The suggested prudent path is not to reject foreign involvement but to structure it to maximize national returns while minimizing the nation's financial exposure.

Regarding the suggestion that Guyanese businesses are destined to remain on the periphery of the petroleum industry, the letter pointed out that Guyana has enacted the Local Content Act to protect and expand Guyanese involvement in the sector. This Act mandates the procurement of specific goods and services from Guyanese companies and generates opportunities for local employment, enterprise growth, and capacity building. These measures are described as statutory obligations intended to ensure that the development of petroleum resources yields concrete domestic economic benefits.

Moreover, the letter stated that the Government's strategy for developing indigenous enterprise begins and concludes with oil and gas. The Guyana Development Bank initiative is intended to enhance access to financing and support for Guyanese entrepreneurs, including those operating outside the petroleum sector. These initiatives acknowledge that true economic independence relies on cultivating a diversified domestic private sector, rather than focusing national ambition solely on owning extractive industries.

Additionally, the column overlooked the reality that Guyana faces considerable labor shortages. The expanding economy requires workers across various fields, including construction, engineering, manufacturing, agriculture, and hospitality. The pace of development has created demands for specialized skills and labor that the domestic workforce cannot immediately fulfill. Consequently, foreign expertise, investment, and necessary labor are not necessarily indicators of economic subordination; they can serve as vital complements to domestic capacity as Guyana invests in workforce development and training.

Baksh concluded that insisting on development proceeding only at the rate permitted by existing domestic resources would be economically counterproductive. The goal should be to utilize international partnerships to accelerate growth while systematically enhancing Guyanese skills, ownership, entrepreneurship, and institutional capacity. The letter maintained that while foreign investment should not evade scrutiny, and contractual agreements can be improved, transparency, accountability, effective regulation, and the equitable distribution of national wealth remain essential. The letter asserted that Guyana's economic independence will be measured by its capacity to exercise sovereign authority, capture value from its resources, develop its populace, strengthen domestic enterprise, and convert finite natural-resource revenues into lasting national prosperity, emphasizing that sovereignty is not diminished by partnership but is strengthened when partnerships are strategically pursued, effectively regulated, and serve the national interest.