Introduction
Last week’s column argued that, the best use of Guyana’s oil wealth would be strategic spending on, and through, a dedicated Ministry of Renewable Energy. Only such a body would be capable of the measured and fierce competitions required to ensure Guyana’s hydrocarbons wealth promotes the aspirational goals of the ‘Green State’. This proposal acknowledges the several weaknesses of government ministries, but believes sub-ministerial bodies cannot meet the expected demanding standards. Ministry risks are many, and include weak accountability/transparency; sloth and bureaucracy; lack of technological/managerial adeptness; and outside political direction. Such risks, however, affect sub-ministerial bodies probably even more.
Today’s column shifts discussion to fiscal revenues and related matters, following the coming petroleum sector. The implicit distinction between gross and net revenues under present contracts, is acknowledged