Transparency
Guyana suspended from EITI: Guyana has been suspended from the global Extractive Industries Transparency Initiative (EITI) for failure to submit a report for 2020, sources tell Stabroek News. Georgetown was formally advised of the development on February 17th by the Norway-headquartered body but there has been no word from the government about it. EITI countries commit to disclose information along the extractive industry value chain – from how extraction rights are awarded, to how revenues are channelled through government and how they benefit the public. Through participation in the EITI, more than 50 countries have agreed to a common framework governing what has to be disclosed and when – the EITI Standard. Now that Guyana is an oil producer the Standard is seen to be even more important. In each country that has joined the EITI, a multi-stakeholder group, comprised of government, companies and civil society, supports implementation of the EITI Standard. The suspension could be lifted if the local affiliate of EITI, GY-EITI is able to submit the report as required. The suspension will however be seen as a major embarrassment for the PPP/C government which has at times appeared lukewarm to the Initiative. Turmoil was also sown in the GY-EITI when the government parachuted its former media czar, Dr Prem Misir into GY-EITI in March last year rather than renew the term of Dr Rudy Jadoopat who had been in the position for some years.Dr Misir and some stakeholders in the GY-EITI have clashed over decisions he has made and this has further inhibited progress on matters that needed to be addressed for the EITI standard. EITI has advised Minister of Natural Resources, Vickram Bharrat about the decision to suspend and has presumably also advised GY-EITI. Sources say the 2020 report was due on December 31, 2022 but this deadline passed without it being completed. A subsequent request by Georgetown for an extension of the deadline was denied by EITI as no extenuating circumstances were cited. Guyana had previously sought an extension for the 2019 report and this was agreed as the COVID-19 pandemic had been deemed a legitimate impediment.
Money laundering
Chinese Embassy says ready to assist in $4.1b money laundering probe: China’s Embassy in Guyana on recently said that it does not view the recent $4.1b money laundering investigation involving some 22 Chinese companies as complete and has forewarned that it considers presently any presumption of guilt as unfair. The Embassy, however, does clarify that it stands ready to assist local law enforcement officials. A spokesperson for the embassy, in response to questions asked by the Sunday Stabroek said, “Should the Chinese Embassy in Guyana be requested to provide some assistance, we would be quite willing to do it within our capacity.” The spokesperson added, “It is our knowledge that police investigation to the case …has not been completed in Guyana. Presumption of guilt at this time is not appropriate or fair.” Thus far, the government has been silent on any plan to pursue the Chinese angle. An almost three-year investigation by the Special Organised Crime Unit (SOCU) came to an end last Wednesday when a Herstelling, East Bank Demerara (EBD) businessman and his reputed wife were arrested and charged for allegedly laundering billions to 22 companies in China. Charged were Kenneth Ramnarine, a taxi driver, his reputed wife, Yevette Saroop, and son Damian Ramnarine, a salesman, all of Lot 274 Somerset Court, Herstelling, EBD. SOCU laid a total of 268 charges of money laundering and conspiracy to launder over $4.1 billion against the family. Their son, Damien, did not appear in court with his parents, but was later charged on Wednesday evening after he surrendered with his lawyer to SOCU, he also faces joint money laundering charges. The family’s business was flagged by the Financial Intelligence Unit (FIU) after routine disclosures were made by local banks. The Guyana Revenue Authority (GRA) is additionally investigating for possible tax evasion, sources say. Kenneth and Damian Ramnarine were charged jointly, while Yvette Saroop, who was alleged to have conspired with them, was charged separately. Kenneth Ramnarine appeared at the Georgetown Magistrate’s Court last week Wednesday before Chief Magistrate Ann McLennan where he was not required to plead to 41 indictable money laundering charges. His son was not present in the court at the time. The family is being represented by attorney, Bernard Da Silva. The joint Money Laundering charges against the trio were laid under Section 3 (1) (a) of the Anti-Money Laundering and Countering the Financing of Terrorism Act Chapter 10:11. A summary of all the charges read that they knowingly, or having reasonable grounds to believe that the cash in question, whether in whole or in part, directly or indirectly, represented proceeds of crime, and that they converted or transferred the cash in question knowing, or having reasons to believe that the said cash is the proceeds of crime, did so with the aim of concealing or disguising its illicit origin. Kenneth Ramnarine was remanded until March 06. The 134 money laundering charges against Saroop were laid under 3 (1) (d) of the aforementioned act. She appeared on Wednesday at the Diamond/Grove Magistrate’s Court before Magistrate Sunil Scarce, where she was not required to plead to the indictable charges. A summary of all the charges read that she conspired with Kenneth and Damian Ramnarine to convert or transfer the cash in question, knowing or having reasonable grounds to believe that the cash in whole, or in part, directly or indirectly, represents proceeds of crime with the aim of concealing or disguising its illicit origin. Saroop was remanded to prison until March 6 and she will reappear in court on March 17 for disclosure.
Accountability
Another public accounts meeting aborted following no-show by gov’t members: The Public Accounts Committee (PAC) of Parliament was last Monday forced to abort another meeting after three government members tendered excuses and two did not show up. This is the ninth PAC meeting to be aborted under similar circumstances since a quorum change. The other PAC meeting cancellations occurred on May 23rd, 2022 [mere weeks after a change to the previous quorum was adopted], while the other cancellations were on July 11, 18 and 25, November 21 and 28th, December 12th 2022, and February 6th 2023. The Chairman of the PAC, Jermaine Figueira, has reiterated APNU+AFC’s opposition to the present quorum. “It is important that we are allowed to do our work in the interest of transparency and accountability,” Figueira told Stabroek News. He added that the non-holding of meetings delays their work, which he described as unfair as the PAC has an obligation to report to the National Assembly. A suggestion first made by current government lead member, Gail Teixeira, when in opposition, that ministers of government not sit on the PAC because of their heavy workload and commitments has resurfaced. “It has been our suggestion that ministers not sit on the PAC. When Ms. [Gail] Teixeira was out of government she made the same suggestion but now the tables have turned and she is lead member of the government on the committee,” he stated. In relation to two of the aborted meetings, on July 11 Government members, Minister of Public Works, Juan Edghill, Dr. Vishwa Mahadeo and Teixeira, were at the opening of the National Toshaos’ Conference. Teixeira said she had sent an excuse to members informing them of her unavailability at around 1 am on Monday. Regarding the aborted May 23 meeting, Teixeira said that the non-attendance of government members was not a deliberate act and that their absences were due to national emergencies and members being ill. Before the change of quorum, a meeting required three members irrespective of which side of the House they were from. Opposition members, then, had argued in defence of the three-member quorum saying that if it was changed government members would use the new formula to stymie the work of the PAC. The new quorum that guides the current PAC requires five members, two from either side of the House plus the Chairman. Teixeira, when defending her tabling of the motion to change the quorum, had said that the amendment of the quorum for the PAC offered protection to both sides of the National Assembly. She argued that the 2-2-1 formula provides for greater participation when scrutinising the Auditor General’s reports and secures representation of both sides. She pointed out that on two occasions, while the government side of the House was absent, the opposition made decisions without their input.
Oil & Gas
Case for oil refinery has not been made – Dr Thomas: Economist Dr Clive Thomas says that the case for an oil refinery here has not been made. In his Guyana and the Wider World column in yesterday’s Sunday Stabroek, Dr Thomas, who has focused extensively on the oil and gas industry, said the basis for the consideration here for a refinery has not improved since 2017 when he had first addressed the matter in detail following the publication of a report by the Pedro Haas consultancy. Last October, the government sought bids for a 30,000 barrels a day modular refinery which would not involve the State. “Upfront I assert that the case for an oil refinery in Guyana has not significantly improved, both domestically and internationally, since I first addressed this topic back in 2017. While modular refinery technology has yielded productivity gains in capability and complexity and incomes and demand for refined products have grown in Guyana, the scale of proposed operation at 30,000 is less than one-third of that in the Haas study-100,000 bbl/d”, he said. Internationally, Dr Thomas said that many prevailing economic trends work against the construction of new oil refineries at this time. “Perhaps the most pressing secular and structural trend is the global climate transition underway from carbon emitting fuels. Recall the vast majority of nations, indeed the United Nations itself, is spearheading the switch to renewables. A small emerging oil producer cannot resist these pressures. Even a powerful USA is being pressured to shut down refining capacity in 2022 even as a shortage of such capacity is evident. Global macro-economic trends reinforce the secular economic trend indicated above. Covid-19 and post pandemic effects on supply chains, government spending, price, and interest rates policy responses, have been complicated by geo-political tensions, the war in Ukraine along with Big power trade, technology and investment stresses. All these work against capital intensive investment in a carbon-emitting extractive sector”, he argued in his column. He noted that the Authorities have at the highest levels propounded the view that national security concerns are playing a key role in their approach to a local oil refinery. This, he said, has been sparked by skyrocketing crude prices amid geopolitical turmoil and the Russia/ Ukraine war. He said that Vice President Bharrat Jagdeo is cited in the media on the national security considerations as claiming it is “to ensure Guyana does not run out of fuel”. “These are important but far too expensive as an insurance against this risk. With a likelihood of producing 1.5-1.7 million barrels of oil per day by the 2030s Guyana should aim to leverage its crude output for bilateral sidebar bilateral mechanisms offering refined products for what is globally a tiny market demand”, Dr Thomas posited. He pointed out that the fortunes of crude oil refinery construction in the Caribbean whether for exportation as a deep-water port or for domestic import substitution, make for disappointing reading.
Crime
Bulletins issued for eight over money laundering: The Special Organised Crime Unit (SOCU) last week issued wanted bulletins for eight persons in relation to money laundering and financial crimes offences.
The bulletins follow:
NAME: Mr. Denzel Lawrence Muir
DATE OF BIRTH: 28th March 1994
ETHNICITY: Male Mix
COMPLEXION: Brown
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESS: 194 First Street Mocha Arcadia East Bank Demerara.
If seen or anyone who has information about the whereabouts of the said person, please contact the SPECIAL ORGANISED CRIME UNIT (S.O.C.U) on 225-3079, 225-3084, or the nearest Police Station.
Mr. Aubrey Anthony Fraser
DATE OF BIRTH: 17th September 1997
ETHNICITY: Male African
COMPLEXION: Dark
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESS: Lot 75 Accabre Drive, Kara Kara, Mc Kenzie, Linden.
If seen or anyone who has information about the whereabouts of the said person, please contact the SPECIAL ORGANISED CRIME UNIT (S.O.C.U) on 225-3079, 225-3084, or the nearest Police Station.
NAME: Mr. Leon Anthony Williams
DATE OF BIRTH: 05th March 1994
ETHNICITY: Male African
COMPLEXION: Dark
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESS: Lot 74 Accabre Drive Kara Kara Housing Scheme, Linden.
Ms Cassandra Alexandra Mclennan
DATE OF BIRTH: 13th March 1996
ETHNICITY: Female African
COMPLEXION: Brown
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
Mrs. Melicia Adella Williams
DATE OF BIRTH: 22nd September 1984
ETHNICITY: Female African
COMPLEXION: Dark
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESSES: Lot 99 Inner Bagotsville West Bank Demerara,
Lot 347 Ruimveldt, Georgetown
Lot 74, Accabra Drive Kara Kara, Housing Scheme Mckenzie Linden.
Melicia Adella Williams
Mr. Akeem Elijah Powers
DATE OF BIRTH: 26th June 1995
ETHNICITY: Male African
COMPLEXION: Dark
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESSES: Lot 918 Victory Valley, Linden, and Lot 37 West Watooka Farm Road, Linden.
NAME: Ms. Khadijah Nafeesah Long
DATE OF BIRTH: 26th Jun 1997
ETHNICITY: Female African
COMPLEXION: Brown
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESS: 266 Wisroc Housing Scheme Linden, Upper Demerara River.
Khadijah Nafeesah Long
Mr. Raul Jomal James
DATE OF BIRTH: 23rd August 1988
ETHNICITY: Male African
COMPLEXION: Dark
OFFENCE: Wanted for questioning in relation to Money Laundering and Financial Crime offences in Guyana.
LAST KNOWN ADDRESS: Lot 98 Accabre Drive Kara Kara Housing Scheme Mackenzie Linden.
Teen stabs husband to death at Lima Sands: A love story ended tragically last Sunday morning when a Lima Sands, Essequibo Coast man was stabbed to death, allegedly by his teenage wife. Anthony Shivlall, called ‘Davie’, was fatally stabbed at McNabb, Region Two and his 18-year-old wife is currently in police custody. According to information received, the incident occurred at 02:00 hrs hours after the couple had an argument while attending a birthday party for the wife’s grandmother, Bernadine Williams at her home on Saturday night. Williams said that after the argument earlier Saturday night, her grand-daughter left and went home. The celebration continued, she said and she was dancing in the yard around 02:00 hrs, when she saw her granddaughter return. She said the girl asked for her husband and she told her that he was inside in the lower flat of the house. “She went into the house and spent a while and then I check for them and I saw Shivlall lying on the ground and my granddaughter was over him,” Williams said. She saw her stabbing him with a knife to his chest area, after which she ran east of the lower flat, exited and escaped. The police were summoned to the scene and examined the body. Detectives observed one stab wound to the victim’s left chest area, one stab wound to his lower right chest area, and one to his left hand. The police then arrested the teenager at her mother’s house at McNabb. Shivlall was pronounced dead on arrival at the Suddie Public Hospital; his body is there awaiting a post-mortem examination.
In the courts
Land sale case against BV/Triumph NDC withdrawn: An attempt by a company to enforce a controversial land sale deal with the BV/Triumph NDC appears to finally be at an end. In granting the request of Mohamed Sons and Daughters Trading to have the case against the Beterverwagting/Triumph (BV/Triumph) Neighbourhood Democratic Council (NDC) in the land dispute withdrawn, Justice Gino Persaud last Tuesday not only upbraided the applicant, but also the NDC, as he stated in his perusal of the case that he found that “there was no innocent party…” and “everyone’s hands are dirty.” “…This case reeks of all kinds of offensive odours from the beginning involving John Fernandes Limited, the applicant Mohamed Sons and Daughters and everyone is complicit in this,” Justice Persaud said. Yesterday’s withdrawal of the case ended a years’ old controversy that first saw the NDC selling a piece of land it did not own to John Fernandes Limited before it backtracked on the decision and attempted to return the money to the company. This move saw their decision being challenged by Mohamed Sons and Daughters who claimed that JFL had signed over its interest in the matter to them. The judge subsequently awarded costs against the applicants (Mohamed Sons and Daughters) to the tune of $250,000. The payments are to be made within six weeks. However, the attorney representing the applicant, Nigel Hughes, objected to the sum on the grounds that the matter was being withdrawn as result of larger issues and that it was not because of the actions of the applicant that the matter was before the court. As such, he requested that the court revise the sum, but his request was firmly denied. “Honestly, this is what we have to deal with when we have 10 judges in the system and hundreds and hundreds of matters to deal with. That why I am awarding $250,000 to costs. It is an abuse of the process of the courts in filing this bogus application,” the judge remarked in response to Hughes’ application for a lowering of the sum. Justice Persaud while addressing the parties, expressed the hope that matters such as this do not engage the courts in the future. He lambasted the parties for wasting the judiciary’s time as the matter is marred with “intrigues and offensive odours.” Referring to the filed case as “absolute rubbish,” he stated that there was no way the court could have granted the orders the applicant was seeking considering what was raised in the application of defence.
Nine men charged over Mon Repos unrest, released on $300,000 bail: Nine men were last Tuesday released on $300,000 bail each over terrorism offences during unrest at the Mon Repos market in June 2022 in the wake of a protest over the killing of Quindon Bacchus. Tony MacKinnon, Carlos Kingston, Terrence Adolphus Nedd, Antony English, Keon Glasgow, Jullian Peters, Mark Hercules, Dave Berkshire and Phillip Burke all appeared before Magistrate Alisha George at the Sparendaam Magistrate’s Court. The men were charged under the Acts of Terrorism, Contrary to Section 309 (A) (1) (b) (ii) of the Criminal Law (Offences) Act, Chapter 8:01, the police said. It is alleged that on June 28, 2022, between Golden Grove and Mon Repos, the defendants together with others, with the intent to strike terror, used wood and other materials to block, burn and damage the public road. The charge was laid indictably and the men were not required to plead. Magistrate George released the men on $300,000 bail each and ordered them to lodge their passports at the court. The men will also have to report to the Cove & John Police Station on the 14th of each month. The matter has been adjourned until February 28, 2023. The men hail from the communities of Golden Grove, Nabaclis, Enmore North and Haslington North, along the East Coast of Demerara. On June 28, 2022, the protest over Quindon Bacchus turned violent at the Mon Repos Market where vendors were robbed and beaten by rioters while their vehicles were burnt and their stalls destroyed.
Rosignol man sentenced to 20 years for killing wife: A Rosignol man, who last month opted to plead guilty to fatally stabbing his wife back in November, 2020, was last week sentenced to twenty years in prison. Taijram Rahim, a cane cutter of Marcy Dam, Rosignol Village, West Bank Berbice, was charged in November, 2020, with the murder of his wife, Amrita Rahim, 28. Rahim, who was represented by attorney at law, Surihya Sabsook, pleaded guilty to the lesser count of manslaughter at the High Court in Berbice in January before Justice Navindra Singh. In two victim impact statements presented to the court on behalf of the couple’s children, it was noted that they were hopeful that their father would be released as they just wanted to have the family back together. They said they remembered their mother as someone who took care of them and helped them with their studies and noted that they do not recall the couple fighting. Rahim yesterday in court begged his three sons for “forgiveness.” “I beg them for forgiveness, I hurt them a lot, I beg my wife family for forgiveness, I make a big mistake, I beg everybody for forgiveness,” he said as he became tearful. His attorney said that if there was anyone deserving of a chance of rehabilitation it would be Rahim as according to her at the initial stages of the investigation he provided investigators with a statement while he never attempted to waste the court’s time but pleaded guilty. She then stressed that he was extremely remorseful for his actions as she asked for the court to be lenient, noting that he was taking anger management classes.
Housing
Housing ministry inks $56.8b infrastructure contracts: As the Ministry of Housing and Water inked contracts to the tune of $56.8 billion, Minister Collin Croal last Friday warned contractors that delays will not be tolerated and urged them to begin mobilisation immediately. “This government has made commitments to the people of Guyana and to applicants who are waiting for their lots. So, therefore, you have to ensure you meet your timelines,” Croal exhorted the contractors gathered at the Arthur Chung Conference Centre in Liliendaal. A total of 126 contracts were signed between the ministry and contractors for works to be executed on bridges, road networks and culverts, among others. This will see works being executed in regions Three, Four, Five, Six, Seven, and Ten. Contracts were signed for Guyana’s first smart city, Silica City, to the tune of $2.1 billion and at Palmyra, and Number 75 and 76 villages in Region Six. Works at Palmyra are pegged at some $9.4 billion. In Region Four, Croal announced that works to the tune of $21.7 billion will be executed at De Endragt, Hope Block Six, Hope Blocks ‘A’ and ‘B’, Le Ressouvenir and Success, Good Hope Phase Four, Great Diamond Block 3, Great Diamond Block 7, Golden Grove Block 2, and Golden Grove Block 13.
He stated that infrastructure development works will also be carried out in Region Five at Burma Phase Two and Balthyock, Shieldstown, at a sum of $3.3 billion, while further infrastructure development works will be done in Bartica, Region Seven, to the tune of $1.08 billion. As he addressed junior and senior contractors, Croal told them that he and the senior executives of his ministry will be conducting regular visits to work sites to ensure they are on schedule. He stated that contractors must do all they can to avoid delays and meet their timelines. With every delay, he informed, there is a domino effect where not only does it cost contractors more to deliver on the project, but also sets property owners back. “This government has made commitments to the people of Guyana and to applicants who are waiting for their lots. So, therefore, you have to ensure you meet your timelines,” Croal emphasised.
Fire
Four families affected after fire guts Wortmanville apartment complex: Four families have been left in a state of devastation after a fire, the origin of which is yet to be determined, ripped through a four-apartment complex at Lot C Louisa Row, Wortmanville, Georgetown, last Friday at about 4pm, leaving two families counting their losses and the other two suffering from scorched items and severe water damage. Although no official release was issued by the Guyana Fire Service up to press time, it was reported that the fire started in the front apartment of the lower flat of the structure which is a two-storey concrete and wooden building and which housed more than a dozen persons including a baby. At the chaotic scene yesterday, Stabroek News managed to speak to three of the tenants. Two have alleged that the fire was caused by illegal smoking of narcotics, while the other, the occupant of apartment where the fire started is refuting those claims. According to Nigel Reynolds, who occupied the front apartment on the upper flat along with his wife and four children, at the time he was on his bed looking at television when he suddenly heard someone out on the road shouting, “fire! fire!” which prompted him to investigate. “I deh in me bed lie down and next thing you know I hear the man ova deh [pointing to the road] hollering ‘Fire! Fire! Help!’ When I peep through the window I see the smoke rushing up, all wuh I coulda try fuh do was get me children out of deh, I couldn’t save nothing, nothing,” lamented the man. According to him, on numerous occasions he had spoken to and cautioned the young men who lived in the apartment below him as well as those who went to visit, to desist from the illegal act but they paid him no heed. Reynolds said that he had a well furnished apartment and has estimated his losses to be in the millions. Another tenant, Julian Henry, said that he was also in his apartment when he was alerted by a shout of “Fire!” Henry noted that the fire did not destroy any of his belongings but instead he mostly suffered water damage. “All I hear is ‘Fire! Fire!’ and when I look out I see the smoke and I tried to get out as fast as I can…our apartment ain’t get much damage just water damage, no fire.” The man also echoed that illegal smoking is the norm at the front of the yard and suspects that could have been the cause of the fire. “Well in front there is a smoking heaven, day and night weed smoking in there.”
Accident
Policeman dies following Heathburn accident: Police Corporal Alden Reynolds on Friday afternoon succumbed to injuries sustained in an accident along the East Bank Berbice Public Road on Thursday. Reynolds, 40, of Sandvoort Village, West Canje Berbice; and Police Sergeant, Javon Thomas, 37, of Fort Ordnance Housing Scheme, were at Heathburn when they were struck. The men were rushed to the New Amsterdam Public Hospital and then later transferred to the Georgetown Public Hospital. Stabroek News was told that Reynolds, who sustained massive head injuries, succumbed just around 4 pm. Commander of Region Six, Shivpersaud Bacchus confirmed Reynolds’ passing. Reynolds was based at the Whim Police Station attached to the Criminal Investigation Department. Meanwhile, the Commander further noted that Thomas is responding to treatment and they are hopeful that he will make a full recovery. The driver of the speeding car remained in police custody as of yesterday afternoon. On Thursday, the men and several other ranks were on their way further up the East Bank Berbice area for a domino competition when they stopped at Thomas’s in-laws’ residence at Heathburn. Stabroek News was told that after the men exited the yard, motor car, HD 2816, which was driven by Troy Henry, 50, of First Street, Edinburgh Village, EBB went out of control and ran into Thomas’s wife, Dr Karen Thomas’s vehicle, PAC 4187, which was parked on the parapet and then the policemen.
Business
Businesses complaining of foreign currency crunch: Central Bank Governor, Dr Gobind Ganga, has refuted reports of a shortage of foreign currency, specifically the US dollar, at local banks, following complaints from the business community. However, despite his assurances, businesspersons have called for a full-fledged investigation into why they are constantly faced with this issue. “There is no shortage. What you will probably have is an instantaneous shortage but everyone has enough…” Ganga yesterday said in an invited comment. He noted that there might also be some hoarding at banks but there isn’t much that can be done to address it. While businesses have been reporting to the Georgetown Chamber of Commerce and Industry (GCCI) of a shortage, President Timothy Tucker experienced it for himself last week while at the bank. In a Facebook post Tucker stated, “Got to love doing business in Guyana. Bank of Guyana: There’s no USD shortage. Me: A waiting Two weeks for a Commercial Bank to get USD for a wire transfer to pay a supplier.” His experience was similar to that of businessman, Terrence Campbell, who also said that just about a week ago, one of the local banks could not process a payment of just over US$90,000 to his supplier. He said that he was forced to ask the supplier to release the goods with the understanding that the payment will be facilitated in a few days. “The bank had to email the supplier giving them the assurance that the money will be paid in a couple days. This is what we had to do to get the supplies needed,” he pointed out. Stabroek News understands that businesspersons have been reporting the shortage since last September, even at a time when the local banks were saying there was no shortage. According to Campbell, at a time when Guyana is attracting foreign investment, specifically through the oil & gas sector, it begs the question, “What is contributing to the periodic shortages.”
“The Bank of Guyana has to stop being so defensive and say what is going on. I think some sort of investigation is warranted to determine what is causing this steady shortage. It is only after an investigation we can see policy changes and have this issue addressed,” Campbell posited. He went on to say that if the shortages continue, the Guyanese people must know what the macro-economic implications we face are, and how they can be addressed. Campbell added that he is concerned that while investors are coming and one would expect them to bring their money, they are borrowing from local banks, putting local businesses at a disadvantage. Stabroek News was told that some banks are giving foreign investors priority and in some cases hoarding to facilitate large payments for clients. It was explain-ed that due to agreements with foreign banks, the local banks will honour the agreement to the benefit of the customer.
Government
Republic galloping into modernity – President: “Our Republic is galloping into modernity” is the message President Irfaan Ali delivered on Wednesday night on the eve of the 53rd anniversary of Guyana’s Republican status. At a flag-raising ceremony at Public Buildings, he declared that the government was laying the foundation for the post-2030 Guyana, one in which: Every child will be able to have access to and benefit from a quality education in classrooms that are safe, non-intimidating and equipped to bring out the best in him or her; Every citizen will be able to walk into a regional hospital and receive expeditious care and treatment; Where those who flout the law will know that there are consequences for doing so; Where every pensioner will be able to enjoy a dignified existence; Where our young people will be afforded opportunities, previously denied, to pursue productive careers; Where there is an efficient, customer-friendly and responsive public service; Where women are assured to equal opportunities and respect; Where every family will be afforded the opportunity to own their own home; Where growth is tempered with equality and where no person is denied opportunities because of where they live; and Where our people and communities enjoy a harmonious and inclusive future under the One Guyana banner. He said that his government is not averse to constructive criticism and appeared to take aim at those who have been saying that here has not been an equitable distribution of oil proceeds.
