How should oil revenues be spent?
The Central Corentyne Chamber of Commerce (CCCC) believes that the revenue earned from Guyana’s oil resources should be extended to the development of more farm to market roads.
Poonai Bhigroog, President of the CCCC, in an invited comment to Stabroek News said that it is important to note that more accessible income for residents will spin off to benefit the business community, as “people will be able to spend more money and business can benefit tremendously.”
Importantly, he added that the Chamber has continued to push for more farm to market roads to be developed. He said, “We have been pushing a lot for farm to market roads, because especially Region Six being an agriculture region, one of the main challenges of farmers is having access to their farms and getting their produce out to market, so yes they need to be spending on farm to market road, that is one area that is very much required.”
Turning to the rice sector, Bhigroog said, that there has been a “high infestation of paddy bug and I recommend that an airstrip or aerial spraying can be one of the recommended ways to help ease farmers in getting rid of the paddy bug.”
Given the present labour crisis in Guyana, he added, that “this is one of the ways that the rice sector can benefit tremendously by aerial spraying which should eliminate a lot of labour, this is one of the things the chamber has been lobbying for.”
He noted, that the Nand Persaud Group of Companies, a member of the chamber, had set up an airstrip in the Upper Corentyne Area years ago but has not been able to fully commence operations due to some “technical negotiation” as such “the chamber is pursuing this to see if we can get this off, and I think this is one of the area that would benefit tremendously.”
Commended
Meanwhile, the Berbice Chamber of Commerce and Development Association in an invited comment on the use of Guyana’s oil resources, commended the government for “its effective management of oil revenues, which has significantly bolstered the country’s economy.”
In a statement released exclusively to Stabroek News, it stated, “the strategic investments in infrastructure, education, and healthcare have created a more conducive environment for businesses to thrive. This has led to increased employment opportunities and improved living standards for the general community. Moreover, the government’s focus on ensuring transparency and accountability in the use of oil revenues has fostered investor confidence, attracting both local and international businesses.”
According to them, “The benefits of these revenues are evident in the enhanced public services and the overall economic growth, making Guyana a model for other nations in resource management.”
Additionally, they noted, that chamber supports the government’s current initiatives and suggests further strategic allocations of oil revenues “in several key areas to maximize benefits for the nation. Enhancing renewable energy projects would ensure sustainable development and energy security. Investments in technology and innovation sectors could drive diversification and economic resilience. Additionally, expanding social programmes aimed at poverty reduction and community development would directly uplift the most vulnerable populations. Strengthening agricultural initiatives can boost food security and create rural employment opportunities.”
The chamber believes that “these targeted investments will complement existing efforts and further propel Guyana towards inclusive and sustainable growth”, the statement said.
