Dear Editor,
I couldn’t help but chuckle when I read about President Ali announcing $200,000 for each household. $200,000! Wow, what a life-changing sum! That’s about USD $960—just enough to cover a few months of rent, a cartful of groceries, or perhaps an upgrade to that old stove that’s been on its last legs, this move is akin to a modern day hamper, which the previous party handed out during elections. I mean, who needs long-term financial security when you can buy a nice couch and some new curtains, right?
But hear me out—what if, instead of spending it all on short-term needs, we take that $200,000 and buy ExxonMobil stock instead? You know, the same Exxon that’s basically running the show when it comes to Guyana’s oil industry. With Exxon shares currently around USD $109 each, that measly USD $960 could buy you about 8.8 shares of the company. Sure, that might not sound as glamorous as new kitchen appliances, but over the last decade, Exxon’s stock has averaged 8-10% in annual returns. That couch? It’ll depreciate faster than your patience on a hot Georgetown afternoon.
Let’s not forget that Exxon shares have nearly doubled since 2020. So, while President Ali’s one-time gift of $200,000, should be increase enough to buy 10 shares, will be long gone after a few grocery runs and utility bills, those Exxon shares could be quietly growing in value—maybe even paying you dividends! Imagine that: instead of just consuming the wealth, you’d actually be building it. Revolutionary concept, I know.
Of course, President Ali’s latest maneuver has, predictably, outshined and neutered the oppositions. After all, who can argue with free money? But if we’re talking long-term prosperity, perhaps Guyanese households might be better off with a little Exxon stock in their pockets rather than a fleeting windfall that’s here today, gone tomorrow. Just something to consider next time you’re eyeing that 60-inch TV.
Sincerely,
Keith Bernard
