Dear Editor,
I was deeply concerned by recent comments made by Opposition representative Terrence Campbell in a Stabroek News article dated December 6, 2024, regarding the Natural Resource Fund (NRF). His assertions expose a worrying misunderstanding of the NRF Act and its operational framework.
Campbell claimed that the NRF’s Board of Directors functions as a “rubber stamp” and raised concerns about the rate of depletion of the Fund, alleging that the Board signs “blank cheques” for withdrawals. Such statements not only misrepresent the facts but also reflect a fundamental ignorance of the legislation governing the NRF.
Let me clarify: withdrawals from the NRF are authorized solely by the National Assembly, as outlined in Section 16(2) of the NRF Act. The Board of Directors, while playing a vital governance role, does not have the authority to initiate or approve withdrawals. To suggest otherwise is to mislead the public and erode confidence in a system designed to be transparent and accountable.
Furthermore, Campbell’s comments disregard the clear distinction between the roles of the Board and the Investment Committee. As stated in Section 8 of the NRF Act, the Investment Committee’s role is to advise the Board on investment mandates. It has no involvement in withdrawal processes, which are governed by strict legislative oversight. This separation of functions ensures integrity and safeguards the Fund from misuse.
On the matter of depletion, the facts speak for themselves. The NRF’s market value stood at an impressive US$3.193 billion as of September 30, 2024. This reflects not only prudent management but also robust returns under the investment mandate approved in May 2024. Campbell’s claims of depletion ignore these realities and undermine the credibility of the Fund’s management.
As a public representative, I find it troubling that such baseless accusations are being made without due regard for the facts. The NRF is a cornerstone of Guyana’s economic future, and its management requires informed, constructive oversight—not misleading rhetoric.
This incident underscores the importance of understanding the NRF Act and the principles of fiscal responsibility that underpin it. I urge all to engage with the facts and contribute meaningfully to the discourse on Guyana’s economic development.
We owe it to the people of Guyana to maintain the highest standards of accountability, transparency, and integrity in managing our natural resources. Let us not allow misinformation to detract from the significant progress we have achieved in building a sustainable future for all Guyanese.
Regards,
Alister Charlie, MBA, MP.