Business_Supplement_Epaper_18_11_2021

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

THIRD EDITION I NOVEMBER 2021

Lives of over 3,000 women enhanced

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-through WIIN programme; Minister Persaud says expansion in the pipeline

Women’s chamber gets ‘new blood’

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Co-owner Amy Low-A-Chee

Online supermarket gains popularity amid COVID-19

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Economic prospects positive as year draws closer to an end

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-with Rowena Elliot as newly elected President

Local drone company partners with international firm to tap ‘oil’ opportunities

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Online supermarket gains popularity amid COVID-19 Co-owner of Gorchum Fresh, Amy Low-A-Chee (centre), with some of her employees at one of their locations (Adrian Narine photo)

By Tamica Garnett AS the world navigated the COVID-19 pandemic last year, most persons focused on the disadvantages that

came with it, but quickthinking entrepreneurs saw the boundless opportunities that existed to capitalise on the conditions that pre-

vailed as a result of the necessary control measures which were implemented to curb the spread of the disease.

One such entrepreneur is 26-year-old Amy Low-AChee, who is behind Guyana’s first fully online supermarket, Gorchum Fresh, which was launched in June.

“When COVID hit, we established the idea to have an online supermarket so that persons won’t have to come out of their homes and be at risk. We decided to bring the store to their doors, with shopping made easy from the comfort of their homes.

“So, we started to build on it last year, and we officially launched in June and got our first sale in July,” Low-A-Chee shared in a recent interview with the Guyana Chronicle.

Operating at gorchum. com, and offering free delivery across all three counties, the supermarket offers all the benefits of getting your groceries with none of the regular hassle.

“Just imagine on days when you work late or barely have time for errands how incredibly convenient it is to just order your groceries online,” Low-A-Chee related.

She added: “There are so many benefits that a virtual grocery shopping trip brings.

There’s no parking, cashier lines, hygiene worries, or wasted time going up and down the aisles. All persons need to do is visit our site, register and they can start shopping from the comfort of their homes, offices or once on the go from their

smartphones.”

The business’ main location is in Gorchum, Mahaica, which is where the supermarket derived its name.

However, the store also has bond locations at several sites across the country including in Essequibo, La Grange and Ogle, with an outlet expected to be set up soon in Linden.

Through the website, persons could browse the various categories of goods and simply add things to their cart; this is similar to how they could browse the physical aisles in a supermarket with a shopping cart.

After deciding on what they need or want, persons simply check out and pay for their groceries on delivery.

The prices of the items are already listed. The site also has a number of deals with special discounts, and new products which are added every day.

Aside from regular groceries, persons could also purchase household supplies, over-the-counter pharmaceuticals, hardware, as well as produce and meats.

Since its launch, the supermarket has already seen hundreds of persons registering for the service. And, on average, the business has been processing 20 orders per day.

Low-A-Chee said that watching the business grow and seeing how satisfied customers are with the service

have been ‘rewarding’.

“Majority of our feedback is very favourable, and it’s a pleasure seeing that, being able to serve the needs of our customers and help to keep them safe… it’s really rewarding,” she expressed.

NOT JUST REWARDS AND GLORY But, as is the case with any business, it’s not all rewards and glory. Low-AChee said that even though she loves being a business person, it’s not all good times.

“You have to work a lot of hours, and the effort that you have to put in, its hard work. You don’t get days off. With this business, it’s been seven days a week, 24 hours a day, because we do have an online chat and whatever time people come on you have to be there,” she related.

Additionally, the business has also suffered its share of losses during its start up “A big challenge that we would’ve faced was goods expiring a lot. That’s basically one of the main challenges, and a big a financial loss. We do have another company so we get a brace from that, and we know that Gorchum will not be profitable for now. But we plan four-five years for it to be profitable,” Low-A-Chee related.

This, however, has not affected the businesswoman’s optimism, as she has hope that her innovative business will move from strength to strength.

In her vision for the future of the supermarket, she is also hopeful of adding an importing department where various brands could be sourced and promoted.

She also hopes to keep things affordable in order to keep consumers interested.

“We try to ensure we are cheaper than majority of supermarkets, and, basically, all our purchases are done locally. However, we have future goals of bringing in our own brands and so forth,” Low-A-Chee related.

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Lives of over 3,000 women enhanced -through WIIN programme; Minister Persaud says expansion in the pipeline

Opened to all females 14 years and older, the Women’s Innovation and Investment Network (WIIN) is a comprehensive programme established by the Ministry of Human Services and Social Security, which features free self-development and empowerment opportunities through short, impactful, certificate courses

By Tamica Garnett GIVE a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.

Synonymous with this common saying is the result of the Ministry of Human Services and Social Security’s Women’s Innovation and Investment Network (WIIN), which has changed the lives of over 3,000 women, who are now equipped with a skill which could help them earn a daily income.

Offering training and opportunities for networking to females 14 years and older, WIIN could be considered as a catalytic programme which has helped persons “break the glass ceiling.”

Launched in May, 2021, the WIIN programme was established as a direct response to the need for more women to enhance their capacity in order to be gainfully employed.

WIIN was birthed out of the “WE LIFT”

initiative, an empowerment exercise that was held recently at the Arthur Chung Conference Centre.

Though open to women across the country, the programme specifically targets women who are facing socio-economic issues.

And having enhanced the lives of over 3,000 women, in just six months, the WIIN programme has already reached its goal, according to Minister of Human Services and Social Security, Dr. Vindhya Persaud, during a recent interview with the Guyana Chronicle.

“Now, it can only get bigger and better with more participants and more courses,” Dr. Persaud said.

She related that WIIN is here to stay and will become a permanent fixture in the ministry’s agenda, as it continues to find ways to tackle social issues affecting women in Guyana.

“We’ve had over 4,000 applicants so far, and, by the end of the year, we are hoping to complete training with more than 3,000 persons,” Dr. Persaud said.

She added: “Persons would have benefited from our on-site training or in-person training in the regions… we are offering online training as well. Heavy emphasis is on literacy and business proposal writing.”

Even as the first batch of participants complete their training, the ministry is looking to add more persons to the system and expand the number of courses offered under the programme.

“The WIIN programme will be a sustained programme where people apply and will benefit from free training in a variety of areas,” Dr. Persaud said.

An important component of training is certification, so the minister said they have been Turn to page 5

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Economic prospects positive as year draws closer to an end -Bank of Guyana optimistic that high level of growth achieved during mid-year will be sustained OWING to Guyana’s economic performance in the first half of 2021, the Bank of Guyana is optimistic that the high level of growth will be sustained as the year draws closer to an end.

The Central Bank, in its mid-year report, related that the Guyanese economy recorded positive growth during the first half of 2021 from heightened activities in almost all of the major sectors.

Improved performances were recorded in the construction, petroleum and gas and support services, manufacturing and the service sectors, while the agriculture sector recorded reduced output due to unprecedented flooding in May and June.

On the other hand, the growth in the non-oil economy was supported by government-budgeted fiscal policies, removal of restrictions as well as accommodative monetary policies.

When aggregated, the statistics show that real-oil Gross Domestic Product (GDP) grew by 14.5 per cent, while nonoil GDP increased by 4.8 per cent.

After contending with protracted General and Regional Elections and the direct and indirect effects of COVID-19 in 2020, the Guyanese economy managed to rebound due to the lifting of COVID-19 restrictions, moderate rate of vaccination, fiscal stimulus, structural reforms, accommodating monetary and financial forbearance policies as well as higher commodity prices from international trade.

More specifically, this performance, according to the Central Bank, was possible because of the re-

duction of taxes, transfers to households and public enterprises, increased spending on public and private infrastructure, among other things.

Due to unprecedented floods in May and June, and the lingering effects of the COVID-19 pandemic, the revised fullyear forecast for real GDP growth in 2021 is now 19.5 per cent overall, and 3.7 per cent for the nonoil economy.

Earlier this year, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, had said that Guyana would be one of the fastest growing economies in terms of real GDP, and would see rapid transformation in a number of sectors, especially since the government would make efforts to boost the non-oil economy as well.

“We’re anticipating a rapid expansion in the services sector, including transport and logistics, construction of infrastructure, including roads, bridges, office buildings in the private sector, etc.., along with expansion in other services such as financial services, all of which will contribute to rapid expansion in real output,” Dr. Singh had said.

He added: “So, you’re going to see Guyana being one of the fastest growing economies in real GDP terms; globally in the hemisphere, and certainly in the Caribbean… A lot of the real GDP growth in the region will be driven by Guyana.”

Dr. Singh, like the Bank of Guyana, is optimistic that the performance recorded at the end of the first half of 2021 in the non-oil economy bodes well for the Turn to page 5

GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Economic...

From page 4

upcoming second half of 2021 and beyond. It is expected that advances in key investments, both in the public and the private sector, will buttress the second-half performance of the economy.

From the Central Bank’s perspective, the positive year-end performance is expected on account of higher output of oil coupled with improved performance in all other sectors, as the economy continues to rebound from the COVID-19 pandemic.

The global economy is expected to grow throughout the year and into 2022. However, future growth prospects are subject to uncertainty and downside risks involving

new outbreaks and more deadly, vaccine-resistant variants of the virus.

More equitable vaccine distribution is required if the pandemic is to be effectively managed. Additionally, high debt levels among Emerging Markets and Developing Economies (EMDEs) could lead to financial stresses and rising prices and continued inequality could result in social unrest.

A continuation of accommodating fiscal and monetary policies is expected at least in the short term as economies return to health. By 2022, output is still expected to remain below two per cent pre-pandemic forecasts.

Lives of over...

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working with institutions like the University of Guyana and Nations University to accredit the programmes.

“I am extremely, extremely passionate about the programmes being certificate programmes, accredited programmes. So, we have worked with institutions like Nations University, and University of Guyana to name two.

“When people gain our certificates, they can look for employment, but where I would like them to go is into the entrepreneurial field where they can start their own businesses,” Minister Persaud related.

FUNDING In addition to training, the possibility of providing funding for women to start a business is also being explored by the ministry.

“We have partnered with a number of other entities to look at funding for women coming out of WIIN and how they can increase their education when it comes to business literacy, so that their business can be more viable and sustainable going forward,” Dr. Persaud said.

Further, the WIIN programme is supplemented by a number of additional supportive facilities, including the revived and expanded Guyana Women’s Leadership Institute (GWLI), where a new women-centred business incubator was launched in August.

The incubator was another component conceptualised and created to give women a boost in their career paths as entrepreneurs, after they would have received training from the respective programmes provided by the ministry. Dr. Persaud said that, like WIIN, that facility is also on the cards for massive upgrading.

“Come next year no one will recognise the GWLI because it will be the hub of all of our women-centric activities, including leadership,” the minister affirmed.

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Some of the panellists (from left) Esan Benzy, recording artist and CEO of Hardball Entertainment; Quacy Boyce, aka DJ Avalanche, and Captain Gerald Gouveia Jr., Director of Aviation and Security for the Roraima Group

Two-day International Men’s Day virtual forum starts today WITH the aim of inspiring young men across the country and the world over, the Sonia Noel Foundation (SNF) will be hosting a two-day virtual forum on November 18 and 19.

According to a press statement, the event will be held under the theme “Let’s do better” and aims to inspire, empower and encourage better relations among persons in society.

“Founder of SNF [Sonia Noel] will be the moderator for November 18 and will broadcast from Sonics boardroom, compliments of Ryad Boyce,” the release stated.

Esan Benzy recording artist and Chief Executive Officer (CEO) of Hardball Entertainment and Quacy Boyce, aka DJ Avalanche, who are panellists for the forum, will be performing at the opening of the event.

Benzy is quoted as saying: “The role we men play in society is very pertinent but yet overlooked, so for International Men’s Day, let us acknowledge those roles to bring about that assurance and confidence to the men; that we mean something and we should not be taken for granted.

“We should not be afraid to have a voice especially when it concerns our emotions or mental being. Let us

stand together, let us inspire each other, let us do better.”

Other panellists are Director of Aviation and Security, Roraima Group, Captain Gerald Gouveia Jr; Alvin Anthony Doris, who coordinated the first Guyana International Men’s Day forum; Royston Tudor, Supervisor, Customs Excise and Trade Operations, Guyana Revenue Authority and Richard Young, the moderator of the first forum.

Young was quoted in the statement as saying: “It is an honour to moderate at this significant milestone in our Caribbean civilisation, particularly since the observance of International Men’s Day was resuscitated right here in the region by Dr. Jerome Teelucksingh, at the turn of the century, focusing not only on celebrating achievements and contributions of men and boys, but also on promoting gender equity and removing negative stigmas and images associated with men in society.

The forum will also feature entrepreneur and investor, James Ogle, and Professor of Fashion Design at the Fashion Institute of Technology and President of RAC Garments, Steven Cutting.

“I am excited to be a part of the International Men’s

Day. Being on the panel will allow me to share with others the inner peace I have as a result of knowing/understanding the value of establishing a positive relationship, not only with men and women, but also spiritually to move from the mundane into the supernatural favour of God, just by asking, and not being afraid.... what power you have with this knowledge,” Cutting said.

Others who will be afforded the opportunity to impart their knowledge to the viewers are founder and CEO of Empower Guyana Consultancy, Amar Panday; clinical psychotherapist and international consultant, Shane Tull, and Scientist, Human Rights Activist and Vice President of the Sonia Noel Foundation, Raquel Thomas Caesar.

Persons joining the live stream and zoom audience will have the opportunity to have free mentorship. “ L e t ’s b e c o m e t h e change we see and celebrate the men in our lives and the contribution they make to society for the greater good of all,” the press statement related.

Persons who wish to register for the forum could join by emailing sonianoelfoundation@ gmail.com or WhatsApp 592-628-9044. The event is scheduled for 19:00 hrs.

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Local drone company partners with international firm to tap ‘oil’ opportunities

A LOCAL drone solutions company, GuyDrones, has enhanced its capacity by partnering with DroNet, a firm based in the United Kingdom (UK), which has the largest drones for surveillance and logistics to support the operations aboard Floating Production Storage and Offloading ships (FPSO).

According to a press statement from GuyDrones, with the major offs hore oil and gas discoveries in Guyana now exceeding 10 billion barrels, and ExxonMobil increasing its operations, the need for support services will increase substantially.

It is for this reason that both the local and international stakeholders believe that they have the right solutions for the demand.

DroNet, with offices in Senegal and the UK, has over 25 years of experience in surveillance, logistics and inspection using unmanned drones and “Beyond Line of Sight” for the oil and gas industry. The company is currently engaged in several projects in the UK, Africa and Suriname.

Their fleet of drones include Anavia and Hydrogen drones which involve the use of hydrogen with high energy efficiency, overwhelming environmental and social benefits, as well as economic competitiveness.

To leverage the expertise of each other, GuyDrones and DroNet signed a Memorandum of Understanding (MoU), which states that they will work jointly to bring this state-of-the-art service to the oil and gas sector in Guyana, help to develop the unmanned aerial vehicle (UAV) sector, and also bring

investment, training and provide local employment.

GuyDrones is particularly passionate about local content because its Chief Executive Officer (CEO), Rani Rama, and Vice President, Ershad Mahamad, are both Guyanese.

Rama is an ACCA and CPA-certified professional with a passion for technology, while Mahamad is an aeronautical engineer, a Transport Canada FAA Certified UAV pilot with 21 years of experience in the aviation industry, as a pilot and in drone manufacturing.

G u y D r o n e s launched its service in Guyana in August 2021 and has already seen tremendous success and results with the rice farmers around the country.

In light of this, the company plans to offer additional services such as surveying and environmental monitoring, along with a full training and certification programme for drone pilots.

DroNet’s Technic a l D i r e c t o r, R a v i Narayanan, and Mahamad say they are excited about this partnership, since it will provide employment to over 100 persons in its first year of opera-

An example of crop-spraying with the use of drone technology

tion, which will include operations staff, pilots and maintenance personnel.

According to Mahamad: “The technology is not new, but this will be a first in Guyana and we are proud to be the first Guyanese-based company to have such services Our website www.guydrones.com has more details about our services.”

The companies will be working with the Guyana Civil Aviation Authority to obtain BLOS (Beyond Line of Sight) approval in coming weeks.

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Sustaining, enhancing bilateral relatio

THERE has been no shortage of representation for Guyana on the world stage, past few months at various meetings, forums and confabs. Here are some photos Guyana’s participation at COP 26, the Dubai Expo2020, the United Nati

GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

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ons through widespread engagement

as the country’s leaders have been engaging international stakeholders over the s from the Offices of the President, Vice President and Prime Minister, depicting ions’ General Assembly, and in key meetings with various world leaders.

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Guyana could store up to 19.5B tonnes of ‘carbon’

-with access to a market mechanism for forest climate services, and other ecosystem services -country’s intention is to balance wealth, environment, says President Ali PROVIDING that there is access to a market mechanism for forest climate services and other ecosystem services, Guyana could store up to 19.5 billion tonnes of carbon dioxide equivalent, which is just over nine per cent of the world’s annual emissions, which average 50 billion tonnes.

This is possible primarily because Guyana has the second highest percentage of forest cover on earth and is working with partners to sustain 99.5 per cent of that forest while building the foundation for a new low carbon, ecosystem economy.

At the same time, according to the government’s draft Low-Carbon Development Strategy (LCDS), Guyana could grow its economy fivefold over 20 years and keep energy emissions flat; invest in Amerindian, hinterland and sustainability planning, protect the coast and hinterland from climate change, create jobs, and integrate

Guyana’s economy with its neighbours.

In 2009, Guyana launched the first LCDS from a developing country, setting out a vision for inclusive, sustainable development, while simultaneously maintaining the country’s forests, about 85 per cent of the country’s territory, to help meet some of the most urgent challenges the world faces.

“Guyana will stay true to the vision set out in 2009 which is to create a model low-carbon economy for the world.

“Since then, the country has gained a greater understanding of the outsized contribution that Guyana’s ecosystems make to the world’s health and economy, as well as its role as one of the world’s most important countries for biodiversity conservation,” the government related in its LCDS related.

And even with a burgeoning oil and gas economy, Guyana is still working to maintain its

President Dr. Irfaan Ali stance as a global powerhouse in the fight against climate change.

Dr. Ali said that Guyana intends to pursue strong policies to ensure that its oil and gas sector

operates to international standards.

More notably, President Ali said that the government is working to eliminate flaring from oil production, except in the case of genuine emergencies.

“When my government took office in 2020, there were no safeguards in place to disallow flaring. As a result, we introduced one of the very few taxes on flaring in the world – where beyond the commissioning period, all flaring will be taxed at US$45 per tonne of carbon, along with the actual gas lost,” Dr. Ali said, adding: “For newly-licensed production, the tax on flaring will be accompanied by legal limits on the overall amount of flaring.”

Similarly, he said that new measures have also been introduced to ensure that all waste management is the responsibility of the oil producer, in accordance with international standards, from “cradle to grave”.

Added to that, the

Head of State said that Guyana will also be working with oil producers to explore and promote use of lower carbon technological innovation, including the use of renewable energy in oil production, Carbon Capture Utilisation and Storage (CCUS) and, when technologically viable, green hydrogen.

The Head of State was keen to note that the People’s Progressive Party/ Civic (PPP/C) Government will work to meet its responsibilities to the people of Guyana by maximising the benefits to be accrued from the oil and gas industry, whilst advocating for global policies to create a level playing field that align the global marketplace for oil and gas, with the goals of the Paris Climate Agreement.

In highlighting some of the disparities that exist, President Ali pointed to the fact that the United States of America, the world’s largest oil producer, has a per capita income of US$65,000,

which is 10 times that of Guyana.

He said, pointedly, that no responsible government should volunteer that its people stay poor so that richer countries can have their market protected. To this end, Dr. Ali insisted that there should be a global price on carbon, levied on the consumption of oil and gas. He believes too that subsidy for fossil fuel production should be removed.

“In 2019, fifty of the largest economies in the world, which account for 80 per cent of global greenhouse gas emission, increased their support for fossil fuel production by 30 per cent. Most of this was in developed countries, which are already the incumbents benefitting most from the trillions of dollars in the oil and gas market,” Dr. Ali indicated. Once a level playing field is created, President Ali affirmed that Guyana will not shirk its responsibilities in such a marketplace.

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

Women’s chamber gets ‘new blood’ -with Rowena Elliot as newly elected President

Vice President, Latoya Jack WITH the aim of creating a space for women to advance as entrepreneurs and leaders within various organisations and, by extension, society, the Women’s Chamber of Commerce and Industry (WCCI) will be continuing the work started since its launch in 2019 under the lead-

ership of a new Board of Directors which was appointed recently.

According to a press release from the chamber, the persons who were appointed to the helm of the organisation are Community Manager at Regus, Rowena Elliot; Chief Executive Office of Kronoco Safety Solutions, Latoya

Secretary, Urica Primus

Jack; Finance Director at XL Engineer, Aysha Harrop; Managing Director at AX Investment and Consultants, Alista Bishop; Co-Owner of ECOPAG, Anna Correia de Sa; Co-Owner of Stabroek Solutions, Urica Primus and Chief Executive Officer of the BrainStreet Group, Lance Hinds.

More specifically, the Executive Committee comprises Elliot as President, Jack as Vice-President, Primus as Secretary and Hinds as Treasurer.

Elliot was quoted in the statement as saying: “Having worked with the founders of the WCCI and members from its inaugural board over the past year, I believe I have gained much insight into the purpose and mandate of the Chamber. The strides made so far are most commendable, given the constraints we faced.

“I take pride in having the opportunity to carry this mantle and I relish the continued support from our stakeholders and partners, as we move to, and through, the new year.”

Echoing the sentiments of Elliot, Jack said: “The Chamber ’s mandate is relevant and increasingly significant today and in the future Guyana we are building. I am excited and grateful to be elected to serve my community and country in such a meaningful way.”

According to the press release, the new board and executive team are ready and equipped to fulfill their role and work towards the vision and mission of the Women’s Chamber of Commerce and Industry.

Founded by Lyndell Danzie-Black and Kerensa Gravesande-Bart in June 2019, the chamber is a non-profit charitable organisation dedicated to creating a collective voice for women and assisting women to achieve success and economic indepen-

dence, through business ownership and self-employment.

“The aim of the chamber is to give a voice to the voiceless, to individual women entrepreneurs who are in the wilderness and who are complaining like we were… (We) created a platform for them to grow, financially, technically and strategically, through partnerships and networks,” Danzie-Black had said during an interview with the Guyana Chronicle in December, 2020.

The women’s chamber is not only focusing on promoting and protecting the interests of business women, but also aims to help advance efforts geared at promoting gender equality.

The fifth Sustainable Development Goal (SDG) advocated for gender equality, positing that efforts should be made to ensure that there is an end to discrimination against women and girls everywhere. This includes women in business and in the employment market.

And this SDG has, in some ways, paved the way for more organisations to be more conscious of what gender programmes they offer and/or support.

“What we have seen with the private sector and even with the governmental agencies is that

Director, Alista Bishop they are happy to see that a women’s chamber is now here. We find that they have been inviting us to have discussions with them.

“They are welcoming us and they want to be inclusive, and this gives us a bit more bargaining power as well,” Gravesande-Bart had said.

Director, Anna Correia de Sa

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Guyana could store up to 19.5B...

From page 10 ALTERNATIVE ENERGY Also critical to the balance between economy and environment is the need for Guyana to

transition from an energy sector that is 97 per cent dependent on fossil fuel, into one that is able to utilise an energy mix utilising Guyana’s renewable resources such as wind,

hydro and solar.

An iconic aspect of the 2009 LCDS had to do with the Amaila Falls Hydropower Project which was ‘tanked’ by the former A Partnership for

National Unity + Alliance For Change (APNU+AFC) Government.

“All the technical analysis over the years, including a report presented by a consultancy engaged by

The cover of the draft Local Content Development Strategy

the last Government and Norway, concluded that Amaila Falls Hydropower project represented the best way forward to expand Guyana’s energy supply,” Dr. Ali reminded.

With the PPP/C Government now back in place, the Amaila Falls Project is back on stream, and is now part of a more detailed energy mix.

“This energy transition will achieve a level that very few, if any, countries have achieved.

Cheaper electricity will be supplied, and that supply can increase five-fold with emissions staying essentially flat,” the President shared. He said that the energy transition will form the backbone of the broader low carbon transition outlined in the LCDS 2030.

BILLIONS FROM THE FOREST A significant component of the LCDS, both the 2009 and the 2030 editions, has to do with Guyana’s forest, and how it can be used as a major income earner for the country. “If oil and gas is a bedrock of today’s global economy, the world’s ecosystems need to be the bedrock of the future economy… Guyana became one of the first countries in the world to recognise this,” Dr. Ali posited.

He reminded that in 2009, when Guyana set out the original LCDS, Guyana made a landmark offer to “create a global model for jurisdiction-scale action to show how the world’s forests could be maintained”.

To put it simply, the

LCDS paved the way for countries with high carbon emissions to pay countries like Guyana to maintain its forest. The President noted that for the period 2009 to 2015, Guyana earned US$212 million in payments to be invested in the LCDS. He said that “Because of the work of the last twelve years, we now know that Guyana has maintained the second highest percentage of forest cover on earth – with more than 99.5 per cent of our forest remaining – an area almost the size of England and Scotland combined.”

Dr. Ali noted that Guyana’s ecosystems have enormous value to the global economy. “We have four percent of known animal species.

There are more bird species in Guyana than in the entire United States of America. We have 2.4 per cent of known plant species,” Dr. Ali said.

He specified that Guyana’s forests alone have an estimated value of up to US$54 billion annually. However, President Ali lamented that, unlike oil and gas, the world does not yet recognise the value of its forest in monetary terms.

“This is the main reason that forests across the world are cleared for agriculture, mining, infrastructure, and other uses,” Dr. Ali noted.

The Head of State assured that via the LCDS 2030, Guyana will capitalise on its position as a carbon sink, to develop the lives of all Guyanese.

(Photo credit: Facebook)

GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

O&G sector could ‘rake in’ G$6.7 trillion by 2035 –IDB projects

EARNINGS from the local oil and gas sector are expected to climb significantly with the coming years, reaching US$31 billion (roughly $6.7 trillion) by 2035, according to the Inter-American Development Bank (IDB).

The IDB, in a report titled ‘Economic Institutions for a Resilient Caribbean,’ outlined that Guyana’s population of approximately 780,000 suggests that the

level of reserves equates to 10,250 barrels per person.

“Although this measure is lower than that of Kuwait with 24,000 barrels per person), it is higher than that of the United Arab Emirates with 10,100 barrels per person, Venezuela with 9,500 barrels per person, and Saudi Arabia with 8,100 barrels per person, making Guyana one of the richest countries in petroleum reserves in the world,” the IDB report said.

It also highlighted that similarly, ExxonMobil has

announced plans to reach a production rate of at least 750,000 barrels per day, which would make Guyana the largest oil producer on a per capita basis in the world.

For October 2021 alone, Guyana earned in excess of US$20.4 million in oil profits; that, coupled with royalties and interest, brings the balance of the Natural Resources Fund (NRF) to US$534 million.

The fund, lodged in the Federal Reserve Turn to page 14

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

More support for hundreds of small businesses next year

Minister of Tourism, Industry and Commerce, Oneidge Walrond MINISTER of Tourism, Industry and Commerce, Oneidge Walrond, has said that, in the coming year, over 700 small businesses will benefit from grants to enhance their capacity.

She made this announcement at the recent launch of the Who’s Who in Guyana Magazine, at the residence of the British High Commissioner, Bel Air. “Since returning to office, government has already assisted 700 small businesses with grants to enhance capacity. I am pleased to say that an equal, and possibly higher number, will benefit in 2022. We will continue to offer training and support to our small businesses so that their capacity to undertake

larger projects is enhanced,” Minister Walrond related.

She said the government is proactively working to improve the ease of doing business by reforming policies.

“These policies include funding of major infrastructural works, regulatory reform and investing in human capacity,” Minister Walrond said.

With respect to regulatory reforms, the minister said the government continues to enhance systems and processes to align them with modern, global expectations of the business environment.

To this end, she said single windows for trade and construction permits remains a key priority of

An exhibitor shows off one of her exhibits at a Women-in-Business Expo at the Pegasus Hotel, last November the government, as it seeks to significantly reduce the time and cost of doing business.

The minister commended the production of the Who’s Who in Guyana Magazine, noting that it gives valuable information to the international community about local businesses.

It also encourages investment which, she noted, is something the government is seeking for the agriculture, manufacturing, tourism and financial sectors, and other services, for a truly diversified economy.

“The fact that the Who’s Who publication covers all these sectors, and, indeed

many more, is testimony to the breadth of opportunity that awaits the serious investor here in Guyana.

“You will notice that I do not differentiate between foreign and local investment, for we believe that there is no sustainable development without deep and meaningful participation in

the economy by local businesses,” Minister Walrond reasoned.

The minister expressed her desire to see local businesses become globally competitive, and said the government stands ready to work with anyone committed to Guyana’s sustainable development.

reminded that the People’s Progressive Party/ Civic (PPP/C) did not get to make proper contributions to the contents of the NRF Act, since it was “rushed through the National Assembly” by the APNU+AFC, which was already nullified by the passage of the December 2018 No-Confidence Motion (NCM).

“In total disregard for the clear consequences that are constitutionally due to flow from a NCM, Jordan’s government rushed, in January 2019, to sneak the NRF Bill through Parliament with no opposition participation and no opposition input. Here again, his letter is replete with brazen misrepresentations,” the ministry posited.

The Finance Ministry further related: “The NRF Act in its current formula-

tion was a piece of legislation which was very poorly conceived, and was ‘rammed down the throats’ of the nation during a period when the APNU+AFC was in a state of illegality and illegitimacy.”

Minister of Natural Resources, Vickram Bharrat, had said that with amendments to the NRF, the government is seeking to ensure transparency and accountability in relation to withdrawals and deposits.

DUTCH DISEASE He noted, too, that the government will be doing everything in its power to ensure that Guyana does not fall prey to the infamous Dutch Disease.

Bharrat said that the government will be utilising the oil revenues to accelerate growth in critical non-oil

sectors such as agriculture, health, education and the social services.

As part of a more shortterm projection, Guyana could begin facilitating up to 50 oil lifts per year at one million barrels per lift, thereby producing 50 million barrels of oil annually.

These increased lifts, Minister Bharrat had indicated, are possible with the intended arrival and operation of three additional Floating Production Storage and Offloading (FPSO) vessels.

Those include the Liza Unity, which is expected to arrive in November; the Prosperity FPSO which is currently under construction; and the Yellowtail FPSO which is slated to come on stream by 2026.

Further, with crude prices hovering at US$80 a barrel, Guyana would earn as

much as US$4,000,000,000 (GYD$836,902,800,000) each year for its 50 oil lifts.

“So, when you crunch the numbers, 50 lifts at a million barrels, and based on the oil price today, if it continues along that trend, you can see or get an idea of the direct proceeds coming to Guyana,” Minister Bharrat said in a recent interview with OilNow. He also reminded that the aforementioned earnings are outside of other benefits such as royalties, which could see a mammoth increase in the country’s overall oil earnings. “We are not even talking royalties yet,” Minister Bharrat related.

To this end, he said that Guyana could comfortably close the year with close to US$600 million in the NRF.

O&G sector could ‘rake in’ G$6.7 trillion by...

From page 13 Bank in New York, remains untouched owing to loopholes in the NRF legislation which was passed in January 2019 by the then A Partnership for National Unity + Alliance For Change (APNU+AFC) government.

When the Dr. Irfaan Aliled government assumed office in August 2020, efforts commenced to amend the act to ensure that withdrawals from the fund are transparent and in keeping with international fiscal regulations.

It was only recently that the Ministry of Finance lamented the issues plaguing the NRF. More specifically, the ministry pointed to the very IDB publication which noted: “The fund on its own cannot achieve the objectives that have been set for it. The rigid withdrawal rules may

do little to foster stabilisation or saving, but may entail fiscal costs.”

The IDB report also outlined that the formula for the maximum permissible withdrawal is among the most complex operational rules for a resource fund in the world. “Its design departs from good practices,” the IDB argued.

The report related: “State-of-the-art advice based on international experience and good fiscal management principles emphasises simplicity, flexibility, transparency, and close integration with the budget and public assetliability management,” and that the rule’s complexity may also “conspire against fiscal transparency and public understanding.”

The Finance Ministry

GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021

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Over 50 per cent of adult population fully vaccinated

Clifton Singh receives his second dose of AstraZeneca vaccine at a recent ‘drive-thru’ event at MovieTowne

GUYANA has surpassed a major milestone in its vaccination campaign, fully i n o c u l a t i n g m o re than half of its adult population against COVID-19.

Minister of Health, Dr. Frank Anthony, was reported recently as saying that some 51 per cent of the adult population has been fully vaccinated against the deadly virus.

“So, this is not the entire Guyanese population. Of the adult population, we have achieved the 51 per cent,” Dr. Anthony said.

He said that while the milestone can be applauded, some regions are still lagging in their vaccination.

He said the 51 per cent, overall, was reached because of the high vaccination rate in Region Four (Demerara-Mahaica).

“So, we are 43.2 per cent in Region One; Region Two, 41.6 per cent; for Region Three, 48.9 per cent; Region Four,

58.5 per cent; Region Five, 51.9 per cent; Region Six, 49.8 per cent; Region Seven, 46.9 per cent; Region Eight, 34.8 per cent; Region Nine at 53.4 per cent, and Region 10 at 22.3 per cent. So, these are persons 18 years and over who would have received both doses of the vaccines,” Dr. Anthony said.

As of Monday, the Ministry of Health recorded 391, 521 adults, 18 years and older taking the first dose of a ‘COVID’ vaccine, representing 76.3 per cent of that population.

S o m e 2 6 1 , 8 11 adults, or 51 per cent of that population, have already returned for the second dose of the vaccine.

For persons 12 to 17 years, 28, 345, or 38.9 per cent, were vaccinated with the first dose, while 19, 536, or 26.8 per cent, received the second shot.

Meanwhile, despite vaccination numbers progressively

increasing, persons are still flouting the C O V I D - 1 9 g u i d elines, adding to the number of positive cases, Dr. Anthony said.

In light of the consistent increase in the number of cases, Minister Anthony is urging the population, both adults and adolescents, to come forward and be vaccinated against COVID-19.

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GUYANA CHRONICLE QUARTERLY, Thursday November 18, 2021