Guyana Chronicle Quarterly Business Supplement

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

FIRST EDITION

MAY 2022

$300M concrete batching plant on the cards

- for Little Diamond; S. Jagmohan Construction says project part of wider plan to support, drive development in Guyana

SEE STORIES INSIDE:

5,600 jobs to be Rapid transformation of ‘agri’ sector underway created in four regions

‘Huge benefits’ in store for Guyana

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Rapid transformation of ‘agri’ sector underway

- subject ministry awards more than 90 per cent of projects before half year

Machinery worth $91 million commissioned to improve agriculture in the MMA Scheme (Ministry of Agriculture photo)

By Cassandra Khan GUYANA’S agriculture sector is being transformed

rapidly through the work of the Ministry of Agriculture, which has awarded more than 90 per cent of its proj-

ects before mid-year.

Agriculture Minister Zulfikar Mustapha told the Chronicle Quarterly Mag-

azine that his ministry is sparing no effort in its bid to transform the agriculture sector.

It was reported that with agriculture being one of Guyana’s most important and productive sectors, an excess of $22 billion has been allocated for the Ministry of Agriculture in the 2022 national budget. “… it’s one of the best budgets I’ve ever heard; the budget will continue the projects that are in our manifesto, and it will see the economic transformation of Guyana. It is people-centered and it is focused on the continued transformation of our country,” Minister Mustapha had said.

And although 90 per cent of the budgeted projects within the ministry have already been awarded, the minister said that there is no intention to slow down.

Minister Mustapha said that the plan is to award the remaining 10 per cent of projects by the end of this

month.

“I am hoping that by the end of May, 100 per cent of our projects will be awarded, where we will be doing the monitoring and execution of them,” he said.

Among the contracts awarded so far was one valuing $19 million for the retrofitting of the Pomeroon Women’s Association building, as part of efforts to encourage more agro-processing in the community, thereby contributing to food security and wealth generation.

Further, under the same contract, for the building to be fully operational after being retrofitted, equipment such as coolers or chillers, stainless steel tables, industrial scales with digital display and more will be procured.

Additionally, separate TURN TO PAGE 5A

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

$300M concrete batching plant on the cards

- for Little Diamond; S. Jagmohan Construction says project part of wider plan to support, drive development in Guyana

By Cassandra Khan IN light of rapid economic advancement in Guyana, S. Jagmohan Construction and General Supplies Incorporated has started positioning itself to capitalise on the existing and potential opportunities through the establishment of a concrete batching plant at Little Diamond on the East Bank of Demerara, and other innovative projects.

“Guyana is on the path of rapid transformation, and the developmental trajectory is exciting. The policy direction of the administration particularly as it relates to public works is clear and is already on course to being realised,” Managing Director of the company, Suresh Jagmohan, said in response to questions from the Chronicle Quarterly Magazine.

He added: “We view our role, as our motto suggests, as supporting Guyana’s infrastructural advancement through quality and efficient project delivery. We are proud of our track record in this regard and remain a steadfast partner of the Government of Guyana.”

Some recent projects of the company include a new well in Lusignan which was drilled by S. Jagmohan at a cost of close to $141 million. Some 22,000 residents of Lusignan and Annandale

Managing Director of S. Jagmohan Construction and General Supplies Incorporated, Suresh Jagmohan now have improved access to potable water as a result of this project which was commissioned by President Dr. Irfaan Ali on March 15, 2022.

Meanwhile, in Providence, over 7,000 households and surrounding East Bank Demerara communities will soon benefit from improved access to potable water, as the construction of a $130 million water distribution system is underway in the area.

This is another project being executed by S. Jagmohan Construction and General Supplies Inc. The scope of work includes the drilling of a 638-meter well, the construction of a pump house inclusive of the electrical system, installation of pipe

One of the roads constructed by the company

discharge, and construction of the fence and landfilling.

A d d i t i o n a l l y, P u b lic Works Minister, Juan Edghill, said that phase one of the Lima Sands access road, Region Two, should be wrapped up by May 2022 as it began last November and has a May 2022 deadline.

This project is also being executed by S. Jagmohan Construction and General Supplies Inc. Encouraged by the prospects of Guyana’s promising economic outlook, in particular, the growing investment in public infrastructure, the company under its subsidiary, DCSN Manufacturing Inc., has taken steps to revolutionise and enhance its operations.

“With the increase in demand for asphalt, the company has in operation a GAJJAR Mobile Asphalt Plant at Hyde Park Madewini, Soesdyke,” Jagmohan said, adding: “The company also has an asphalt plant in operation at Vilvoorden, Essequibo. It is an investment of over $200 million and is the first and only such investment of its nature in the Pomeroon-Supenaam Region.”

The businessman further related: “Apart from the novelty of this investment for both the private and public sector, it is deemed TURN TO PAGE 5A

DCSN Manufacturing Inc.

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

5,600 jobs to be created in four regions

AS part of its overarching plan to tackle various economic challenges, the government will be creating some 5,600 temporary jobs for persons residing in four regions across the country.

Vice-President Bharrat Jagdeo, who announced this initiative during separate out-

them to cope with the increase in cost of living due mainly to the effects of COVID-19.

The initiative is geared at supplementing income at the family level as the government works to structurally change the job markets outside of Regions Three (Essequibo Islands-West Demerara) and Four (Demer-

A Guyanese participating in activities within the local oil and gas sector reaches to the various regions, said that 800 jobs will be created in Region Two, 800 in Region 10, 1,000 in Region Five and 3,000 in Region Six. Persons on the programme are expected to work three to four days per week, and will be employed at government offices and institutions.

It was reported that the government will this year provide some 8,000 temporary jobs to Guyanese countrywide in an effort to further assist

ara-Mahaica).

“We are trying, structurally, to change it by co-investing; setting aside money in this budget to co-invest with business so you have a more private sector investment in jobs and creation of jobs…

And the reason we have to do so is that we have to incentivise private capital to move to these regions outside of just everyone wanting to come to Regions Three and Four now. We got to get them to

move to Regions Two, Five, Six, and 10 and the hinterland regions,” he said.

The People’s Progressive Party/Civic (PPP/C) had promised to create 50,000 jobs in its first term in office, and since its assumption of power in August 2020, the party has been working diligently to fulfil its Manifesto commitments to the people, Vice-President Jagdeo said.

Outside of the government’s initiative, there has been a notable increase in the number of opportunities for Guyanese, with the latest symbol of this being the approval of 48 private projects which, collectively, have the capacity to create over 2,300 jobs.

The local economy has been a magnet for investors, who have expressed an interest to invest in massive projects across the various economic sectors.

It was reported in December that of the 48 projects which have been approved, 17 are in the services sector, 17 in the manufacturing sector, five in agriculture, four in mining, three in forestry, two in tourism, two in Information and Communications Technology and one in the energy sector.

GROWING CONFIDENCE Those project proposals signal the growing interest and confidence in the local

economy, from both Guyanese and foreigners. Noteworthy amidst this advancement, is the fact that 33 of the approved projects are from locals.

Speaking during a recent interview on Globespan, Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop, had said that 65 per cent of the private investments made in 2021 were from locals.

Dr. Ramsaroop said that, even as the economy continues to grow, President Dr. Irfaan Ali, and, by extension, the government, are committed to having Guyanese benefit from the investment opportunities that are available locally.

“So, when people think the foreigners are coming in and benefitting, I can say that 65 per cent of my signatures on investment opportunities this year, through the Senior Finance Minister, Dr. Ashni Singh, have been local businesses,” Dr. Ramsaroop said.

He added: “We’ve got another 10-20 per cent from CARICOM, which we are proud of, too, and then the rest come from the rest of the world. But it will change over time.”

But even with this being the case, the CEO had assured foreigners that Guyana is also opened to them.

Their participation in local

FLASHBACK: Persons being registered for job openings at the newly opened call centre at Kara Kara (Delano Williams photo)

Vice-President, Bharrat Jagdeo development was also visible in 2021, with some nine Foreign Direct Investment (FDI) projects being recorded up to December, while there were three proposals from Guyanese in the diaspora, and six joint ventures.

In light of those and other projects, authorities have been investing in initiatives to enhance the skills of the local workforce.

Among the programmes the government has rolled out so far is the 20,000 Online scholarships initiative, which is being facilitated through the Guyana Online Academy of Learning (GOAL).

The objective of this and other initiatives is to ensure that every Guyanese of working age is equipped with the skills necessary for employment in the sector of his/her choice.

“An educated and highly-skilled workforce is critical to our competitiveness as a destination for investment, but also critical in ensuring that the Guyanese people are able to get jobs,” Senior Minister with responsibility for Finance, Dr. Ashni Singh, had said in a past interview with the Guyana Chronicle.

Further, he related: “We want to create an environment where every single Guyanese who is of working age is equipped with skills that make them employable. Every Guyanese of employment age should have access to opportunities to acquire skills that will make them employable; and we are planning to do this at every level.”

Dr. Ramsaroop too had said personal enhancement,

whether through skills training or academia, will be crucial going forward.

LOCAL CONTENT Former Head of the Department of Economics at the University of Guyana, Sydney Armstrong, has also been one advocate for local content to be on the front burner of every investment made in Guyana.

His view is that this increased attention that Guyana’s economy is witnessing is not unique, as it was observed in countries like Trinidad and Tobago, Nigeria, Ghana and even Suriname, where there have been discoveries of major oil resources.

“What you find is, generally, in countries which have discovered oil and gas, you would see a lot of businesses coming to their doorsteps… oil and gas is a lot of money and businesses are going to try to get in on that money,” Armstrong had said in a past report.

But Guyana, unlike other countries, has other lucrative resources like land, minerals, fresh water and other things which are very attractive to investors.

To ensure that there are no missed opportunities, the government introduced the Local Content Act in December 2021.

T h e n e w l a w e a rmarks 40 sectors or services and stipulates a minimum percentage of the total value of expenditure on those services that oil companies and their sub-contractors must procure from Guyanese suppliers.

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

$300M concrete batching plant on the...

FROM PAGE 3A opportune by both regional and central governments given the public infrastructural development trajectory of the region.”

Additionally, DCSN Manufacturing Inc. will soon commission a new concrete catching and prestressed plant at the Little Diamond Industrial Site.

This facility, according to Jagmohan, will produce quality prestressed and precast products for the booming construction sector.

Through this and other investments that the company has on the cards, S. Jagmohan is not only delivering direct benefits based on the specific project, it is also creating jobs and contributing to

the overall development of the local economy.

S. Jagmohan Construction and General Supplies Inc. is a Guyanese-based private supply and construction company.

The company which started as a sole trader under the registered name of S. Jagmohan Hardware Supplies and Construction Services

is the brainchild of Suresh Jagmohan. The company has been in operation for over 22 years with a reputation for successfully executing several infrastructural projects both in the public and private sectors.

The company is strengthening its capacity to continue the delivery of quality products and services even as it

diversifies and expands its operations. ISO 9001 Certification is a medium-term goal of the company as it seeks to improve its systems.

“The Company will further enhance its marine construction skillset even and will soon commence construction of a modern wharfing and Dry Dock facility at Madewini, Soeskydke.

We intend to tap into the opportunities in the booming oil and gas sector and the company, in this regard, is actively exploring the establishment of an Oil and Gas Material Warehouse. With the necessary support from the Government of Guyana, this can be achieved in short order,” Jagmohan said.

Rapid transformation of ‘agri’ sector...

Several agencies that form part of the Ministry of Agriculture, in April, signed more than $1.3 billion worth of contracts as part of its 2022 work programme (Ministry of Agriculture photo) FROM PAGE 2A contracts valuing $56.6 million were signed for the construction of 100 shade houses at Mon Repos, for the Agri Investment and Expo.

The Agriculture Minister related that the agriculture sector has been improving every week, as several targets are being reached.

“One of our main targets was to reduce the cost for vegetable and fruits that people buy,” he said, adding: “During the Christmas holiday, we had an increase

in prices; now we have seen a decrease in those prices because of what we have done.”

Minister Mustapha said what the ministry has done is to boost production as well as start the farmers’ market.

“We were able to minimize most of the issues that farmers have been faced with. For example, the GMC (Guyana Marketing Corporation) has been working very closely with the farmers to find market for their produce,” he said.

First harvest of some of the high-value crops being cultivated as part of President Irfan Ali’s Youth Agriculture and Innovation Entrepreneurship Programme (Ministry of Agriculture photo) On the side of production, Minister Mustapha related that about 70 per cent of the first rice crop has been reaped and that the yields per acre have increased.

“We have seen the yields per acre is about 41 bags now per acre and we would have moved from a 38 or 39,” he

said.

Further, Minister Mustapha said that they are working with Barbados on developing a system to have them import directly from Guyana.

“We are now working with them to develop a system where they taking all the

Soya beans and sorghum at Ebini, in the Berbice River (Ministry of Agriculture photo)

fruits and vegetables from Guyana directly,” he said, adding that the ministry remains on track with this plan.

Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, had said that Guyana was uniquely poised to take advantage of production and trade opportunities in food products across the Caribbean region.

The minister said that Guyana was committed to the Caribbean Community (CARICOM) Twenty-Five by 25 initiative which aims to cut the extra-regional food import bill by 2025.

He added too that the Government of Guyana was focused on ramping up domestic production as well as agro-processing capabilities and was working with the region to remove all historic

barriers and impediments to intra-regional trade, and promoting more agri-business and complete transformation of regional food systems.

On the domestic front, focus will be placed on both traditional crops as well as new and emerging ones.

These commitments, Dr. Singh said, are “golden opportunities” for Guyana to finally realise its potential as the breadbasket of the Caribbean.

The government is committed to the enhancement of the sugar and rice industries, livestock industry, fisheries and aquaculture, non-traditional crops, agro-processing and the coconut industry.

“I think that the agriculture sector has performed well and that we will continue on this trend for the rest of the year,” Minister Mustapha said.

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Barbados: Republic Bank boosting transition to solar energy

(Barbados Today) Republic Bank is stepping up its efforts to help create more “green households” in Barbados that are powered by renewable energy.

The Bank’s Manager, Marketing & Corporate Communications, Sophia Allsopp said: “Our Renewable Energy webinar, held recently and now available

online, was a huge success. The large number of participants and the many questions they left with us to follow up on, prove that Barbadians are keen on finding out how they can integrate renewable energy into their homes and businesses.”

She added: “In keeping with our own goals as

signatories to the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking, we are focused on providing appropriate funding to all Barbadians seeking renewable energy options.

“Just as we’re supporting the development of more female entrepre-

neurs and investing in programmes supporting youth in small business enterprises, we are also ramping up our efforts to give more people easier access to renewable energy funding.”

Allsopp said that the bank will be working with other business leaders and experts to share details about the technologies that are available and the incentives being offered by the government to encourage people to transition to solar energy.

The Webinar was designed to encourage Barbadians to invest in solar power systems and to explain how such investments could help people significantly reduce their electricity bills, earn extra income, and help the island meet its 2030 carbon neutrality goal.

The presenters were Chief Energy Conservation Officer in the Ministry of Energy and Business Development, William Hinds; Senior Sales Executive at Innogen Technologies, Ondre Alleyne; Project Manager at Williams Solar, Jamalia Wyllie; Manager, Retail Services at Republic Bank, Carlos Beckles; and Sales Officer at Republic Bank, Matthew King.

Speaking on the benefits of Republic Bank’s Renewable Energy Loan package, Beckles explained: “Our interest rates are as low as 3.5 per cent – a fantastic rate. It’s the best on the market right now.

The 3.5 per cent interest remains for the entire period of the loan. We do 100 per cent financing, which includes the cost of the system and also the costs associated with installing the system, such as if you need to improve your electrical system.

“You have up to 15 years to repay and if you repay the system earlier,

there is no penalty for early repayment. Any excess funds you get from the system you can apply to the loan as unscheduled principal payment and you can finish the loan faster. So, if it’s 15 years and you finish the loan in eight years and they’re guaranteeing 20 years, then that excess 12 years, that cash, comes directly to you.”

He also reminded participants that at Republic Bank, a Renewable Energy Loan is a standalone facility that is not impacted by other loans one might have.

“You can get a Renewable Energy Loan even if you have an existing land loan. They are standalone facilities and the source of repayment is separate.

Your land loan is paid from your substantive income while the Renewable Energy Loan is paid from the revenue earned from the energy that is generated from the system that is sold to Barbados Light & Power,” he explained.

Meanwhile, Hinds noted that the government is offering many incentives to encourage people to invest in solar energy.

“There is an income tax rebate. If you’re importing your solar system yourself rather than going through a company, your value added tax and your import duties are zero. If you are an investor, if you are putting systems on your roof, there are a large number of incentives that the government has put in place over the years.

“There are so many that we actually have a document full of them that you can download from our website, http:// energy.gov.bb. Interested persons are encouraged to follow the bank on social media or visit republicbarbados.com for further updates.”

Oil prices rise 1.5 per cent

GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

- another weekly gain as EU nears Russia ban

(REUTERS) OIL prices rose almost 1.5 per cent on Friday, settling with a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.

Brent futures rose $1.49, or 1.3 per cent, to settle at $112.39 per barrel. US West Texas Intermediate (WTI) crude climbed $1.51, or 1.4 per cent, to $109.77 a barrel.

“In the near term, the fundamentals for oil are bullish and it is only fears of an economic slowdown in the future that is holding us back,” said Phil Flynn, an analyst at Price Futures Group.

For the week, WTI gained about five per cent, while Brent nearly four per cent after the EU set out an embargo on Russian oil as part of its toughest-yet package of sanctions over the conflict in Ukraine.

The EU is tweaking its sanctions plan, hoping to win over reluctant states and secure the needed unanimous backing from the 27 member countries, three EU sources told Reuters news agency. The initial proposal called for an end to EU imports of Russian crude and oil products by the end of this year.

“The looming EU embargo on Russian oil has the makings of an acute supply squeeze. In any case, OPEC+ is in no mood to help out, even as rallying energy prices spur harmful levels of inflation,” PVM analyst Stephen Brennock said.

Ignoring calls from Western nations to hike output more, the Organization of the Petroleum

Exporting Countries, Russia and allied producers (OPEC+), stuck with its plan to raise its June output target by 432,000 barrels per day.

However, analysts expect the group’s actual production rise to be much smaller due to capacity constraints.

“There is zero chance of certain members filling that quota as production challenges impact Nigeria and other African members,” said Jeffrey Halley, senior market analyst Asia Pacific at OANDA. On Thursday, a US Senate panel advanced a bill that could expose OPEC+ to lawsuits for collusion on boosting oil prices.

On the supply side, US oil rig count, an early indicator of future output, rose five to 557 this week, the highest since April 2020.

Investors expect higher demand from the US this autumn as Washington unveiled plans to buy 60 million barrels of crude to replenish emergency stockpiles.

Yet signs of a weakening global economy fed demand concerns, limiting oil price gains.

On Thursday, the Bank of England warned Britain risks a double-whammy of a recession and inflation above 10 per cent.

It raised interest rates a quarter of a percentage point to one per cent, their highest since 2009.

Strict COVID-19 curbs in China are creating headwinds for the world’s second-largest economy and leading oil importer.

Beijing authorities said all non-essential services would shut in its biggest district Chaoyang, home to embassies and large offices.

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For the week, West Texas Intermediate gained about five per cent, while Brent rose nearly four per cent after the European Union set out an embargo on Russian oil as part of its toughest-yet package of sanctions over the conflict in Ukraine [File: Andrey Rudakov/Bloomberg]

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Engaging communities,

LED by President Dr Irfaan Ali and Vice-President Bharrat Jagdeo, ministers of go Six to get first-hand information on issues affecting residents and provi

GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

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creating opportunities

overnment fanned out to various communities across Regions Two, Ten, Five and ide solutions where possible (Department of Public Information photos)

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Major announcements at regional outreaches REGION TWO OUTREACH * 800 part-time government jobs for residents to supplement family income * 250 small business grants for persons with viable business proposals * Co-investment venture, partnering in the area of ICT to provide an estimated 1,000 jobs * Establishment of two major water treatment plants at Walton Hall/Charity * US$30 million state of the art hospital to be built at Anna Regina * Rolling out of high-quality internet service * $1 billion in road projects * $600 million to dredge the mouth of the Pomeroon River * Launching of a solar energy project to enable stable power supply * Subsidising internet costs for Guyana Online Academy of Learning (GOAL) scholarship recipients * Provision of smart devices for students most in need REGION TEN OUTREACH * 800 part-time government jobs for residents to supplement family income * 200-250 small business grants for persons with viable business proposals * Subsidising internet costs for Guyana Online Academy of Learning (GOAL) scholarship recipients * Provision of smart devices for students most in need * Negotiations ongoing with the Inter-American Development Bank (IDB) to upgrade the Linden Hospital * Discussions have commenced with the Islamic Development Bank for a $120 million project to begin the reconstruction of the Soesdyke-Linden Highway * Upgrading the water supply system * Co-investing with the private sector to establish call centres or factories in the region to generate more jobs * Government willing to invest in 5,000 online scholarships for Region 10 residents * Region 10 targeted for the cultivation of hemp to generate jobs * Major upgrades to roads, water supply system * 15 megawatts of power to be available via solar farms in three locations in the region * Pushing for the recruitment of more persons by oil companies, to provide more jobs in the sector REGION SIX OUTREACH * 3,000 part-time government jobs for residents to supplement family income * 400 small business grants ranging from $200, 000 - $250, 000 for persons with viable business proposals * Co-investing in the construction of an agro-processing factory at Black Bush Polder * Construction of a new national stadium, urban centre at Palmyra * Development of lands formerly owned by the Guyana Sugar Corporation at Palmyra * Upgrading of the aerodrome at Rose Hall, Canje to a municipal airport to support increased tourism activity * $160 million for first phase of oil and gas hospitality training centre at Port Mourant * $50 million to equip the New Amsterdam Technical Institute to provide necessary skills training * High end aquaculture project, working with swamp shrimp farmers to increase production to one million kilogrammes (four times the current amount) to create employment * Launching of a school feeding programme that will see vulnerable children benefitting from free breakfast * Textbooks for secondary school children countrywide * $33 million to upskill human resources in the region through the Board of Industrial Training (BIT) * Technical Vocational and Education Training (TVET) for 300 residents * Partnership with private cane farmers for cultivation of 12,000 acres of land * Opening up of approximately 6,000 acres of land for cultivation with the extension of the road to Orealla by an additional mile * Small scale sugar production to create employment * Investing in hemp cultivation, seeking to get major investor to purchase from the farmers * Feasibility study for new drainage canals to drain the water directly from the Savannahs to the Atlantic Ocean to safeguard against flooding * US $30 million state of the art hospital to replace the Skeldon Hospital, upgrading the New Amsterdam Hospital * Government will invest in 10,000 online scholarships for persons in the region * $8.3 billion to commence works on the main highway from New Amsterdam to Moleson Creek * Over $1 billion in farm to market roads for the region * $4 billion for community roads

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Construction of multimillion-dollar hotels to start soon

IN keeping with the planned expansion of Guyana’s tourism and hospitality sector, the construction of eight additional hotels is expected

Among the list of hotels set to start construction are Pasha Global, Hyatt Palace, AC Marriott, Marriott Courtyard, Four Points (under Marriott),

there will be a significant demand from key sectors such as agriculture and livestock, where hotels will need to supply fresh meat and produce for cus-

FLASHBACK: Co-Director of Arimu Investments Inc., Geraldo Alphonso (first from left); Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop (second from left); Co-Director of Arimu Investments Inc., Lorenzo Alphonso (centre); Best Western’s Director of Hotel Development for South America, Luis Alberto Tito (second from right); and attorney-at-law Sase Gunraj, during a site visit

CEO of Go-Invest, Dr. Peter Ramsaroop to begin this year.

This is according to the Chief Executive Officer (CEO) of Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop, who, in a release, said that since 2021, Go-Invest has either completed investment agreements or is finalising agreements with several hotel chain developers.

He said: “Since 2021, we are finalising investment agreements with major international brands: Courtyard Marriott, Four Points, Hyatt Place, AC Marriott and Pasha Global to total over 1,200 rooms currently on stream to meet the 2,000-room demand by 2025.”

Best Western, Kings Hotel and Herdmanston Lodge.

Those hotels, he said, have been approved by the brand and authorised to begin construction this year.

To this end, Dr. Ramsaroop added that the development of the hospitality sector in Guyana would benefit the country in many ways including through employment with the creation of thousands of new jobs for locals both during and after construction.

Additionally, he said that the hotel projects will also benefit local businesses and suppliers during its construction phase.

“Once in operation,

tomers,” the CEO said.

It is for this reason that local farmers are being urged to position themselves to benefit from the increased demand for food.

Meanwhile, he said that as it relates to infrastruc-

ture, Guyana will have accommodations of high standard available for visitors.

Additionally, Dr. Ramsaroop said that the local construction companies and skilled workers will

gain insight and exposure from these investments.

Further, Go-Invest is currently in negotiations with large hotel chain developers for additional luxury accommodations.

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

Recovering from learning losses - potential extension of school term possible, continuous assessment of students ongoing

GUYANA and countries the world over have experienced a set back in the delivery of education because of the COVID-19 pandemic, which had forced authorities to enforce necessary restrictions to mitigate the spread of the dreaded disease and safeguard the health of every citizen.

To counter the impact of the pandemic, the Education Ministry, between 2020 and 2021, had employed technology and other resources to ensure that access to this important tool in society, education, is unhindered.

But the mixed results of those efforts justified the significance of physical classes and encouraged local authorities to examine options that would best serve to fill the existing learning gaps.

The first approach, in this

regard, was the move by the Education Ministry to fully reopen public schools across Guyana.

Paving the way for the reopening of public schools was President Dr Irfaan Ali on March 15, 2022, when he lifted the COVID-19 restrictions that were instituted to mitigate the spread of the virus.

When asked about the Ministry of Education’s decision to reopen schools, Minister Manickchand had said this is part of the measures that have been put in place to recover from the significant time lost owing to the pandemic.

The Education Minister related that to identify the areas of need for each student as they re-enter a “new” education system, the ministry TURN TO PAGE 15A

Minister of Education, Priya Manickchand, had visited schools to see how the students, teachers and staff are coping with a full return to school (Ministry of Education photo)

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GUYANA CHRONICLE QUARTERLY Sunday, May 8, 2022

‘Huge benefits’ in store for Guyana - from ongoing, potential oil and gas projects, President of ExxonMobil Guyana says

GUYANA is expected to benefit immensely from the ongoing and potential oil and gas projects, President of ExxonMobil Guyana, Alistair Routledge, has said.

ExxonMobil has four

using the Liza Unity FPSO vessel.

The third project, Payara, is expected to produce 220,000 barrels per day; construction on its production vessel, the Prosperity FPSO, is running approximately five

opment project in the Stabroek Block, Uaru, which is expected to produce up to 250,000 barrels of oil per day.

“These projects will bring huge benefits to Guyana,” President of ExxonMobil

The Liza Unity FPSO for its Wei-1 project, had announced that the Kawa-1 well encountered approximately 177 feet (54 metres) of hydrocarbon-bearing reservoirs within Maastrichtian, Campanian and Santonian horizons based on initial evaluation of Logging While Drilling (LWD) data.

Those intervals are similar in age and could be correlated using regional seismic data to recent successes in Block 58 in Suriname and the lucrative Stabroek Block offshore Guyana.

Speaking about the dis-

Location of the proposed oil and gas exploration well sanctioned projects offshore Guyana. Of those, Liza Phase One is producing approximately 130,000 barrels per day, using the Liza Destiny floating production storage and offloading (FPSO) vessel, while the Liza Phase Two, which started production in February, is steadily ramping up to its capacity of 220,000 barrels per day,

months ahead of schedule, with start-up likely before year-end 2023.

The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the One Guyana FPSO comes on stream in 2025.

And it was reported recently that ExxonMobil is also moving ahead with plans for its fifth devel-

Guyana, Alistair Routledge, said during a brief interview released recently by ExxonMobil.

In addition to ExxonMobil, CGX, had announced that its drilling campaign at the Kawa-1 well in the Corentyne Block produced great results.

The company, which is also moving ahead with plans

A map showing ExxonMobil’s five discoveries for 2022 and its sanctioned projects in the Stabroek Block (ExxonMobil photo)

covery, Gabriel de Alba, Chairman of CGX’s main shareholder, Frontera, said: “Initial results from the Kawa-1 well are positive and reinforce CGX and Frontera’s belief in the potentially transformational opportunity our investments and interests in Guyana present for our companies and the country.

“Kawa-1 results add to the growing success story unfolding in offshore Guyana as the country emerges as a global oil and gas exploration hotspot. On behalf of the joint venture, I’d like to

thank the Government of Guyana for its long-standing support as we worked together to deliver this successful outcome.”

Rapid developments offshore and returns from those projects are expected to catapult Guyana to the ranks of wealthiest countries in the Western Hemisphere, thereby increasing the government’s fiscal space to invest in initiatives geared at expanding the economy, and improving the overall welfare of citizens.

“Guyana is now poised TURN TO PAGE 14A

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Enhancing international partnerships, networking critical to local authorities

PRESIDENT Dr. Irfaan Ali has underscored the importance of strong international partnerships at both the public and private sector levels, and related the

significance of their linkages to creating a dynamic environment for growth and prosperity.

The Head of State had said this during his address at

a networking reception held in honour of a visiting UK Trade Mission at the British High Commissioner’s Residence in Bel Air Gardens.

The President described

networking as one of the “most successful tools” employed in the corporate world to enhance business opportunities.

To this end, he said: “We

are not really supportive of gaff sessions anymore; we are not supportive of wasting people’s time. It is either there is an opportunity or there is not. And if there is an opportunity, how do we build that opportunity together, how do we add value to each other and bring value to all the stakeholders involved in the partnership.”

President Ali said that while the country is open for business and welcomes foreign investments, the partnerships must resonate with benefits for all stakeholders.

“We are absolutely, without a doubt, open for foreign investment… We are without a doubt part of a regional integration movement, but we are also without a doubt responsible to ensure that the local private sector and the people benefit from the opportunities that come,” the Head of Sate said.

He added that while there are challenges ahead, those could be averted to create a market of opportunity and competitiveness.

Further, President Ali outlined his government’s plans to address the cost of energy, diversify the energy portfo-

lio, build human capacity, invest in infrastructure, modernise the legal architecture, safeguard foreign and local investments and support integration, partnership and networking.

The government will be guided by its enhanced Low Carbon Development Strategy, since creating a balance between development and environmental conservation remains paramount.

Equally important, according to the President, is to ensure that all Guyanese benefit from the country’s growth.

President Ali said: “We want to create the balance; we are going to ensure that people of this country are treated fairly, that the country is treated fairly. We don’t want to be in a partnership where we are barking every day…instead, we want to work together to get the best possible outcome for the people of the country.”

The President said that the country is already in possession of amazing ideas, project documents and project proposals and that the next step was accessing the needed resources. (Office of the President)

‘Huge benefits’ in...

FROM PAGE 13A to be one of the wealthiest countries in the hemisphere; we intend to employ the gains from exploiting these deposits into initiatives geared at expanding the economy, improving competitiveness, giving people the best social services, increasing productivity, enhancing food production, and building new sectors,” President, Dr. Irfaan Ali had said in his keynote address during a virtual faculty workshop on the microeconomics of competitiveness hosted by the Harvard Business School.

In painting a vivid image of what is expected of the oiland-gas sector in the near term, Dr. Ali said that, by 2025, operating cash flow, based on total investment, is expected to reach US$3.5 billion.

As it is now, Guyana has US$719,713,039 in its Natural Resources Fund (NRF) at the US Federal Reserve Bank.

Based on the government’s plans for development, the bulk of those funds will go towards education, health, infrastructure and the non-oil sectors.

Those investments and subsequent programmes would be supplemented by the Local Content Act that came into effect in December 2021.

The new law earmarks 40 sectors or services, and stipulates a minimum percentage of the total value of expenditure on those services that oil companies and their sub-contractors must procure from Guyanese suppliers.

Already, Guyanese businesses have benefitted immensely from the operations of ExxonMobil, with companies absorbing more than US$600 million (roughly G$125 billion) in expenditures from the oil giant between 2015 and now.

Recovering from learning...

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FROM PAGE 12A will be issuing diagnostic examinations in the four core areas: Mathematics, English, Social Studies, and Science.

Manickchand related that this will allow education officials to have statistical data on the direct impact of the two-year gap in the delivery of face-toface education.

“Every single student is going to be diagnosed. We are issuing diagnostic Mathematics, English and Social studies, and Science, the four cores. Every student will be diagnosed and each student will be attended to individually to make sure that we recover from the COVID loss,” Minister Manickchand said.

Speaking directly to the ministry’s preparedness to deal with the delivery of education as the systems return to normal, Minister Manickchand said that a consolidated curriculum is expected to constitute one of the major changes to the local education system.

The minister also said that there is going to be an aggressive programme aimed at curbing literacy deficiencies, noting that the programme is intended to help the country recover from

the “literacy loss” due to the pandemic.

BRINGING THEM BACK The Education Ministry also launched “Operation Recovery” to locate children and reintegrate them into the school system.

Addressing this initiative, Minister Manickchand said the operation will be intensified as the school term progresses.

She noted that the pilot of this initiate saw education officials locating, and resolving issues related to attendance at the grade six level.

“Operation recovery is going to be a prolonged activity.

We started with grade six because we knew they had to be out. Once everybody comes back out and is duty-bound to come back out, mandated to come back out, then we could look to see who was absent at this stage because people have a choice not to come because we were rotating; we didn’t know if people were absent or if they just didn’t come.

“We could have started with grade six because we’re pretty sure if you were absent from an exam, then you’re kind of heading towards more prolonged absenteeism,” Minister Manick-

chand had related.

The Education Minister said that the pilot launch of Operation Recovery was extremely successful, noting that the ministry was able to locate and bring back into the school system just about three-quarters of the 1,300 students that were recorded as absent in grade six, since the pandemic started.

REMAIN OPEN Further, to expedite the recovery process, Minister Manickchand said there is a likelihood that schools will remain open throughout July and August.

Minister Manickchand determined that the usual summer break would have to be missed after she visited several schools to see how students, teachers and staff were coping with the full resumption of physical classes.

She said that the opening of schools might be necessary to cater for the learning loss or gaps that exist because most learners were physically away from school for close to two years.

Minister Manickchand said that many persons do not fully appreciate the impact that

school closures have had on children.

“We have to find ways to ensure that these children get exposed to the hours of education that they need, that we have parents that are interested and their attitudes are right. We may have to work into July-August,” she said.

The Education Minister said that diagnostic assessments have been done to know where learners are academically relative to where they need to be, so that teachers will know how to engage them in the classroom.

Additionally, she said that the Education Ministry had established a consolidated curriculum to have learners exposed to what they would have learnt in their previous school year.

She said that of the 40 weeks of engagement, the first 20 weeks will be dedicated to content students should have done in their previous grade/ class and the final 20 weeks will focus on what they should be learning in their current class.

“Those changes are necessary if we’re not to be suffering

from the effects of COVID five years from now. What we have seen academically is worrying and parents need to pay attention to what we are asking of them so that they can make sure their children are benefitting from the kind of accelerated learning that we need at this stage,” the Education Minister said.

Schools at all levels are now fully reopened with the Grade Seven students and year one nursery children returning yesterday for their first day of classes.

A team from CXC visited Guyana to assess the readiness of schools for the administration of the council’s examinations (Ministry of Education photo)

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