The public deserves information on the outcomes of the 2016 Petroleum Sharing Agreement, PSA2016. Article 15.1 purports that Guyana’s tax laws are complied with by the contractor and its affiliated companies. This is in form only. Substance of actual corporation profits tax, under Guyana’s Sovereign Tax laws, are not paid into Guyana’s Consolidated Fund. This…
Ravi Dev’s caution about Girmitiyas, former labourers or People of Indian Origin, PIO, does not have to begin or end in disappointment. (SN – 2024-12-08). He cites an example that is already appealing to politicians. ‘They hope Bharat would follow the African Union, which declared its diaspora as “Africa’s 6th Region”. This is an opening…
I thank Dr. Vishnu Bisram for pointing out an economic approach towards distributive justice in managing oil wealth in Suriname: ‘“Royalties for Everyone”, on the decision by the government of Suriname to grant a savings note (royalty shareholding certificate) of US$750 to each of its citizens, payable after 2028 with 7% interest and a contrast…
There is no provision for any effective Royalty in the 2016 Production Sharing Agreement, PSA2016. Guyana receives 2 percent as ownership rights called Royalty (usus rights). There are two other classes of rights in the design of business contracts; transformation rights and fruits of production rights. Zero value is assigned for transformation rights (abusus rights), such…
I wish to respond to the idea that the oil companies are granting Guyana a fair deal with their 50/50 billboard in which Guyana is getting one-half of the profits from sale of crude oil. Further, the ideas thrown about is half a loaf is better than nothing. This is very misleading in running a…
Guyana’s oil export led growth model leaves important gaps in Government financing that could pose sustainability threats for whichever Government is in office. One has to go back to fundamentals and ask if the engine of growth makes any contribution to the Central Government’s current or capital budget, beyond its 2 percent Royalty that Guyana…
Dr. Ramesh Gampat SN letter September 8, 2024 questioned the ‘credibility of inflation data’ by the Bureau of Statistics namely, the annual inflation rate for 2023. The number used lies somewhere between 1.6 percent and 2 percent. These numbers are inconsistent with financial system data. Guyana’s Consumer Price Index for January 2023 was 130.7%, ending…
There is indeed a real urgency to reach a satisfactory Teacher-union versus Government administration wages and salaries plus benefit package adjustments for teachers, some of whom are parents. Parents’ empowerment must also be considered additionally because of their special role in raising their children who will form part of the Guyana labour force. There are…
There had been apparent controversy regarding both prices and incomes data generated by official reports purportedly measuring the Guyana Cost of Living, reflected by the Consumer Price Index, CPI and the Nominal Gross Domestic Product, GDP. There is a further complication as the World Bank raised Guyana’s low income status to a high income status…
Articles by Dr. Tarron Khemraj appearing on his business page in SN 2023/09/24 and SN 2023/09/10 require some comments, since the use of ‘Balances from Abroad’ imply that Commercial Banks have readily available sources of foreign exchange that are liquid balances and can be deployed to make good any foreign exchange ‘shortage’ affecting the Private…
