Unprecedented growth will be driven by Guyana’s recent discovery of 9 billion barrels of recoverable oil and gas. Despite the optimism, Guyana’s surge will also coincide with a world in which fossil fuels are losing favor.
Suriname is part of the Guyana-Suriname Basin, often called the “Holy Grail” of oil and gas. However, the country is in the midst of a severe economic crisis. Sadly, Suriname has been here before.
The Caribbean has long enjoyed a reputation for being one of the most democratic regions in the world. Despite the Caribbean’s seeming confidence in the ballot, however, countries in the region nevertheless face considerable challenges in keeping their democracies alive. Elections alone do not make a democracy; rather, there are many other factors that must be taken into consideration in order to ensure good governance.
The following interview between Global Americans’ Executive Director Guy Mentel and Francisco J. Monaldi took place this week as the Biden-Harris administration moves to combat climate change and as the COVID-19 pandemic continues to disrupt global oil markets.
The ambition and capability of the People’s Republic of China (PRC) to affect the political affairs of nations across Latin America and the Caribbean have only grown during the global pandemic. Recent events in Guyana and Paraguay show that COVID-19 vaccines have influenced governments, either directly or indirectly, toward Beijing’s political preferences.
The Essequibo territory remains a point of contention between Guyana and Venezuela, and the stage is now set for the ICJ to step in and render a judgment.
Guyana’s economy is projected to grow by 26 percent in 2020, but the country will need more than just money alone to affect much needed changes in governance frameworks, inhuman capital, and transparency.
Guyana’s recent oil windfall has been well-documented, but successfully harnessing the opportunity it brings will require a combination of transparency, institutional management, and infrastructure changes.
For the Guyanese, moving forward together will be difficult, but not leaving anyone behind may be even more so.
While President Ali’s election is a victory for the country’s democratic electoral process, the burden of good governance will bring a number of challenges.
