eve of the APNU taking power here in Guyana, oil was found in commercial quantities. It is one of the largest finds in recent times. Understandably, the new regime is ecstatic at this find. Indeed, they seem to be thinking that this is the answer to all our problems.
This find is most likely one of the factors that has influenced their decision in relation to the sugar industry.
Their old hatred for sugar workers has resurfaced and they have announced that they are closing several estates.
The intention is to shut the whole industry down.
This decision to decimate and close the industry was taken even though the Commission of Inquiry (CoI) that they set up did not recommend any closure.
It is clear that the regime believes that oil will more than compensate for the loss of revenue from the closed/ decimated sugar industry. They, therefore, decided to abandon the plan to re-structure and re-vitalize the industry.
This will prove to be a colossal mistake - one which Guyanese will suffer great pains both now and in the future.
If one was to examine the situation in oil-producing countries worldwide, one would find that countries which are very heavily dependent on oil revenues are experiencing great economic difficulties. Some have major political problems as well because of the hardship flowing from loss of oil revenues.
We don’t have to look very far to prove this. A Caribbean Development Bank Senior Economist recently released an opinion in which grave concerns were expressed about the economic difficulties that Trinidad and Tobago is experiencing because of the fall in oil revenues.
Venezuela’s economy is