By Saskia Warrick
February 20, 2025
Prominent British economist, Sir Paul Collier, has expressed strong support for Guyana’s approach to managing its oil wealth, infrastructure investment, and long-term economic planning.
Speaking at the ongoing Energy Conference, Collier described the government’s strategy of leveraging oil revenues for critical infrastructure development as a “sensible approach.”
In his comments, Vice President Bharrat Jagdeo addressed concerns about fluctuations in the global oil market and Guyana’s rapidly increasing production.
Jagdeo reassured that the country’s diversification efforts and the strong commitments from ExxonMobil, the US oil major, would buffer any negative impacts from price drops or oversupply.
Sir Collier echoed this sentiment, emphasizing that ExxonMobil’s expertise in managing financial risks related to oil exploration made their decisions reliable.
He dismissed the suggestion that the government should second-guess Exxon’s market strategies.
Beyond oil-related concerns, Collier also praised Guyana’s significant investments in infrastructure.
He addressed critiques that the government was prioritizing large-scale infrastructure projects like roads, bridges, and hospitals over direct financial assistance to citizens.
Collier highlighted that such investments were essential for sustainable long-term growth, pointing to the construction of regional hospitals as a crucial step toward decentralizing healthcare services and improving access across the country.
Collier’s remarks reflect a broader consensus that Guyana’s careful planning and strategic investments will strengthen its position in the global economy while ensuring the benefits of oil wealth are felt throughout the country.