Opposition-nominated member of the Investment Committee for Guyana’s Natural Resources Fund (NRF), Dr. Terrence Campbell, has raised questions about the transfer of oil revenues to the Consolidated Fund without specific details on how the money will be utilized. Speaking, Dr. Campbell announced plans to formally request an explanation from the NRF Board on this matter, emphasizing the need for greater transparency.
Dr. Campbell did not rule out the possibility of legal action if the NRF Board, Ministry of Finance, and Bank of Guyana fail to address these concerns. “It’s not off the table,” he said when asked about potential legal measures.
The businessman and holder of a Doctorate in Business Administration from Edinburgh Napier University expressed hope that Vice President Bharrat Jagdeo’s recent statements about refining the mechanism for oil revenue transfers might result in “greater specificity” regarding their intended use, though not necessarily in “granular detail.” He suggested that the funds could be placed in a separate account at the Bank of Guyana to allow for enhanced monitoring by the NRF’s Public Accountability Committee. “I’m hoping that maturity will prevail and we’ll see some change,” he added.
Calls for Accountability
Dr. Campbell disclosed that he had previously raised his concerns privately but found the response unsatisfactory. He plans to escalate the issue within the next 30 days, as he anticipates the NRF Board’s reply to a separate query from Alliance For Change (AFC) Leader Nigel Hughes, who flagged procedural issues concerning withdrawals. Dr. Campbell clarified that he had not prompted Hughes to write to the Board.
Dr. Campbell also challenged Vice President Jagdeo’s implication that oil revenues do not need to be explicitly allocated, arguing that the funds represent a critical opportunity for Guyana. “It’s a windfall for the country,” he stated, noting that prudent management of oil revenues could secure economic growth for future generations. He also highlighted concerns about corruption and the so-called Dutch disease since Guyana’s discovery of oil in 2015.
Last week, Jagdeo dismissed the idea of rigidly allocating oil revenues, questioning its practicality. “What sense does it make?… Should we start saying oil money should only go to infrastructure and nothing else?” he asked. The Vice President maintained that accountability for these funds lies with the National Assembly through budgetary acts.
Oil Revenue’s Role in Economic Growth
Dr. Campbell underscored the significance of oil revenues in stabilizing Guyana’s economy, particularly against a backdrop of 12.6% non-oil economic growth by mid-2024. He argued that this growth was largely tied to construction projects linked to the oil sector, stating, “Construction is intimately tied to the oil sector… these oil funds have been a savior to us.”
To highlight the importance of investing the revenues wisely, Dr. Campbell referred to the NRF as a “once-in-a-lifetime opportunity” for Guyana to lay the groundwork for sustained economic growth.
Stipend Donation Amid NRF Criticism
Given the perceived inadequacies of the NRF’s Investment Committee and Public Accountability and Oversight Committee, Dr. Campbell announced that he would donate his monthly GY$100,000 stipend to the Beacon Foundation, supporting prostate cancer patients. He suggested that the depletion of the NRF undermines the effectiveness of these committees.
Dr. Campbell’s remarks reflect growing scrutiny of oil revenue management in Guyana, with calls for stricter oversight and a clear roadmap for the nation’s economic future.
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