By Rennie Parris
Welcome back to Talking Dollars & Making Sense. In this week’s article, I want to talk about something important to every Guyanese: how do we create more opportunities for our people, especially good-paying jobs and prepare our local companies to compete and succeed here at home and abroad?
The answer lies in two big ideas: how we borrow and how we build. Let’s dive in.
Borrowing big but missing out on skills
Guyana has borrowed billions of US dollars over the past few years to build roads, hospitals, schools, and other major national projects. These are investments we need to improve everyday life for citizens across the country.
But here’s the catch: many of these loans come with conditions. In some cases, the countries lending us money are allowed to bring in their own companies and workers to do the job. So even though we’re the ones taking the loan, and paying it back, our people don’t always get to do the work or gain the experience.
That means Guyanese companies and workers miss out on learning new skills, new technologies, and how to manage large, complex projects. Over time, this keeps our people locked out of future opportunities, both here in Guyana and across the region.
Time to negotiate smarter deals
We don’t have to accept these kinds of deals. The government of Guyana can and should negotiate smarter. Multilateral banks such as the IDB already work with local‑content clauses, as long as deadlines stay clear. And if we provide capital from the Natural Resource Fund we’re showing lenders we have skin in the game.
Instead of signing off on contracts that limit local involvement, we should take a page out of our local content law for the oil & gas industry and require that foreign companies partner with local businesses through joint ventures. That means both sides work together, share responsibilities, and most importantly share knowledge.
These partnerships should include clear plans for training and development. If a foreign company is building a hospital, then Guyanese engineers, electricians, welders, and project managers should be working alongside and shadowing them. That way, the next time a big project comes along, we’re ready to take the lead.
This approach shouldn’t be limited to just roads or bridges. Whether it’s manufacturing, or technology, our people and businesses deserve a seat at the table and a chance to grow.
Let’s talk about oil and the opportunities we’re missing
Guyana is now one of the fastest-growing oil-producing countries in the world. But most of the oil we produce is sold as unrefined crude on the international market. That means other countries are making more money by refining our oil into diesel, jet fuel, and gasoline and then selling it back to us or others.
But what if we kept a portion of that oil right here in Guyana and refined it ourselves or even contracted another country to refine it on our behalf? That move could help us open the door to new markets and opportunities for local businesses.
For example, let’s say Guyana refines its oil and sells it to our CARICOM sister countries at a discounted rate or allows them to pay later. In return, those countries could agree to hire Guyanese businesses to build bridges, or develop a digital system for a government office etc.
This would allow our companies to expand into the region, build their experience, and earn foreign income. Over time, these companies could grow strong enough to compete in bigger international markets.
It’s not just about oil it’s about everything we produce
The same thinking applies to our agriculture and other industries. If we’re building strong business relationships with countries through refined oil and construction work, we can also open up new export markets for rice, plantains, pineapples, pepper sauce, and other locally produced goods.
Guyana has world-class agricultural products, but our exporters often struggle with access to markets, logistics, and consistent demand. Smart trade deals can help change that. We can negotiate not just for fuel sales, but for shelf space in supermarkets, distribution partnerships, and long-term buyers for our food, beverages, and natural products.
Creating a workforce that’s ready for these opportunities
Of course, all of this only works if our people have the skills to take advantage of it.
That’s why the government could do more to connect education with opportunity. High school and university students should be able to clearly see what kinds of jobs are in demand and how to prepare for them. If they know that studying welding, project management, agriculture, or computer science leads to a well-paying job, they’ll be more motivated to pursue those paths.
The government can help by collecting and sharing this kind of information. For example, publish reports that show which industries are hiring, what qualifications are needed, and where training programs are available. That way, everyone from students to business owners can make smart decisions about their future.
A Guyana where everyone has a chance
The goal here isn’t just to build infrastructure; it’s to build a stronger, fairer economy. One where every Guyanese, no matter their background or where they live, has the opportunity to benefit. That means better-paying jobs, stronger local businesses, and a country that’s not just growing, but growing together.
So the next time we build a bridge or strike a trade deal, let’s ask:
“How does this create new markets for our people?”
“How does this train our workers and grow our businesses?”
If we start asking those questions, we’ll build more than just roads; we’ll build a better future for all of Guyana.
As always, I’d love to hear your thoughts. Email me at [email protected]. Until next time, let’s keep Talking Dollars & Making Sense.
Source: News Source Guyana
