Cruising through Guyana’s capital in a black Toyota Land Cruiser, licence plate PSS1, former president Donald Ramotar said he believes he helped transform the only English-speaking country in South America through deals to extract billions of barrels of crude oil. Ramotar governed from 2011 until 2015, and in that time signed contracts with giants like ExxonMobil and Total, as well as smaller companies including Canada-based JHI Associates and the Guyanese firm Mid-Atlantic Oil and Gas. Sporting a simple white beard and faded blue jeans, Ramotar is an affable old-school socialist who lambastes growing inequality and corporate giants — including ExxonMobil. Despite coronavirus lockdowns, Guyana’s economy grew 43.5 per cent last year, one of the fastest rates in the world, as an estimated 10 billion barrels of offshore crude started gushing cash. For a country of fewer than 800,000 residents, where nearly half the population lives on less than $6 US per day, the results could be breathtaking — but only if the new wealth is managed properly.

Source: CBC News December 23, 2021 22:27 UTC