Building National Prosperity Through Shared Ownership: A Sustainable Approach to Guyana’s Key Resources
By
Hon. Kwasi Fraser, Former Mayor of Purcellville, Virginia
As Guyana experiences a historic opportunity with the discovery and development of its natural resources, ensuring that the nation’s wealth directly benefits every citizen is critical. The vast reserves of oil, natural gas, gold, quarry stones, and even carbon sequestration credits offer immense potential for long-term prosperity. However, realizing this potential requires a strategic approach that prioritizes shared ownership, sustainability, and wealth creation for all Guyanese, not just immediate payouts that may only provide short-term relief.
Ownership of these resources by the Guyanese people is the best path toward enduring national prosperity. By granting citizens ownership shares in these resources, we can create a system that generates dividends, fosters responsible stewardship, and enables individuals to acquire additional shares over time. This approach ensures that the wealth derived from our natural bounty is equitably distributed and multiplied through strategic, long-term investments.
Shared Ownership in Oil and Natural Gas: A Wealth-Building Model
Guyana’s oil and gas reserves have positioned the country as a rising global energy power. While proposals for direct cash payments to households—like the $200,000 payout plan—may seem generous, they are ultimately short-sighted. A one-time payout does not address the long-term challenges of wealth inequality, inflation, or the sustainable management of our resources. Instead, a system that grants ownership shares in Guyana’s oil and gas reserves would create real, lasting wealth for every citizen.
Each Guyanese citizen could hold a stake in the country’s natural gas and oil assets by segmenting ownership into shares. These shares would pay regular dividends based on extraction, refining, and sales profits. As the value of these resources increases, so would the value of the shares, creating a sustainable wealth-building mechanism. Moreover, citizens would have the option to acquire more shares over time, further increasing their financial security and aligning personal prosperity with national economic growth.
Countries like Norway and Singapore have successfully implemented similar models through sovereign wealth funds. Resource revenues are invested globally in these countries, and citizens receive financial benefits from the returns on those investments. Guyana can adopt this strategy to ensure that all people feel the benefits of its oil and gas wealth while also avoiding the pitfalls of short-term inflationary handouts that have plagued other resource-rich nations like Nigeria and Trinidad.
Expanding the Ownership Model to Gold and Quarry Stones
The potential for shared ownership extends beyond oil and gas. Guyana’s gold reserves, which have been a significant source of economic activity, can also be leveraged to build wealth for citizens. By applying the same ownership-share model, the profits from gold mining could be distributed as dividends, ensuring that every Guyanese citizen benefits from the rising value of this precious metal. This would democratize wealth and promote responsible mining practices that preserve the environment and ensure long-term resource viability.
Similarly, quarry stones are crucial in Guyana’s future infrastructure development. As the demand for building materials increases with the expansion of roads, bridges, and construction projects, quarry stones will become essential. By granting citizens ownership shares in quarry stone ventures, we can ensure that the profits from infrastructure development flow directly to the people rather than being concentrated in the hands of a few. This system would also incentivize responsible extraction and environmental stewardship, as citizens would be vested in ensuring that resources are managed sustainably.
Carbon Sequestration: Turning Environmental Stewardship into Economic Opportunity
One of Guyana’s most forward-thinking opportunities lies in carbon sequestration. Carbon credits have become a valuable commodity as global efforts to combat climate change intensify. Guyana’s vast forests and natural ecosystems give the country a unique ability to sequester carbon, offering the potential to generate significant revenue by selling carbon credits on international markets.
By incorporating carbon sequestration into the shared ownership model, Guyanese citizens could hold shares in carbon credit ventures, receiving dividends as credits are sold. This would transform environmental conservation into a wealth-building opportunity, aligning national economic interests with global climate goals. Additionally, the revenue from carbon credits could be reinvested into sustainable development projects, further enhancing the nation’s infrastructure, public services, and economic resilience.
A Unified Approach to Natural Resource Wealth
The key to Guyana’s long-term prosperity lies in a unified approach to its natural resources—one that treats oil, gas, gold, quarry stones, and carbon sequestration as part of a broader wealth-building strategy. By granting citizens ownership shares in each of these sectors, the country can create a diversified portfolio of national wealth that benefits everyone. This approach ensures that the profits generated from natural resources are reinvested into the country’s future rather than spending on short-term solutions that do little to address underlying economic challenges.
This strategy democratizes wealth and promotes national unity, as every citizen becomes a stakeholder in Guyana’s future. As the value of these resources grows, so too does the people’s prosperity. Furthermore, by allowing citizens to acquire more shares over time, we provide a pathway for individuals to increase their wealth, fostering economic security and financial independence.
A Sustainable Path to National Prosperity
Guyana’s natural resources offer a once-in-a-generation opportunity to build a prosperous, equitable, and sustainable future. However, achieving this requires more than one-time payouts or quick fixes. It requires a strategic approach that grants every citizen a stake in the nation’s wealth, ensures responsible resource management, and invests in long-term growth.
By adopting a shared ownership model across Guyana’s natural resources—oil, gas, gold, quarry stones, and carbon sequestration—we can create a system that generates lasting wealth for every citizen. This model will transform individual lives and position Guyana as a global leader in sustainable resource management and equitable wealth distribution. This is the path to enduring national prosperity—one where every Guyanese is a shareholder in the country’s future, reaping the benefits of its natural wealth for generations to come.
Kwasi Fraser was born in Guyana and lived in Lethem, Anna Regina, Parika, Georgetown, and Buxton before emigrating to the United States. He holds an MBA from Rutgers University and a Bachelor of Engineering from Stony Brook University. With over 25 years of experience in the telecommunications and energy industries, Fraser also served four terms as Mayor of Purcellville, Virginia, located in Loudoun County—widely known as the data center capital of the world and the wealthiest county in the U.S.
