Talking Dollars & Making Sense: Building a Stronger Guyana, One Opportunity at a Time

Talking Dollars & Making Sense: Building a Stronger Guyana, One Opportunity at a Time

By

Rennie Parris, MBA

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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, both at home and abroad?

The answer lies in two big ideas: how we borrow and how we build. Let’s dive in.

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Borrowing Big but Missing Out on Skills

Guyana has borrowed billions of U.S. dollars in recent years to build roads, hospitals, schools, and other major national projects. These are the kinds of 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.

This means that Guyanese companies and workers often miss out on learning new skills, adopting new technologies, and managing large, complex projects. Over time, this keeps our people locked out of future opportunities—both here in Guyana and across the region.

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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 remain clear. And if we provide capital from the Natural Resource Fund, we’re showing lenders that 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 in the oil and gas sector 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 training and development plans. 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, when the next big project comes, we’re ready to take the lead.

This approach shouldn’t be limited to roads or bridges. Whether it’s in manufacturing, logistics, or technology, our people and businesses deserve a seat at the table and a chance to grow.

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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 open the door to new markets and new opportunities for local businesses.

For example, Guyana could refine its oil and sell it to our CARICOM sister countries at a discounted rate or on deferred payment terms. In return, those countries could agree to hire Guyanese businesses to build bridges, modernize government offices, or develop digital systems.

This would allow our companies to expand into the region, build their experience, and earn foreign income. Over time, these businesses could become strong enough to compete in even bigger international markets.

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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 trade relationships through refined oil and infrastructure projects, we can also open 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 supermarket shelf space, distribution partnerships, and long-term buyers for our food, beverages, and natural products.

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Creating a Workforce Ready for Opportunity

Of course, all of this only works if our people have the skills to take advantage of it.

That’s why the government can 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 good job, they’ll be more motivated to pursue those paths.

The government can help by publishing regular 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, informed decisions about their future.

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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 won’t just build roads—we’ll build a better future for all of Guyana.

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As always, I’d love to hear your thoughts. Email me at talkingdollarsgy@gmail.com.

Until next time, let’s keep Talking Dollars & Making Sense.

Rennie Parris, MBA, is a Guyanese economist and business strategist with expertise in trade policy, economic development, and regional competitiveness. He holds an MBA in Finance from the Wharton School of Business and has served in private and public sector advisory roles. Parris regularly contributes to the Guyana Business Journal, where he writes on trade, investment, and economic policy issues impacting Guyana and the wider Caribbean.