It may seem odd to suggest for a country that is just starting oil production to prepare for a post-oil economy. But this is exactly what it needs to do in order to avoid the addiction to oil money and the impending doom that brings says Local Content Expert, Renee Tissot.
According to the Tissot, many should be aware by now that the “non-oil economic activities” will suffer as the currency appreciates and oil crowds-out all other economic activities except for speculative real state. In light of this, the official said that Guyana should, therefore, prioritize national training programmes that upgrade the skills of the local workforce, whether it is related to the oil or any other sector. Tissot said one has to bear in mind that oil is not a labor-intensive field, and therefore, upgrading the labour force for other sectors gives Guyana a chance of ensuring that its traditional sectors do not deteriorate given the advent of oil but rather improves in production and delivery, because of it.
To support the overall workforce upgrade, the Local Content Expert said that a national technical school accessible to anyone with a high school diploma that covers a diversity of professions, and complies with the most advanced training requirements, techniques, and certifications, should be a priority.
Tissot said that indeed, the oil money will be useful for investing in infrastructure and assisting in funding projects that are geared towards preserving the pristine environment. He warned that even as this is pursued, Guyana must bear in mind, the many examples around the world which “show how things can go badly very quickly due to over-exuberance on spending oil money” for such projects.
Although very difficult, Tissot reiterated that the best Guyana can do is to avoid getting addicted to oil (revenues), through a laser focus on economic diversification, innovation, and workforce upgrading. This he said should start now.
