Minister within the Office of the Prime Minister with responsibility for public affairs, Kwame McCoy on Wednesday addressed several misconceptions surrounding Guyana’s wealth status. During his Budget 2024 presentation in the National Assembly, McCoy said there is the belief that the country, endowed with oil and gas resources, is automatically “rich.” Minister McCoy underscored however that Guyana is still on a journey towards economic prosperity.
Minister McCoy addressed the narrative that Guyana, with its oil wealth, has limitless resources. “You know we hear every single day a reference, Guyana is an oil-rich country, we have all the money we need,” the minister said. He clarified that while the country possesses significant potential, it has not yet reached a stage where earnings from oil resources are as substantial as suggested to be. “The truth is we are just not there yet, we are not that rich…” Minister McCoy highlighted.
The minister cautioned citizens against the believing the misconception that the government can afford everything, emphasizing the careful need for management of resources.
Taking a swipe at the opposition, Minister McCoy also warned against the consequences of the APNU+AFC government being in power. He said, “Imagine if this APNU+AFC party was in government over the past three years. By now we would have been with our begging bowls all across the Caribbean and world, as everything would have already been empty because all they know is to squander.”
Moreover, the minister asserted that Budget 2024 marks a groundbreaking era for Guyana, shattering previous limitations.
“The budget opens up vistas of opportunities for citizens in every nook and cranny of our country to climb onto paths that are sure to lead to wealth creation and ultimately, to prosperity for all,” McCoy said.
While underscoring the positive strides made by the government, Minister McCoy acknowledged that there is more work to be done. “Of course we have worked to improve the lives of people right across this country. But we are not saying that we have done it all,” he added.
He said the government’s efforts form part of a continuous process that began in 2020 to improving the lives of Guyanese citizens. “It is a process, it will not happen overnight,” the minister said.
Notably, McCoy said that despite challenges, visible progress is evident throughout the country of the government’s work.
As he underscored his support for the country’s first trillion-dollar budget, Minister McCoy bashed the opposition Members of Parliament for failing to comprehend the magnitude and features of the budget, which he said aims to bring benefits to the people and continue to feed Guyana’s transformation.