Trinidad and Tobago is not alone in its quest to benefit from Guyana’s oil. In fact, several CARICOM territories are eager to know how they can get a slice of the oil pie as well. But not all of Guyana’s CARICOM sisters would be able to service the oil sector directly.
In light of this reality, one area that was recently discussed as fertile ground for investment is Guyana’s Stock Exchange. During a YouTube discussion between IMF Mission Chief to Guyana, Andrew McIntyre and Caribbean Economist and Advisor, Marla Dukharan, both agreed that while the stock exchange is languishing, as Guyana moves towards becoming a modernized market with the help of oil, it will allow businesses to expand and lead to many becoming publically traded. This, they agreed, will also allow for opportunities to become available for CARICOM and Non-CARICOM Members to buy into the Guyana economy.
McIntyre said that indeed, Guyana will become a growth pole for the rest of the Caribbean. He noted that the GDP growth will be large enough as well to spill into the rest of the Caribbean. McIntyre said that there would be great benefits for businesses that seek to have linkages with Guyana.
The IMF Mission Chief said “Trinidad is very close, St. Vincent, St. Lucia, Barbados but I expect it to go right up the chain because if you are growing at that kind of level and oil is going to be 40 percent of GDP in 2024 then you are talking about a sharp growth trajectory and that growth is just on the basis of two finds.”
With other finds recently made by ExxonMobil and Tullow Oil in the Orinduik Block, McIntyre said that the prospects for Guyana are even more significant.
