In Trinidad and Tobago, long CARICOM’s largest oil producer, Oil and Gas accounts for about 80% of exports while only employing less than 5% of the total labour force. This again shows in Guyana, where oil accounted for 68.3% of exports in 2021, with only the Liza Destiny FPSO in operation, while the oil sector employs barely a few hundred Guyanese.
As shown with Trinidad and Tobago, where the oil industry has been in operation for over 100 years, the further development of Guyana’s oil sector will never be a major job creator. Employment must come from the non-oil sectors. The non-oil sector has seen a sharp decline under the PPP. A 4% reduction in sugar production, 20% reduction in rice production, 3.8% reduction in Bauxite, 14.8% reduction in gold production, and more in 2021 alone.
This non-oil recession has led to 5,000 Guyanese losing their jobs since the PPP came to power. Unemployment now totals 42,000 persons. PPP policies, which the opposition describes as “trickle-down economics” has so far failed to effectively facilitate job creation. The situation might be getting desperate for some, with the recent IRI poll finding that 22% of Guyanese report that they have trouble feeding themselves and family. The public continues to call on the government to implement job-creating policies.
More, In The Ring.
