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Georgetown, Guyana (Credible Sources) — Controversy over the management of Guyana’s Natural Resource Fund (NRF) has intensified, with Nigel Hughes calling for greater inclusion and a reduction in political rhetoric surrounding the issue. Speaking at an Alliance For Change (AFC) press conference on Friday, Hughes criticized recent public attacks on NRF Investment Committee member Dr. Terrence Campbell, describing them as damaging to the national discourse.
Hughes specifically addressed Vice President Bharrat Jagdeo’s characterization of Campbell as a “racist,” calling the statement unwarranted and dangerous. He remarked, “I don’t believe that if you are as responsible as a person who is serving their fourth term as president… it is a responsible act to call a citizen out, a business person, as racist when there’s absolutely no basis for doing so, and thereby trigger your supporters to commence a boycott of the business of that citizen.” Hughes warned that such actions risk creating division and could escalate into broader boycotts within the business community.
At his own press conference the day before, Jagdeo defended the government’s management of the NRF and dismissed opposition concerns as baseless. He outlined reforms made by the People’s Progressive Party (PPP), including the introduction of a Board of Directors, publication of all fund receipts in the Official Gazette, and mandatory parliamentary approval for withdrawals. Jagdeo maintained that these changes had enhanced transparency compared to the NRF framework under the previous administration.
Hughes urged a more collaborative approach to NRF governance, proposing an amendment to the NRF Act to encourage broader political inclusion. He suggested allowing opposition representatives on both the NRF Oversight Committee and the Board of Directors, pointing out that the opposition currently holds a position only on the Investment Committee. “We believe that in the spirit of national interest, an opposition representative ought to be allowed to nominate a representative both to the Oversight Committee and to the Board,” Hughes said.
The debate gained further traction after Campbell published a letter raising concerns about the NRF’s operations. While Jagdeo dismissed Campbell’s remarks as politically motivated, Hughes defended Campbell’s right to hold the government’s actions accountable without fear of reprisal. He described the boycott calls targeting Campbell’s businesses as a troubling development that could lead to broader societal and economic repercussions. “The danger with this sort of activity and this sort of action is that there will be a reaction,” Hughes cautioned, warning of potential retaliatory boycotts.
Jagdeo also challenged Campbell’s credibility, pointing to Campbell’s alleged public statements about his support for opposition parties. Jagdeo asserted that such affiliations undermined Campbell’s claims of independence.
This debate over Guyana’s NRF unfolds as citizens contend with mounting economic pressures. A yearlong series by Stabroek News chronicles the struggles of residents facing rising prices for food, transportation, and utilities. Stories from pensioners, single parents, and small business owners revealed the widespread impact of these economic challenges, with many calling for stronger government interventions such as price controls, subsidies, or higher wages to ease their burdens.
Hughes has emphasized the importance of de-escalating divisive rhetoric. He argues that managing Guyana’s oil wealth effectively requires constructive dialogue and inclusive governance to ensure benefits reach all citizens. His call for unity contrasted with Jagdeo’s more combative tone, underscoring the deep political divides shaping the country’s discourse on resource management.
