Speaking passionately on the Norman Brown Show, Dr. Terrence Campbell painted a grim picture of Guyana’s leadership in managing the country’s oil wealth. His focus was on intergenerational equity—ensuring the benefits of today’s oil revenues extend to future generations.
“We’ve never had this level of wealth before,” Dr. Campbell said. “But are we saving for the future? Or are we squandering it now?”
The NRF Act, initially designed to ensure financial sustainability, has undergone significant changes. According to Dr. Campbell, these amendments allow the current administration to drain the fund almost entirely. “When they first amended the act, they promised to spend only half. Now, they want all of it. What happens to our children’s future?” he questioned.
Dr. Campbell also emphasized the need for investments in education and infrastructure. “Education has been overlooked for too long,” he said. “I’ll know we have a good government when we see genuine transformation in this area.”
He warned of the economic risks tied to fluctuating oil prices. “An oil price shock could devastate our economy. Construction—a key driver of non-oil growth—would collapse. That’s why we need stabilization funds,” he explained.
Despite these challenges, Dr. Campbell believes Guyana has the resources to achieve sustainable growth. “We must embed the NRF’s principles in the constitution,” he urged. “This isn’t about politics; it’s about securing Guyana’s future.”