News Americas, New York, NY, March 19, 2025: The Caribbean Development Bank (CDB) has projected 2.5% economic growth for its 19 borrowing member countries in 2025, following 1.7% growth in 2024, excluding Guyana, which saw a remarkable 43.5% expansion last year.

At the CDB’s annual news conference, Director of Economics Ian Durant stated that Guyana’s economy is expected to slow to 11.9% growth in 2025, following its surge in oil production. However, the country will remain a key driver of regional economic expansion. With Guyana included, the overall growth forecast for the region rises to 4.6%.

Economic Drivers and Risks

Growth will vary across CDB member states, with commodity-exporting nations expected to gain momentum, and service-based economies, particularly in tourism, forecasted to grow by 2.2%. Construction, driven by public and private investments, will also contribute to economic expansion.

However, Durant warned that several global and regional risks could impact economic performance. Geopolitical tensions, protectionist trade policies, and potential slowdowns in key markets like the United States could affect demand for Caribbean exports. Climate change and natural disasters remain significant concerns, especially as hurricanes and extreme weather events intensify.

Fiscal Outlook and Policy Challenges

Most Caribbean governments are expected to maintain primary budget surpluses, strengthening debt positions. However, with many Caribbean countries facing elections in 2025 and 2026, there is a risk of fiscal pressures and policy shifts that could slow economic reforms.

Despite these challenges, the Caribbean is recovering from recent economic shocks, including COVID-19, supply chain disruptions, and high inflation. The CDB remains optimistic that continued investment and resilience-building efforts will sustain positive economic growth across the region.

News Americas, New York, NY, Fri. March 14, 2025: A consortium led by U.S. energy giant ExxonMobil has unveiled plans for its eighth energy project in Guyana, which is set to produce up to 1.5 billion cubic feet per day (bcfd) of natural gas and 290,000 barrels per day of condensate. The project will utilize a floating production facility with the capacity to export the fuel, according to details submitted to the Guyanese government.

The Longtail Project, which includes the development of the Longtail, Tripletail, and Turbot offshore discoveries, was outlined in the group’s request for environmental authorization, recently published by the Guyanese government and reviewed by Reuters.

The ExxonMobil Guyana offices at 86 Duke Street in Georgetown, Guyana. Photographer: Jose A. Alvarado Jr./Bloomberg via Getty Images

Longtail is expected to become Exxon’s most significant gas development in Guyana to date, aligning with the government’s push to increase gas production to support various industries, including petrochemical plants and liquefied natural gas (LNG) projects.

According to the environmental document, the project will involve the drilling of up to 60 production and injection wells, further expanding Guyana’s rapidly growing energy sector.

In contrast, Guyana’s government has officially pulled the plug on the Frontera-CGX joint venture, canceling its oil prospecting license for the Corentyne Block. This decision, which had been anticipated since February when the government gave the joint venture a 30-day warning, now marks the end of their efforts in the region.

The Corentyne block had been seen as a potential diversification opportunity in Guyana’s oil industry, which is dominated by ExxonMobil’s operations in the Stabroek Block. Despite being an underdog, the Frontera-CGX partnership had hoped to secure a piece of the pie, but they are now out of the race. While both companies have disputed the cancellation, no further details about potential legal challenges or behind-the-scenes negotiations have emerged.

Exxon’s control over Guyana’s offshore oil bonanza has only grown stronger. The company, alongside its partners Hess and CNOOC, is progressing with multiple projects, including the latest Longtail project. Exxon’s ongoing efforts have resulted in over 650,000 barrels per day (bpd) of crude oil production from several operations in the country. At this pace, Exxon’s presence in Guyana could soon rival that of some OPEC members.

While global oil prices remain volatile, with WTI hovering near $67 and Brent struggling above $70, smaller players like Frontera and CGX have faced a difficult challenge. However, Exxon remains well-positioned to continue its dominance in the region, sending a clear message: if you want to drill in Guyana, you’d better have deep pockets and the patience of a major supermajor.

News Americas, New York, NY, March 12, 2025: The Organisation of Eastern Caribbean States (OECS) has entered into a landmark partnership with New Zealand to accelerate geothermal energy development across the region. This agreement, formalized during the presentation of credentials by Her Excellency Linda Charlotte Te Puni, New Zealand’s new Ambassador to the OECS, reinforces both parties’ commitment to renewable energy and climate resilience.

Strengthening Geothermal Energy for a Sustainable Future

This collaboration builds on New Zealand’s decade-long support for geothermal energy in the Caribbean and aligns with the OECS 2025-2035 Decade of Action for Sustainable Energy Development. Geothermal energy is central to the OECS’s long-term strategy to reduce reliance on fossil fuels, lower energy costs, and strengthen regional energy security.

Key Areas of Collaboration

As part of the agreement, the OECS will implement a Geothermal Direct Use Strategy to 2035, integrating geothermal energy into sectors such as agriculture, tourism, and manufacturing. The initiative includes:

Enhancing technical expertise through a capacity-building gap analysis.
Supporting the OECS GEOBUILD Programme, which is conducting a six-month study on geothermal skills and training needs.
Facilitating a geothermal resource mapping exercise to guide future investments.
Providing technical assistance for geothermal power generation across the region.

Dominica Leading the Charge

The agreement comes at a pivotal time, as Dominica prepares to launch its first geothermal power plant in 2025. This will make it the second Caribbean territory, after Guadeloupe, to generate electricity from geothermal energy.

Long-Term Vision for a Greener Eastern Caribbean

The OECS GEOBUILD Programme, backed by New Zealand’s Ministry of Foreign Affairs and Trade, the Caribbean Development Bank, and the European Union Caribbean Investment Facility, is playing a crucial role in ensuring the long-term success of geothermal energy in the Eastern Caribbean.

With technical support from the Aotearoa New Zealand-Caribbean Facility for Renewable Energy (FRENZ), this initiative will help the region overcome workforce challenges, build local expertise, and enhance energy security.

This groundbreaking partnership positions the Eastern Caribbean at the forefront of renewable energy innovation, paving the way for a sustainable, low-carbon future.

By Dr. Isaac Newton 

News Americas, NEW YORK, NY, Mon. March 10, 2025: The dispute over the Eastern Caribbean Central Bank’s, (ECCB) EC$22 million Governor’s residence is more than a debate over numbers – it is a test of governance, transparency, and public trust. The backlash, sharpened by Prime Minister Dr. Ralph Gonsalves’ blistering critique, exposes a deeper fault line: the fragile relationship between regional institutions and the people they serve. As renowned journalist Julian Rogers astutely observes: “Accountability is not a performance staged for political applause; it is the bedrock of credibility.” The lesson here is grounded both in financial oversight and the cost of institutional silence.

Public institutions do not exist in a vacuum. Their authority is only as strong as the confidence they command. If an independent body like the ECCB embarks on a multimillion-dollar project, transparency is not an afterthought – it is the foundation of legitimacy. The transformation of an initial EC$7 million estimate into a final EC$22 million reality is not inherently scandalous, provided due process was followed. But in governance, perception is reality. When those footing the bill – whether policymakers or the public – are left questioning the rationale, the problem is beyond fiscal. It’s fundamental. Silence breeds suspicion, and suspicion corrodes trust.

PM Dr. Gonsalves’ call for Governor Timothy Antoine’s resignation, though politically dramatic, risks turning a governance issue into a personal indictment. If the project was duly approved by the ECCB Board and Monetary Council, then the focus should be on strengthening oversight mechanisms rather than targeting the leadership. As Rogers insightfully warns, “Strong institutions are built on rigorous systems, not political theater.” The region must resist the impulse to personalize institutional challenges. Instead, it should demand systemic reforms that elevate governance above the shifting winds of political expediency.

This controversy presents an opportunity – a moment to recalibrate how regional institutions engage the public. The ECCB must move decisively, releasing a detailed financial breakdown, clarifying the project’s scope, and fortifying its public communication strategy. Transparency both defends credible decisions and ensures those decisions are understood and respected. A robust framework for ongoing engagement with regional leaders and the public will not only prevent similar crises but will also reinforce the bank’s role as a guardian of economic stability.

Beyond the immediate earth quaking in high places and on the street corners , the larger question looms: How do we safeguard institutional independence while ensuring accountability? The ECCB must remain impervious to political micromanagement, but it must also be responsive to legitimate concerns. Political leaders, in turn, must rise above reactionary impulses and engage through proper channels rather than public ambushes. As Rogers aptly notes: “When oversight becomes spectacle, governance becomes collateral damage.” The Caribbean cannot afford governance by crisis; it must demand governance by principle. Let’s all tone it down and slingshot our attention to cutting-edge transformation of leadership mindscapes and organizational processes tied to visionary solutions. 

EDITOR’S NOTE: Dr. Isaac Newton, a Caribbean-born governance strategist and Harvard, Princeton and Columbia -trained professional, has spent over 30 years advising governments, financial institutions, and multinational organizations on institutional resilience and political ethics. A distinguished scholar and a leading voice on governance in the Caribbean, his work focuses on strengthening democratic accountability, fostering transparency, and designing sustainable leadership models that protect institutions from political turbulence while deepening their connection to the people they serve. His insights provide a roadmap for restoring trust in regional governance—one built on reason, responsibility, and reform.