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New Banks Open In the Caribbean, Strengthening Regional Ties

News Americas, NEW YORK, NY, Mon. Aug. 14, 2023: In a significant development for the Caribbean region, two new banks have recently expanded their operations, marking a stride towards enhancing economic ties and fostering growth opportunities. The Development Bank of Latin America and the Caribbean (CAF) and the African Export-Import Bank (Afreximbank) have unveiled their plans to strengthen their presence in the Caribbean, emphasizing their commitment to the region’s economic development.

CAF’s Expansion and Commitment

The Development Bank of Latin America and the Caribbean (CAF) has announced its intentions to broaden its operations in the Caribbean, reflecting its commitment to the region’s progress. Sergio Díaz-Granados, the executive president of CAF, expressed this commitment during the launch of the Report on Economics and Development. He stated that the bank’s relationship with the Caribbean extends beyond its current shareholder countries, including Barbados, Trinidad and Tobago, and Jamaica.

Díaz-Granados revealed that CAF’s regional office for the Caribbean was launched in Port of Spain last November, with plans underway to establish an additional office in Barbados and the Eastern Caribbean islands. The bank aims to collaborate with the Caribbean Development Bank, the Inter American Development Bank (IDB), and other partner institutions to address the financial needs of stakeholders and improve the quality of life for Caribbean citizens.

Highlighting the importance of sustainability, Díaz-Granados announced CAF’s participation as a financier, investing up to US$50 million to support the Barbados-led Blue Green Bank initiative, which focuses on the blue economy.

CAF’s commitment also extends to addressing inequality in the region. The bank’s annual Report on Economic Development (RED) underlines the persistence of inequality in Latin America and the Caribbean. CAF aims to leverage its influence to promote sustainable development and inclusive growth in the region.

Afreximbank’s Caribbean Office and Trade Enhancements

The African Export-Import Bank (Afreximbank) has taken a significant step towards bolstering ties between Africa and the Caribbean by opening its Caribbean office. This move aligns with the bank’s strategy to enhance trade between the two regions and strengthens its Partnership Agreement with CARICOM states.

The Caribbean office of Afreximbank aims to facilitate greater trade and investment affiliations between Africa and the Caribbean. During the launch event, Afreximbank President Prof. Benedict Oramah confirmed the provision of a $1.5 billion credit limit to support qualifying CARICOM nations. This funding is intended to stimulate economic sectors, enhance trade infrastructure, and empower small to medium enterprises across the Caribbean.

The office’s establishment is set to expedite Afreximbank’s activities within CARICOM, fostering stronger collaborations with regional governments and the business sector. Prof. Oramah envisions seamless trade implementations and the integration of financial systems between CARICOM and Africa for mutual benefit.

Strengthening Regional Partnerships

Both CAF and Afreximbank’s expansions in the Caribbean underscore the importance of regional partnerships in driving economic growth and development. As these banks work together with existing financial institutions and governments in the Caribbean, they are poised to contribute significantly to addressing economic disparities, promoting sustainable practices, and creating new avenues for trade and investment.

Tullow Oil Agrees to Sell Stake in Guyana Orinduik License

News Americas, GEORGETOWN, Guyana, Mon. Aug. 14, 2023: Tullow Oil, a leading oil and gas exploration and production company, has recently announced a significant deal involving the sale of its 60% equity stake and operatorship in its Guyana Orinduik license to Eco Atlantic Oil & Gas for a cash consideration of US$700,000. The Orinduik license is situated within Guyana’s offshore oil and gas fields, covering an expansive area of approximately 2,100 square kilometres.

Tullow’s exploration efforts on the licence included drilling two wells in 2019, which unfortunately resulted in uncommercial oil discoveries. However, this latest development demonstrates Tullow’s strategic approach to optimizing its portfolio and unlocking value from its emerging basin licences. The company plans to channel the proceeds from this transaction towards its general corporate purposes.

In addition to the cash consideration, Tullow stands to receive contingent consideration of up to US$14 million. This sum is tied to potential future milestones, including the achievement of a commercial discovery and the issuance of a production licence from the Government of Guyana.

Jean-Medard Madama, Tullow’s Director of Exploration, Non-Operated Assets and Decommissioning, explained the rationale behind the transaction. He stated that it aligns with Tullow’s strategy to focus its capital expenditure on high-return producing assets and growth opportunities around existing infrastructure, while optimizing its portfolio through the realization of value from emerging basin licences.

Eco Atlantic’s President and CEO, Gil Holzman, expressed enthusiasm about the agreement, highlighting their belief in the potential of the Orinduik Block since 2014. The company’s initial two wells in 2019 uncovered two different oil plays, affirming the block’s potential. Eco Atlantic intends to engage in a farm-out process to further develop the license and begin preparations for drilling activities to explore the cretaceous layer, where light oil discoveries have been made in the nearby Stabroek Block.

Colin Kinley, Co-founder and COO of Eco Atlantic, added to the discussion by emphasizing the significant potential of the Orinduik Block. He explained that the block sits on a series of continental shelves leading into the basin, with a rich and prolific basin that offers substantial volumes of oil. The company’s experienced team is well-prepared to take on the operatorship role and aims to target stacked pay opportunities within the cretaceous layer, showing great optimism about the potential for substantial recoverable oil volumes.

The completion of this transaction is contingent upon several conditions precedent, including government and joint venture approvals. The process is expected to be finalized in the latter half of 2023, marking a new chapter in the development and exploration of the Orinduik license.

UK Home Secretary Suspends Visa-Free Access for Citizens of Dominica Due to Citizenship-by-Investment Concerns

News Americas, NEW YORK, NY, Mon. Aug. 14, 2023: In a recent development, UK Home Secretary Suella Braverman has made the decision to halt visa-free entry into Britain for citizens from Dominica. This decision is a direct response to the concerns surrounding the country’s citizenship-by-investment (CBI) programs, which grant citizenship to individuals through investment.

Braverman explicitly cited the misuse of the CBI programs as the rationale behind this move. She stated, “Careful examination of Dominica’s implementation of their citizenship by investment initiatives has revealed clear and evident misuse of the system, including conferring citizenship upon individuals known to pose risks to the UK.”

According to the UK government, concerns surrounding Dominica’s programme include:

Poor due diligence around applications, including those of dependents.
The provision for name changes upon receipt of citizenship.
The lack of a residency requirement for applicants.
The granting of citizenship to nationals of other countries who ordinarily require visas to enter the UK, consequently leading to increased levels of asylum applications.

Notably, the Dominican government attempted to address the UK’s concerns by revoking some of the recently issued CBI passports. However, this effort proved insufficient to prevent the suspension of visa-free access.

A particularly concerning aspect highlighted was the issuance of passports to individuals from the UAE who had previously been denied entry to the UK. This crucial information had not been disclosed in their CBI applications, leading to Braverman’s decision.

As a result of the actions of a few individuals abusing the system, all citizens of Dominica are now required to go through the visa application process to travel to the UK and EU. Dominica is not the first CBI countries to face allegations of corruption, inadequate due diligence, or passport sales to unsuitable individuals. St. Kitts and Nevis encountered a similar scandal nine years ago, prompting efforts to improve their program’s integrity.

In response to these developments, other Caribbean nations with CBI programs, including Antigua and Barbuda, Grenada, St. Kitts and Nevis, and St. Lucia, are under heightened scrutiny. The European Commission presented these nations with demands to maintain visa-free access to the EU, including stricter due diligence, mandatory applicant interviews, and increased investment thresholds.

St. Kitts and Nevis’ CBI Unit swiftly responded by announcing an increase in its minimum CBI investment to $200,000.

Despite these crises and fluctuations in visa-free arrangements, citizenship by investment remains a persistent option. Governments continue to seek investment through such initiatives, demonstrating the enduring allure of these programs.

Citizenship by investment offers a broader spectrum of rewards beyond the passport’s travel power, emphasizing the profound value of belonging to another nation. While visa-free travel holds allure, the rights and privileges conferred by citizenship in another country are equally significant. Dual citizenship offers both travel benefits and a second home, along with potential benefits for future generations.

Guyana’s Parliament Passes New Oil Legislation Granting Minister Extensive Powers Over Industry

BY NAN BUSINESS EDITOR

News Americas, NEW YORK, NY, Fri. Aug. 11, 2023: In a significant development, Guyana’s parliament has approved long-awaited oil legislation that empowers the country’s Natural Resources Minister with substantial authority over its multi-billion-dollar oil industry. The new regulations will be applied to forthcoming projects in the South American nation, including an upcoming oil block auction set for the fourth quarter. Currently, all oil production in Guyana is led by a consortium led by Exxon Mobil Corp (XOM.N).

The National Assembly’s approval of the Petroleum Activities Bill marks the replacement of the outdated Petroleum Act of 1986, which had been the country’s primary oil legislation. The bill successfully passed through the assembly without amendments following an exhaustive seven-hour debate, now awaiting the president’s final approval.

Under the new legislation, Natural Resources Minister Vickram Bharrat will assume the role of overseeing oil operations. This includes the authority to grant exploration, production, and environmental licenses, whether acquired through competitive tenders or direct negotiations. The minister’s responsibilities also encompass enforcing the law and imposing fines, all of which will be subject to review by the nation’s cabinet. However, the bill doesn’t outline review procedures by regulatory bodies or exclusive parliamentary attributions.

Beyond the scope of the previous legislation, the Petroleum Activities Bill will regulate various aspects, including the transportation and storage of hydrocarbons from offshore to onshore, as highlighted by Bharrat.

Furthermore, the bill provides Guyana with the means to access oil feedstocks for potential future refineries. Minister Bharrat emphasized that this provision ensures that a refinery won’t become a stranded asset and that if the share of profit oil is inadequate, Guyana can purchase it from operators.

Since its first oil discovery in 2015, Guyana has rapidly emerged as the fastest-growing oil-producing state. With offshore fields estimated to contain around 25 billion barrels of oil, the country is gearing up to reach a production target of about 1.2 million barrels per day by 2027, exceeding the output of numerous OPEC nations.

Recently, Guyanese authorities inked an agreement with officials from the Dominican Republic to explore the establishment of a 50,000 barrels per day (bpd) refinery within Guyana. Simultaneously, the country is evaluating bids for an additional 30,000 bpd refinery.

Despite the legislation’s passage, opposition officials voiced concerns over the extensive powers granted to the minister and called for the establishment of a Petroleum Commission. However, the government, holding a parliamentary majority, dismissed these concerns as unnecessary.

Guyana’s Attorney General, Anil Nandlall, argued that the minister’s authority won’t be absolute, given the oversight of the cabinet and the government’s accountability to the parliament.

The drafting of the law involved consultations with several nations for guidance, including the United States and Trinidad and Tobago, as emphasized by the attorney general.

This legislation represents a pivotal milestone as Guyanese officials work to meet the September 12 deadline for the submission of bids in the country’s inaugural oil auction.

Investing In Caribbean Real Estate

News Americas, NEW YORK, NY, Weds. Aug, 9, 2023: Investment in Caribbean real estate can yield long-term income gains and can even enable citizenship investment programs, with properties typically approved by governments being luxury hotels and resorts.

When purchasing Caribbean real estate, it is crucial to take note of any taxes or fees associated with ownership. For instance, sellers are subject to stamp duty based on a percentage of property value.

Benefits of investing in real estate in the Caribbean

The Caribbean is an attractive real estate investment destination for international buyers, boasting an established economy and offering low entry points into luxury properties. Furthermore, this region largely avoided being affected by the global financial crisis, providing promising medium to long term profitability prospects for real estate investments there.

Investors looking for property investments in the Caribbean can select from villas, condos and family homes. Some of the best Caribbean properties are found near golf courses, beaches, restaurants and tourist hot spots – many islands boast zero tax regimes for foreign investors. Especially when adding home warranty policies. But, remember that it is not always that home warranty cover AC unit options.

Investment in Caribbean real estate can also provide an ideal opportunity to obtain a second passport. Many Caribbean nations provide citizenship by investment programs that grant second citizenship status and enable you to travel freely.

Tax-free income

Investment property in the Caribbean can be an extremely profitable asset. Flats with two to three bedrooms are often purchased and then rented out year round to tourists, producing ongoing revenue for investors. When selecting your project, however, ensure it has been authorized by government authorities as this will help avoid fraud and protect your investments.

Investors who purchase property through citizenship programs may enjoy tax-free income.

Second passport

When investing in Caribbean real estate, it is crucial to maintain an open mindset. A second passport opens doors to new opportunities while providing contingency planning solutions. Furthermore, having multiple properties in multiple Caribbean islands provides powerful wealth planning tools.

The Caribbean offers one of the fastest and most cost-effective citizenship by investment programs available today, featuring real estate investment options as well as donations to government-approved funds for economic development. Furthermore, no taxes on international income or residency requirements exist in this jurisdiction.

Invest Caribbean Empowers Entrepreneurs With Expert Pitch Deck And Financial Projection Services

News Americas, NEW YORK, NY, Fri. Aug. 4, 2023: In a bid to foster innovation and accelerate economic growth in the Caribbean region, Invest Caribbean, the global private sector investment agency of the Caribbean, has emerged as a leading force, providing entrepreneurs with unparalleled support through its exceptional pitch deck and financial projection services.

With a track record of success in assisting businesses seeking growth and investment opportunities in the Caribbean, ICN has solidified its reputation as a reliable partner for ambitious entrepreneurs looking to take their projects to new heights.

Pitch Deck Services: Crafting Compelling Narratives to Woo Investors

A well-crafted pitch deck can make all the difference when it comes to capturing the attention of potential investors. Understanding this critical aspect of business development, Invest Caribbean offers expert pitch deck services that blend creativity, data-driven insights, and compelling storytelling. The consultancy’s pitch decks go beyond the standard templates, incorporating a customized approach that showcases the unique value proposition of each project. By incorporating comprehensive market analysis, financial projections, and a clear roadmap for success, the pitch decks curated by Invest Caribbean empowers entrepreneurs to stand out in a competitive landscape.

Financial Projections: Charting a Clear Path to Profitability

Invest Caribbean understands that solid financial projections are the bedrock of any successful business venture. To this end, the consultancy employs a team of skilled financial analysts who work hand-in-hand with entrepreneurs to create realistic and data-driven financial projections. The financial projections offered by Invest Caribbean take into account various market dynamics and potential challenges, ensuring that entrepreneurs have a clear understanding of their project’s financial viability. By providing accurate revenue forecasts, expense analyses, and growth scenarios, the consultancy equips entrepreneurs with the tools they need to make informed decisions and navigate potential obstacles.

A Collaborative Approach to Success

Invest Caribbean prides itself on its collaborative approach. The consultancy’s team of seasoned experts engages entrepreneurs throughout the entire process, seeking their insights and visions to create tailored solutions. With a growing roster of satisfied clients and a proven track record, Invest Caribbean continues to be the go-to consultancy for entrepreneurs seeking to transform their ideas into thriving ventures.

For more information about Invest Caribbean’s services, connect at https://www.investcaribbeannow.com/connect

Investor Commits $4.5 Million To Boost Solar Energy In Haiti

News Americas, NEW YORK, NY, Tues. July 25, 2023: Caribbean Investor Capital (CIC) has recently unveiled its plan to invest $4.5 million in Solengy, a company dedicated to solar energy projects in Haiti.

This investment will empower Solengy to expand its operations and bring clean energy solutions to more communities in Haiti, making a significant contribution to the country’s economic growth and environmental sustainability.

Moreover, the impact of Caribbean Investor Capital’s investment is expected to extend beyond financial gains. The expansion of solar energy infrastructure will generate job opportunities and stimulate economic progress in Haiti. Additionally, the shift towards clean energy sources will contribute to curbing greenhouse gas emissions, promoting a healthier environment for the nation.

In essence, Caribbean Investor Capital’s $4.5 million investment in Solengy for solar energy projects in Haiti highlights the increasing focus on investment strategies that address environmental challenges. This endeavor not only fosters Haiti’s economic development and environmental well-being but also emphasizes the role of private capital in supporting the transition to clean energy solutions in developing countries. Furthermore, it underscores the significance of collaboration between financial institutions and impact-driven organizations in driving meaningful and positive change

Guyana’s Trade Prospects

By Jerry Haar and Cristina Caus

News Americas, FORT LAUDERDALE, FL, Tues. July 25, 2023: A cursory view of the political, economic and social environment in South America does not instill optimism. Economic and political challenges across the region erode the confidence of both local and foreign investors, reducing the likelihood of a strong post-pandemic recovery in the region.

Only one nation on the continent offers economic prospects – extremely bright ones, in fact – that are destined to catapult the nation towards sustainable prosperity – Guyana. According to the International Monetary Fund (IMF), Guyana is expected to reach 37.2% in 2023 and 45.3% in 2024.

The principal driver of economic growth in Guyana is oil. Guyana outranks Saudi Arabia, Norway, Qatar as country with world’s second highest oil reserves per capita. A consortium led by ExxonMobil discovered the first major oil deposits in May 2015, more than 100 miles off Guyana. Hess, China’s CNOCC and other multinational oil companies and suppliers will continue to expand their investment and operations in Guyana and fortify linkages between upstream and downstream activities.

While almost all the attention in the media has been focused on investment in the oil sector, it is important to emphasize that trade, not just investment, is of vital importance to the Guyanese economy, particularly in light of the fact that it encompasses a diversity of sectors and industries and is more labor intensive than resource exploration and extraction.

Guyana’s value of imports of goods traded totaled $975 million at the end of the first quarter of 2023, representing a 31.3% increase when compared to the same period in 2022. The leading imports during this period were fuel and lubricants, contractors’ machinery, and special purpose machinery. The top three trading partners of imports for the first quarter 2023 were Trinidad and Tobago, the U.S. and China. Guyana’s main export partners are the U.S., Singapore, and the United Kingdom; and in terms of commodity exports these comprise sugar, gold, bauxite, aluminum, rice, shrimp and timber.

A member of CARICOM, Guyana enjoys preferential market access to the U.S. under the Caribbean Basin Trade Partnership Act, (CBTPA), and has an Economic Partnership Agreement with the European Union, (EU).

For a resource-based economy like Guyana’s the competitive challenge in the 21st century is diversification. Light manufacturing, with exports destined for Caribbean Basin trading partners, and services—especially with the increasing demand for nearshoring – along with non-traditional agriculture and agribusiness embody the diversified mix that can provide value-added for Guyana.

Be that as it may, the pre-requisite for competitiveness is a well-developed functioning infrastructure—physical, financial, technological and human – that allows a nation to capitalize on its existing assets while developing and sustaining new ones. For example, Minister of Health Dr. Frank Anthony has revealed that there has been much interest from local and international private sector bodies to develop a biomedical hub to expand the manufacturing of pharmaceuticals. Without turning out a sufficient number of high quality biomedical and related professionals and technicians (who remain in Guyana rather than emigrate), such a goal is not feasible.

Within the realm of trade, Guyana confronts both external and internal barriers that impede its ability to compete effectively. In terms of external barriers, while some external barriers remain to Guyana’s exports, tariffs and quotas are far less restrictive today than in past generations. The remaining barriers are mostly non-tariff measures (NTMs) and are often imposed for legitimate reasons of health and safety. Increasingly there is a newer class of restrictions that seeks to serve larger environmental or social goals. These NTMs are most evident when it comes to trade in goods but can also be seen in the services sector. Just as exports of goods might be constrained by (for example) health and safety standards, exports of services can be constrained by partners’ restrictions on visas or refusal to recognize the qualifications of Guyanese professionals.

Guyana faces more tariff barriers in South-South than in North-South trade. The data show that other developing countries generally extend duty-free or low-duty treatment to the raw materials coming out of Guyana’s mines, wells, and forests, but they often impose high tariffs on fish, raw and processed agricultural products, and alcohol. Apart from the United Arab Emirates, where most tariffs are low, the developing countries very often protect products such as rice and sugar with tariffs as high as 50% (Ukraine), 65% (China), or even 90% (Panama).

The picture is quite different for the major developed-country markets, of which only Japan still erects anything like a tariff wall on products of interest to Guyana. Virtually all of Guyana’s exports to Canada and the European Union enter duty-free, whether on a most favored nation (MFN) basis, via the Canadian CARIBCAN program,

In essence, however, the magnitude of cross-border movement of goods and services is determined more by the competitiveness of national firms and the environment in which they operate at home than by the trade barriers that foreign governments choose to impose, waive, or remove.

As for internal barriers, a range of capacity limitations, from inadequate infrastructure to deficits in human capital, can adversely affect the country’s ability to produce and export competitive goods or services. The same may be said for taxes or regulations that discourage entrepreneurship, or policies that tolerate inefficiency and corruption. Similar points may be made with respect to regulatory matters associated with the financial sector. On the one hand, it can be costly to come into compliance with measures taken by some of Guyana’s partners with respect to Anti-Money-Laundering and Combating-the-Financing-of-Terrorism initiatives. On the other hand, failure to comply with such measures can leave an economy vulnerable to abuse by elements that are criminal or worse.

Certainly, the greatest internal barrier to trade for Guyana is its unenviable ranking in the World Bank’s Doing Business reports. When it comes to the “trading across borders” component of the report, Guyana beat only one of the 19 countries used as comparators in this strategy. The amount of time and money required to import and to export is excessive compared to most other countries.

While the future for Guyana is bright indeed, the country would be in an even stronger position if it increased diversification into manufacturing and services, introduced more Guyanese value-added into the production chain, streamlined bureaucracy, eliminated many of its VAT measures, and adhered to pro-market principles in guiding its policy agenda.

The 2021 UNCTAD report Guyana: A National Trade Strategy provides a path forward. Traveling down this route will surely produce dividends for the country, the private sector (foreign and domestic) and its citizens at large.

EDITOR’S NOTE: Jerry Haar is a professor of international business at Florida International University and a global fellow of the Woodrow Wilson International Center for Scholars in Washington, D.C.

Cristina Caus is an international oil and gas business developer and consultant and holds a master’s degree in international business from Florida International University.

Artificial Intelligence And The Development Of Agriculture And Food Sectors In Oil Rich Guyana – Part 1

By H. Arlington Chesney

News Americas, WASHINGTON, D.C., Thurs. July 20, 2023: The Caribbean, indeed, the world, is prioritising the use of Artificial Intelligence (AI) in the modernisation of their national economies. This is associated with the proliferation of devices, such as, IoT, IIoT and InstructGPT with its sibling, ChatGPT, and Microsoft’s AI for Earth Programme.

The agricultural sector is part of this transformational process with the use of AI in agriculture globally projected to increase from US$1.1 billion in 2019 to US$3.8 billion by 2024. This favourable projection is linked to AI use in agriculture being associated Inter alia with increased efficiency and effectiveness, resulting in increased profitability and industry sustainability.

These beneficial outcomes are primarily due to the plethora of associated devices that are grouped as (1) algorithmic and (2) autonomous.

The algorithmic devices can collect, analyze and interpret gigantic quantities of data and make projections and/or predictions that exceeds human capacity and reliability improving with increasing data range and use.

This has led to AI being used inter alia to:

In crops, (i) forecast weather and hence best timing of planting; (ii) determine fertiliser, pesticide and irrigation water use; (iii) optimise supply chains; and (iv) forecast market peculiarities and readiness.

In livestock, (i) determine feeding patterns; and (ii) management of endemic diseases.

There are many autonomous devices, including drones and robots, conducting precision operations, such as:

In crops, land management and agronomic practices, including pest control, and pollination,

In livestock, milking, feeding and general husbandry.

In farm administration and management, transport, haulage and sanitation.

What Are The Implications For The Agriculture And Food Sectors In An Oil Rich Guyana And, By Extension, CARICOM?

Guyana’s President, Dr Irfaan Ali, CARICOM’s Lead Head for Agriculture, recently stated that the “Caribbean market must be positioned as a high-value specialised one”. It is now well demonstrated that the World Trade Organisation’s requirement for globally produced commodities to have relatively free access to national markets of developing countries, such as, Guyana, has hindered the growth of indigenous agricultural and food sectors.

Nonetheless, because of potential geopolitical pressures and the established trading patterns for food commodities prevailing in Guyana and Caricom, this status quo will not change significantly soon. Therefore, achievement of the position identified by President Ali, that is, food supply to a “high-value specialised” market, must be generally done with global competitiveness.

With the abundance of stated benefits associated with the use of AI in agriculture, the potential use in achieving competitiveness required of Guyana’s agriculture and food sector needs to be examined.

The use of AI in agriculture would not pose a mental block to practitioners in Guyana’s agricultural sector who have historically introduced innovative practices and techniques. For example, the sugar industry has utilised aircraft for fertilising and pest control and drones for assessing the state of its available lands. Similarly, the rice industry has “adapted” caged wheels for tractors operating under waterlogged conditions, utilized aircraft for seeding and fertilising and a land leveling “machine” which could be considered as a precursor within the concept of Machine Learning Systems.

Further, at a basic algorithmic level, farmers have established their timings for land preparation, planting and, hence, harvesting with traditional knowledge of the climatic seasons. Within that broad canvas, they determine best times to plant their short term and tree crops with the advent of the “full moon”. More recently, they have become aware that long droughts, associated with climatic changes, are followed by severe pest infestations. Consequently, they make early preparations to effect control.

Agriculture is a complex social, economic and environmental system that responds to the particular and peculiar metrics of Guyana; these metrics are/will be robustly dynamic with the impact of climate change. Consequently, the uses of AI in agriculture in Guyana can’t be transferred wholesale from the countries in which they are being used successfully. They must be tested, adapted and customised to ensure fit for purpose in Guyana. This process, which is tantamount to being a “living laboratory”, requires enhanced—numbers and specialties—technical and financial capacities. With respect to finance, Guyana can use some of its substantial current and projected oil and gas revenues. Once used wisely, this will be a profitable investment in the development of the country’s sustainable agricultural and food sectors of the future.

At the algorithmic level, particularly as it relates to data on weather patterns, the Caribbean Institute for Meteorology and Hydrology, in association with national Hydrometeorological Services, like Guyana’s, is making available Numerical Weather Predictions to the public, including those in the agricultural and food sectors. With support from the Extension Services, this information could then be used by individual small and large agrientrepreneurs to plan, with a level of precision, for farm activities. These would include time of land preparation, planting, weed control, husbandry practices and harvesting. This is particularly critical for the agriculturally important, but difficult to manage, heavy clay/silt soils of Guyana’s coastal and riverine areas.

Small farmers currently dominate the country’s food production sector. With their limited technical and instrumental capacity, the template of institutions (ministries or parastatals or agriculturally based associations) collecting and analysing data and developing projections must be promoted and strengthened. As stated previously, the use of AI, at both the algorithmic and autonomous levels, will require “living laboratories”. It’s recommended that these be located at the various ecological zones within Guyana. This will enhance possibilities of minimising risk whilst optimising possibilities for sustainable enterprise development. This is made more necessary because of the current high costs of autonomous devices.

A strong, innovative, visionary and responsive institutional model is essential.

Notwithstanding the above, there are some potential uses for AI in the developing agriculture and food sectors in Guyana. Firstly, at the algorithmic level, weather and soil data could be collected and analysed to project with significant statistical accuracy timing of critical agronomic practices and approaches to various marketplaces. This will require the Government to enhance its soil collection and analytical capacity to include in the first instance selected crops within specific ecological zones.

A further possibility is the collection of appropriate activity data throughout, – but particularly at the production segments -selected value chains, to facilitate the development of “traceability” models: a prerequisite as Guyana expands its production for its robustly expanding hospitality sector and for CARICOM and other export markets.

At the autonomous level, as Guyana, for climate change reasons, is moving southwards, away from the “threatened” coastlands, there is need to rapidly regularise occupancy to facilitate development plans. Drones are appropriate for this activity. However, the appropriate legal framework must be established, operationalised and institutionalised. Drones may also be used for planning the layout, including planting densities, of medium to large sized farms, growing corn, soybeans, rice, sugar, tree crops, and pasture grasses. Similarly, they can be used for pest control.

In the Intermediate and Rupununi Savannahs, whose topography is generally flat and/or undulating, appropriate planting, fertilising and harvesting autonomous machines can be adapted used. Naturally, this will depend on the capital cost and the ability to maintain an acceptable level of Return on Investment. These activities could serve as pilots for similar enterprises in Belize and Suriname and, in a more limited way, Jamaica. That is, with its favourable oil and gas revenues, Guyana can be the leader in the use of AI in Agriculture in CARICOM.

Clearly, there are challenges to its use, and these will be addressed in a subsequent article. However, suffice it to say that the successful use of AI, in ensuring long term resilient and consequently sustainable food systems and food security in Guyana, depends on the adequacy and competency of its HI, Human Intelligence.

EDITOR’S NOTE: Dr H Arlington D Chesney is a leading Caribbean agricultural professional who has served his country, the Caribbean and the hemisphere in the areas of research, education and development. He’s a professional Emeritus of IICA and, in 2011, was awarded Guyana‘s Golden Arrow of Achievement for his contribution to agricultural development in Guyana and the Caribbean.   

Omai Finds More Gold In Guyana

News Americas, GEORGETOWN, Guyana, Thurs. July 20, 2023: Canadian gold company Omai Gold Mines Corporation has announced it has found more gold in Guyana.

The find came at the Wenot project in Region Seven (Cuyuni-Mazaruni) in Guyana, according to Omai President and CEO Elaine Cunningham.

The recent assays received for five additional holes, including exploration and extension holes at Wenot, have shown promising results. The drill results confirm the continuity of the gold-bearing structures to at least 100 meters below the current resource model, with intersections of significant gold grades. These findings support the growing evidence that the gold grades at Wenot increase with depth.

Omai says it will focus its attention and budget on testing undrilled gaps within the Wenot deposit model, expanding the western “starter pit” area, and exploring the blue-sky potential for the Wenot deposit at depth. The company believes that the ongoing drill program and results will have a positive impact on the mineral resources, leading to an updated estimate and a decision on a preliminary economic assessment later this year.

Omai Gold Mines Corporation has been actively exploring its well-endowed Omai gold property in Guyana. The company aims to tap into the significant expansion potential of the Wenot deposit and identify additional gold deposits in the region. The ongoing drilling program and the discovery of extensive gold values have reinforced Omai’s confidence in the property’s potential.

With previous technical reports supporting the significant gold deposits at Wenot and exploration targets showing promise, Omai is committed to further exploration and development in the region. The company’s focus on extending the Wenot deposit and evaluating opportunities for open-pit mining reflects its long-term vision and dedication to maximizing the potential of the Omai gold property.

Omai Gold Mines Corporation returned to the Wenot and Fennell pits in 2020, marking its renewed commitment to the Guyanese mining sector. The company has since undertaken an extensive drilling program to uncover the full potential of its holdings.