Can Guyana become the richest country in the world?

The second poorest country in South America is preparing for an oil boom that could propel it to the top of the list of the richest countries, not only the continent but the world.

But can Guyana avoid the so-called oil curse and ensure that its new wealth benefits all Guyanese?

"Many people still do not understand how important it is," said US Ambbadador to Guyana, Perry Holloway, at a reception in Georgetown, the capital, last November.

"By 2025, GDP will grow between 300% and 1,000%, it's gigantic, it will be the richest country in the hemisphere and potentially the richest country in the world."

This may seem exaggerated, but with a population of about 750,000, the per capita wealth of the Guyanese population will explode.

And that's because ExxonMobil, Guyana's main oil operator, claims to have discovered a reserve of more than 5,500 million barrels of oil in the country's waters in the Atlantic Ocean.

"The curse of oil"

Without a doubt, income from money is always welcome.

This former British colony and only country in South America where English is the official language has high unemployment and poverty rates.

But history leaves a warning to Guyana.

The discovery of oil in other developing countries has exacerbated the corruption and the new wealth generated by the exploitation of oil has been wasted or has benefited a few.

There is also the risk of suffering from what is called the "Dutch Disease", which goes through the boom in oil exports, causes an excessive appreciation of the local currency and fires the competitiveness of others. sectors, thus ending the productive fabric of the country.

This is what is called the oil curse.

In Guyana, "corruption is widespread," says Troy Thomas, director of Transparency International's Guyanese office.

He says he is "very worried" about the oil curse.

And a political crisis that has emerged in recent months is seen by some as an early sign of the effects of the curse.

After losing a vote of no confidence in December, the ruling coalition decided to challenge the vote in the courts instead of calling elections.

This triggered protests in the country.

"All we are asking is that the government respect our constitution," the BBC told a protestor in front of the presidential building in Guyana.

"They just want to stay in power and control the oil money," he adds.

The legal battle continues and this week, the Caribbean Court of Justice badyzes the last appeal filed in this case.

Bet on education

"We have seen experiences in other countries," said Vincent Adams, director of Guyana's Environmental Protection Agency, who has worked for three decades in the department of health and safety. 39 United States Energy.

"They got all this oil wealth and many of these countries are now in a worse situation than before the discovery of oil."

For Adams, there is a solution to avoid this trap: "Education, education, education," he says. "It's the best investment that this country or any country can do."

Adams is encouraging the renewal of the Faculty of Engineering of the University of Guyana. But preparing young Guyanese for this lucrative new industry is not easy.

"Unfortunately, we do not have a laboratory for an oil engineering program," said Elena Trim, Dean of the Faculty.

It has also been difficult to attract talented academics with relevant experience. "Our wages are not that high," he says with an ironic laugh.

"When people apply to the University of Guyana and we inform them of our salary level, they do not accept the offer."

However, even at this early stage, the Guyanese oil industry has already recruited graduate professors in other engineering specialties. Two years ago, 10 of them found a job at an oil company. Last year, the same company asked 20 other professionals.

"They are now hiring our students like hot bread," says Trim.

Skepticism

In Sofia, one of the poorest neighborhoods in Georgetown, there is less optimism.

Some precarious houses had access to electricity and running water this century alone.

"In this community, about 10% of the city's population lives, but 10% of the city's resources are not spent here," said Colin Marks, who runs the neighborhood's youth center.

This helps to explain skepticism about the extent of oil profits.

"Most people are sensitive to this because there are more negative points (in oil exploration) for Guayana than positive points, and this happens because of what is happening at the political level. saw what happened in Guinea, Nigeria, in neighboring Venezuela, so people are not very sure, "he says.

"In a community like this, we simply want to know that if there is money from oil, we will have a share, we want to benefit," he concludes.