Elson Low responds to Jagdeo

Apr 10, 2023 Letters

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Dear Editor,

Kaieteur News – I am unfortunately called to correct blatant inaccuracies second Vice President Jagdeo has relayed regarding my recent statements. In addition, the government, panicked about the recent revelations of wanton secrecy in auditing Stabroek Block expenses, has sought to attack my competence, rather than address the elephant in the room, which is that Guyanese do not trust them to audit Exxon’s expenses. I would like to take this opportunity to make the Guyanese public aware that I hold a certificate from the International Law Institute in Anti-money laundering and Anti-corruption, with specific reference to oil and gas corruption issues. My comments regarding audit issues often stem directly from the audit-specific lessons learned there or academic research.

It may also interest some Guyanese to know that I am a former Queen’s College Head Prefect, hold a Bachelor’s degree in both Economics and Political Science from Amherst College and previously worked at Goldman Sachs and Co. Keen-eyed readers will observe that, before turning 30, I had already advised more than one Leader of the Opposition on economic matters, having had the pleasure of serving under the previous leader of the opposition as well. It continues to be a great honor to serve.

I apologize for boring you with my qualifications, so let me now move on to the critical issue, which are the VP’s endless inaccuracies.

Recently, he said he believes I am not aware that the Coalition commissioned the first audit of Stabroek Block expenses. He based these remarks on the contents of the Opposition’s most recent press statement. Sadly, in that very statement I specifically said that the Coalition commissioned the first audit. Further, in the very line he quotes from the press release, it is also indicated that I was referring to the country’s second audit, spanning the years 2018-2020. This obvious blunder was made during an attempt to deny that it was Opposition pressure that forced the government to even audit the 2018-2020 expenses.

Some readers may remember that the government had even disgracefully let the deadline for the 2018-2020 audit lapse. Some readers may remember me saying at the time that it should be a criminal offense to not audit oil and gas expenses, given the tens of billions of USD that could be lost. I doubled down on these comments when the government refused to comment on the release of the 2018-2020 audit, saying it should also be a criminal offense to conceal such audits. Now that we have seen the government hide US $214 million dollars from the public in the first audit, those comments perhaps seem prescient.

Readers, the real reason that the PPP has chosen to level personal attacks against me is because they want to distract from the pressing danger that, under PPP stewardship of our oil and gas industry, Guyana will not collect one cent from these audits. There are tens of billions of USD at stake, money which could radically transform the lives of Guyanese in every region. We cannot allow the PPP to refuse to audit, hide audit results or not enforce claims that come from the audit.

I sincerely wish I were done, but the second Vice President even went so far as to say that we in the Opposition only echo news articles that are topical, not presenting new thoughts. In the same press statement he is quoting we outlined a strategy to work with Exxon to delay approvals of new developments in order to increase the percentage of profit oil the country receives early on in oil production. I highlighted at the press conference the benefits of investing this added revenue earlier in Guyana’s future, because the returns to investment are high given Guyana’s stage of development. Education, healthcare and infrastructure are obvious candidates for investment. If he had merely taken the time to read the press release, he would have seen this new policy position. That means the second VP made three obvious, easily avoidable blunders, in the space of only a few sentences. He has my sympathies.

Lastly, the PPP seems to be relying on a tired narrative that I dodged a debate with Joel Bhagwandin. It appears they missed my letter to the press, in which I stated my openness to debate. I signal that willingness again today. In fact, a moderator recently indicated his willingness to serve so I am available any time for this debate. Perhaps readers would be interested in a debate about the recent comments, by a Jamaican academic, that Guyana is going nowhere. I want to thank the second Vice President for paying attention to my comments and advise he read more slowly on the next occasion. It may serve him well.

Yours,
Elson Low,
Economic and Youth Policy Advisor to the Leader of the Opposition

 

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• Economic, Elson Low responds to Jagdeo, Government, Readers, Vice President Jagdeo

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