Guyana’s Sovereign Wealth Fund (SWF): Is there a lesson above all lessons to be learnt?

This week I propose to conclude for the time being, my portrayal of lessons that can be learnt from worldwide experiences with SWFs over the past six decades. Along with the five lessons which have already been presented in the two previous columns, there are several others, equally important, but which can be much more succinctly expressed.

The first of these other lessons (in the sequence, therefore, Lesson 6) is that there are no known perfect SWFs. Every SWF that I have been able to research, has been the subject of serious criticisms. Weaknesses abound, although some of these are considered far more serious than others. I am confident this circumstance will apply to Guyana’s SWF when it is established. The lesson is that the authorities should not feel threatened by this outcome. They should remain open, receptive, and even positively responsive, to constructive criticisms.