A preliminary report of a study on foreign direct investment and the impacts of it in the extractive sectors of the Guyanese economy has made the point that significant amounts of the money are spent outside of the country.
The consultants, Consultants Masuma Farooki and Sohinee Mazumdar who are working on the study highlighted several issues and noted that within the large-scale mining sector, about 1000 jobs would be created over the next five years. In contrast, it is estimated that for small and medium scale mining, 15 000 jobs have been created. However, according to the consultants, 1000 trained people are a greater resource for the economy than 13 000 people who are doing part time mining.
The consultants also pointed out that while the figures being invested are often highlighted, a significant portion of the money is not actually spent in the country. They cited expenditure like fuel and repairs for specialized equipment, among others. It was stated that procurement is not the same as manufacturing and to capitalize on the projects, a strong manufacturing and services sector is needed. There is money coming in but how that is managed is
