By Neville J. Bissember
The year 2015 marked a watershed in the economic development of Guyana. From the time of the first oil discovery and thereafter with successive impressive finds, the country’s economic fortunes have been reported as being on an upward trajectory. As is often the case in times of such windfall economic prosperity, vested national interests come to the fore and protectionist and insular antennae are lofted. The temptation is perhaps most attractive during such periods, to ring-fence the coveted sector and guard it exclusively for domestic players. In Guyana shades of this were manifested and the convergence of such interests between the policy-makers and the private sector has resulted in the enactment of the Local Content Act, 2021, Act No. 18 0f 2021 (“the Act”).
