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September 29 ,2020

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Dear Editor,

I refer to the article titled, “$329B Appropriation Bill unanimously approved” (SN September 26).  I share some thoughts.

I am impressed by unanimous approval, which makes me question what all the hullabaloo was about.  We have neither time nor capacity for theatre; not while citizens deal daily with hard reality.  Just get on with it.  I was also impressed (and amused) that the Hon. Minister of Public Works found occasion to speak of the “moral and ethical” as imperative for his parliamentary listeners, all leaders in the National Assembly.

Moral and ethical, so well proclaimed by the man of the cloth, is not exemplified with half-truths and halfway efforts in the national house of the people’s business.  I suggest the minister conduct tutorials with his own flock first.  I give him two recent examples on which he can pontificate about the “moral and ethical.”

There was a naturally resourceful member, who took to the parliamentary pulpit to make an utter prankster of himself, when he spoke of a $48B deficit at the Gold Board.  I give extra credit in recognition of a manufacturer, who exceedingly early abandoned the moral and ethical so beautifully waxed about by the man of scripture.  His colleague profaned those words by his patented falsehood, since no such thing existed in possibly any place in this country.  But lies sell, and the more flagrant, the more buyers there are.  Those pursuing truths are left to manage the damage done.  I suggest that the Bishop conducts a prayer vigil for his people on what is moral and ethical.  They need the guidance.

Then, there was the works junior, out to make his bones in true Mafia fashion, who was saddled with the duty to mow down somebody.  He spoke from the heart of a $4B deficit inherited.  He is young in the game, so forgiveness follows.  I ask the bishop to pray for him, since he knows not what he does.  A stripling practitioner, so enamoured of his elevation and zealous about proving his worth that he neglected the first part of the story.  That is, there was a more than $12B deficit in 2015 that his people left behind, and which they left honest people to clean up and fix.  My caution: deo, dat is not done in dah house.

I trust that Bishop Edghill now has a fuller measure of the wilderness he inhabits.  He has much work on his hands, many false prophets nearby.  I think the good Bishop means well, but I urge wisdom: the brightly spiritual has zero reception and application in the diabolical regions of the political.  He has his work cut out for him on two counts.  First, to persuade his colleagues on engaging in behaviours and standards moral and ethical.  And second, to defend himself at the Pearly Gates, when asked about the company he kept.

Yours faithfully,

GHK Lall

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After years, Gold Board clears deficit

Dec 30, 2018 

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The Guyana Gold Board (GGB) is boasting of being in a better state, financially.
According to the most recent financials tabled in the National Assembly, prudent fiscal management evidences itself in the reduction of the board’s deficit at the Bank of Guyana by 75.1%.
According to the Board’s 2017 report, the bank deficit went from January 1, 2017 balance of $18.9M to a closing balance of $4.7M on December 31, 2017.
The board has been working to clear the deficit incurred during 2012 and 2013 when the Gold Board borrowed large sums from the national treasury to trade in gold, leading to massive losses.
Further proof of the board’s improved financial status indicated that during the period under review, the GGB went from an operating deficit of $194,184,802 on January 1, 2017 to an operating surplus of $648,370,179 on December 31, 2017.
“Moving from a five-year deficit position to a surplus is undoubtedly an achievement,” said GGB’s General Manager, Eondrene Thompson, who has been credited by the Board of Directors for the financial turnaround.
The GM indicated that revenue earned in 2017 exceeded the amount earned in 2016 by approximately US$14 million, despite a decrease in gold purchases by 30%.
Foreign sales for 2017 were 9,000 ounces higher than that for 2016.
According to Thompson, for 2017, six of the nine licensed dealers exported their gold overseas; therefore, GGB did not suffer from the usual off-loading when gold price plummeted.
According to the financials, dealers’ exports increased by 15,710 ounces in 2017 or 6.40% over 2016.
The report noted that Aurora Gold Mines Inc. also increased their exports in 2017 over 2016 by 7,745 ounces and Troy Resources experienced a shortfall in 2017 by 3,433 ounces compared with 2016.

Gold Board’s Chairman, Gabriel ‘GHK’ Lall; GM, Eondrene Thompson and Stacy Weever, the entity’s Legal Officer.

Overall, the GGB exported 32,472 ounces or 16.07% less in 2017 than what was exported in 2016. The year was considered a mixed year for gold where the first half may be considered as excellent with respect to price.
Gold purchases for 2017 decreased by 65,543 ounces or 30.56% compared with that of 2016.
According to the board, the decrease was primarily due to more licensed gold dealers exporting their gold rather than sell to GGB.
In fact, one of the licensed gold dealers who sold large quantities, approximately 79% of GGB’s purchases for the first quarter of 2017, to GGB is under investigation by the Special Organized Crime Unit, as such the dealership licensed had to be suspended.
There were other factors that included the miners’ reaction to Government’s newly imposed taxes. According to the GGB, miners decry the increase tributors’ tax to 20% and as such withheld selling their gold to the board.
“It is unclear whether they mined and dispose of the gold by other means or whether they ceased work. Based on reports some miners exited the industry,” the GGB stated.
According to the GGB, the major factors that have impacted gold prices include the weaker US dollar, geopolitical uncertainties, higher interest rates and expectations regarding President Trump’s ability to push through his campaign agenda.
For the first half of 2017, gold price rose by 8% and GGB said it took advantage of the gold prices during those months.
Subsequent to June 2017, gold prices faced headwinds based on market expectations that the Fed will raise rates.
This expectation has caused dramatic market movements, including stronger dollar and weaker gold prices.
Towards the end of December 2017 there was a gradual increase in gold price. Gold prices for 2017 ranged from a low of US1,146 per ounce to a high of US$1,350 per ounce, compared with 2016, prices ranged from a low of US1,072.70 to a high of US1,378.

Django
Last edited by Django

Gold Board has no record of realizing a loss of $47 billion to any company

Dear Editor,

With reference to the Guyana Times article of September 6, 2018 headlined ‘Lost $47B Gold Board revenues could have cushioned sugar industry – Jagdeo’, the Guyana Gold Board has no record of realizing a loss of $47 billion to any company during any recent financial period as was reported in said article.

The Guyana Gold Board reduced its deficit at the Central Bank from $18.9 billion which was incurred in the year 2012 to $4.7 billion at the end of 2017.  This deficit was incurred when the world market price for gold plummeted, without any hedging strategy being in place to cushion the effects of falling prices that affected the large inventory of precious metal on hand – that was most unfortunate but the Guyana Gold Board learned over time and has implemented strategies to cushion the effects of falling prices. Noteworthy is the fact that the Guyana Gold Board has made a surplus of $648 million in 2017. 

We need to point out that the Guyana Gold Board as an entity has no relationship with the Guyana Sugar Corporation and we are puzzled as to the nexus drawn in the article.

We are concerned as to the origin of this erroneous piece of information and would continue to urge the media to verify ‘sound bites’ before going to press.  This is not the first time that amounts of this magnitude have been mischievously and irresponsibly channelled to the public through the media.

Yours faithfully,

Johann Earle

Public Affairs and

Communications Officer

Guyana Gold Board/MNR

Django
@Ramakant-P posted:

It may be an indication that APNU and the AFC accepted the PPP/C as the legitimate Government.

The PPP is a fraudulent government.  There are two elections petitions that must be decided before its legitimacy could be established.  If either of the petitions succeed there will be new elections.

T
@Totaram posted:

The PPP is a fraudulent government.  There are two elections petitions that must be decided before its legitimacy could be established.  If either of the petitions succeed there will be new elections.

And they will win again.  There should be electoral reforms before another election.

R

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