Financial experts, Chris Ram and Ramon Gaskin has revealed that the controversial Amaila Falls Hydro Project will cost Guyana some $US2.4B over a period of 20 years.
The duo held a press conference today, Wednesday July 24, at the Georgetown Club, where representatives of the political opposition, international community, the Guyana Power and Light, and the National Industrial Commercial Investments Limited (NICIL) were in attendance.
Chris Ram, who is a Chartered Accountant and financial expert Gaskin, stated that the facility is too expensive and there would not be an end to blackouts, as is being stated by the government.
As a matter of fact, the tariffs would increase, and consumers will end up paying more for electricity, Gaskin said.
He also pointed out that there was no competitive bidding process for the project, given the fact that it is one of the largest in Guyana. As such, he is calling on the government to take the project back to the drawing board so that there can be international bids.
The duo said while they are not against the concept of Hydropower in Guyana, they believe the Amaila Falls project is anti-nationalistic and goes against the best interest of the people.
Based on Ram and Gaskin’s projections, while Government of Guyana would be supplying 82 percent of the capital in the end this party would end up being the minority owner with just a 40 percent stake.
The two are arguing for more information to be made available on the project.