Now that Suriname’s offshore oil development is drawing ever closer, our country stands at a historic crossroads. The impressive yet alarming transformation of our western neighbour Guyana offers Suriname a unique mirror. Oil revenues can catapult a nation towards sustainable prosperity, but without the right safeguards, a country will inevitably fall into the classic “resource curse” (the Dutch Disease), as we have historically seen in countries such as Venezuela, Nigeria and Angola.

What should Suriname adopt from the Guyanese approach, what must we guard against strictly, and which actions require immediate intervention NOW?

Lessons to adopt: Building blocks for success

Guyana has shown that decisiveness pays off when legislation and human capital are central:

Legal anchoring of Local Content: Guyana’s Local Content Act requires foreign investors to enter into joint ventures in which the local partner owns at least 51% of the shares. Suriname must adopt this same legal framework. This keeps economic ownership local and prevents profits from flowing entirely abroad.
Education revolution and digital management: The transformation of vocational education (TVET 2025–2035) and the introduction of practical qualifications (CVQ/NVQ) alongside regular diplomas show how a workforce can rapidly retrain. Introducing a national qualifications framework is essential! In addition, the use of a central Education Management Information System (EMIS) provides valuable insights for tightly managing bottlenecks in education.
Investing in youth and diaspora cooperation: Initiatives such as STEMGuyana demonstrate the power of bottom-up educational innovation through robotics, AI and after-school “Learning Pods” for vulnerable children. Government scholarships through programmes such as GOAL also turn oil money into a sustainable knowledge economy.

What must be guarded against: The pitfalls

The dark sides of Guyana’s boom warn us of the risks of overheating and insufficient institutional protection:

Political interference in the Sovereign Wealth Fund: Although Guyana established the National Resource Fund (NRF), critics point to close ties between the fund’s management and the sitting government. A Surinamese savings and stabilisation sovereign wealth fund must NOT become a political plaything. The fund must be managed entirely technocratically and transparently.
Explosion in the cost of living: The massive influx of capital and foreign expatriates has led to unaffordable basic goods at markets and sky-high rents in Georgetown, Guyana. As a result, the middle class and low-income groups risk being pushed aside.
Rising national debt and consumer spending behaviour: Despite nearly US$ 10 billion in oil revenues, Guyana’s national debt has grown alarmingly as well. The danger is that governments will borrow too quickly on the promise of future oil revenues.
Drain from the public sector: The private oil sector is drawing qualified talent away from government. If essential public services are depleted, public-sector capacity will collapse.
Social disruption and inequality: Prosperity concentrated solely among a small political and business elite widens the gap between rich and poor and creates social tensions.

Actions that must be taken IMMEDIATELY

Suriname cannot wait until the first oil is pumped ashore; policy must be made NOW. Here are several measures:

Adoption of a national Local Content Act: Immediately establish by law what percentages of labour, services and ownership must remain in Surinamese hands.
Establishment of a fully independent Savings and Sovereign Wealth Fund: Legally establish that a fixed percentage of revenues is transferred to a closed savings account for future generations, with strict public and parliamentary oversight.
Linking vocational education and business (MOUs): The Ministry of Education must immediately enter into strategic partnerships with international oil companies and the local private sector to establish certified practical training programmes (such as CBET). Companies must be required to provide knowledge transfer and training guarantees.
Protective measures against housing shortages and inflation: Already develop spatial-planning and fiscal policies to curb price increases in the housing market, so that the local population is not displaced.
Revision of government remuneration structures: Ensure a market-based and competitive remuneration system for key positions within government in order to prevent crucial civil servants from moving en masse to the private sector.
Targeted investment in non-oil-related enterprises: From day one, use part of the revenues to stimulate sectors such as agriculture, sustainable tourism, forestry (NTFP) and ICT. This will prevent the economy from becoming entirely dependent on fluctuating oil prices and ensure that Suriname remains resilient and diverse in the long term.

Conclusion

Oil wealth is no guarantee of social progress. Norway proves that a tightly managed sovereign wealth fund, strong institutions and ethical leadership can elevate a country for generations, while neighbouring Venezuela shows how corruption and political mismanagement lead to an overall collapse.

Suriname has the opportunity to learn from both the lessons and mistakes of Guyana. By choosing transparency, strict legislation and massive investments in our human capital today, we will ensure that the “black gold” becomes a blessing for ALL our citizens – and not merely for a privileged elite.

Professor dr. Franklin S. Jabini