Caribbean Currents #002
Caribbean Currents #002
Honey, canal drought, a new season ...
Welcome to the latest issue of Caribbean Currents 🌴🌊📊
Dive into Caribbean Currents every week for a snapshot of the economic pulse of the global Caribbean — from Bridgetown to Bluefields, from Paramaribo to the Bronx.
In this issue
Traffic Jams in the canal
Guyana’s Honey Ambition
Belize as a future tourism powerhouse
CPSI Podcasts This Week
Quick Reads ….
Drought Causing Severe Backlog in the Panama Canal
The Panama Canal is a critical 51-mile-long shipping route that connects the Atlantic and Pacific oceans. The shipping time from Shenzhen, China, to Miami, Florida, using the Suez Canal is 41 days, while the shipping time through the Panama Canal is 35 days. However, the Panama Canal is more expensive.
It is used by over 14,000 ships each year and is a significant source of income for Panama. In 2021, the Panama Canal Authority (ACP, Autoridad del Canal de Panamá), the government agency that manages the Canal, recorded revenues of $3.95 Billion. Of that total revenue, around 75% is from the tolls that ships pay to pass through the Canal - which has about 36 daily crossings.
However, due to low water levels, the canal is experiencing a backlog of ships. Since the canal uses a locks system to raise and lower ships during the passage, it uses about 50 million gallons of water daily for each ship. So then, the Panama Canal uses as much water as the entirety of New York City daily. The drought was exacerbated by a more intense El Niño system, resulting in a severe traffic jam of over 200 ships parked and waiting to go through the canal. The canal authority has reduced the number of ships it allows to pass through the canal daily.
About 72% of the cargo that transits the Canal originates from or is destined for a port in the United States, mainly on the East Coast.
Guyana’s Honey Ambitions
The Guyanese government has declared that it will collaborate with four Cuban specialists to assist indigenous communities in augmenting their honey production capabilities. In his address at the National Toshaos Conference, Guyana's President, Dr. Irfaan Ali, articulated a vision of establishing a unique Guyanese honey brand. This brand will celebrate and leverage the country's vibrant rainforests, positioning Guyanese honey as a specialized commodity in the marketplace.
Further reinforcing the commitment to agriculture, President Ali disclosed ambitious plans to educate one hundred and fifty (150) individuals from indigenous communities. This training will encompass diverse agricultural methodologies, emphasizing food security. By the conclusion of this training initiative, participants will possess the expertise to function as veterinarians, agricultural aides, extension officers, and similar essential roles in the agricultural landscape.
The Guyana Marketing Corporation (GMC) is slated to partner with the Ministry of Agriculture. Their joint effort is directed towards fostering organic honey production in the region. Highlighting the financial dedication towards this endeavor, the Guyanese government has allocated about $1.2 million USD in the forthcoming national budget. This substantial budgetary allocation is earmarked explicitly for advancements in agricultural practices and fortifying food security.
Caribbean governments frequently talk about advancing “food security,” but concrete long-term policies seldom get implemented to fulfill such ambitions.
Romeo and Juliet Act 2 Scene 6:
...The sweetest honey
Is loathsome in its own deliciousness.
And in the taste confounds the appetite.
Four Seasons for Belize
Belize is not a particularly popular Caribbean tourist destination, with around 500,000 tourists annually. Comparatively, Barbados, a country 53 times smaller than Belize, in 2018, received around 680,000 long-stay tourist arrivals. But Belize is about to witness an elevation in its tourism appeal. Four Seasons Hotel and Resorts have unveiled an ambitious investment of an estimated US$200 million for the initial development of their Caye Chapel project. This endeavor strengthens Belize's position in the luxury travel arena and underscores Four Seasons' commitment to enhancing the country's tourism infrastructure.
The focal point of this initiative is a sprawling 5-star hotel complex. In addition to the hotel, Caye Chapel will feature private residences and a state-of-the-art golf course.
The investment reflects the country's growing significance on the global tourism map. This project also promises to create local employment opportunities and stimulate the economic growth of Belize. As Belize continues its journey towards becoming a top-tier travel destination, the support of Four Seasons paints a bright future for the nation's tourism sector.
CPSI Podcasts This Week
Check out the latest episode of Caribbean Progress with Rasheed Griffith; this week's guest is Israeli Economist Dror Goldberg, about his deeply researched book on the history of modern currency, which originates in the British colonies of the Americas. You can also subscribe on Apple Podcast or Spotify.
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