Private Sector Commission’s initiative

THE recent announcement by the Private Sector Commission (PSC) that this week it will host a business summit on private sector development, which hopefully will be incorporated into the Government’s National Development Plan is welcome news. It cannot be denied that this sector has a vital role to play in the country’s development and is categorised as one of the tri-sectoral members of the economy. Where our private sector has to play catch-up with similar sector s around the world, and closer home to that of Trinidad and Tobago, and Barbados in terms of products, manufacturing development and ingenuity, this summit would be met with anticipation and dare it said, guarded scepticism.

Members of our private sector have not been spared such scepticism by society, wherein that some have demonstrated the inclination to be self-serving, taking political, hardline position, and by and large either sitting on the sideline of development, or staying silent in the midst of societal challenges, be they violations of the laws, corruption in the system, or breakdown of order.  The private sector has also attracted the ire of society as it was ensnared in issues of supporting officials of the state in wrongdoings.  Some members are also not seen as embracing the act of corporate social responsibility, which has become the universal expectation of the sector

The optimists and pragmatists in our midst would want this summit to not only come off, but also to succeed, based on the goals the PSC sets itself.  According to its release last week, the summit is to be held under the theme “Challenges and Opportunities for Business Growth and Expansion,” which couldn’t be more timely in a society where challenges can be seen as many and growth and expansion in short supply. This country has been poised for take-off from independence, given its resources.  Where we may be coming up short could be in the areas of vision to project and plan, for instance, where we want to see ourselves in another quarter century and beyond, thinking big, confronting and resolving challenges to unleash the potential.

One only has to visit our supermarkets to recognise how we are under-serving ourselves and wasting foreign currency in the importation of commodities that can be produced here for the markets, domestic and foreign. Our manufacturing sector having peaked in the 1970s lay primarily dormant or under-served. The traditional sectors, even as they continue to produce, some not without grave challenges limiting their growth and expansion, it is not to Guyana’s credit these sectors have not moved into areas of value-added production. For instance, there is no furniture, gold and diamond, and confectionery industries despite the fact that the country produces lumber, sugar, gold and diamonds in significant quantities.

In the Information Age, ideas and opportunities abound and it is not an untrue statement to say that Guyana is lagging and cannot continue to rely on primary products as the sole determinants for growth and expansion. Where heads come together and there is acknowledgement that diversity is strength, bringing with it cross-fertilisation of ideas,  the society could be in better stead. The apparent recognition by the PSC to invite wider participation such as members of the political opposition, donor agencies and civil society, with the opening remarks delivered by President Granger, who would most likely bring government’s input, is noted.

Within recent times, Government has embarked on a programme of resuscitating the cooperative sector. This sector has in its control a significant amount of assets, and it portends well for making significant impact on human development and growth in the economy.  Our history has shown that the principle of cooperatives has informed land acquisition, the establishment of the Village Movement, cottage industries, home ownership, other forms of wealth and personal development, including education, access to healthcare, savings/thrift. In short, this sector has been the principal vehicle the small man has been able to use to further his development and it makes utmost sense to salvage, protect, and advance where the desire exists to eliminate poverty and its attendant ills.

To the APNU+AFC Government’s credit, since coming to office, it has embarked on a programme to improve the performance of the Public Service. This has been seen from the report of the Commission of Inquiry that was established to address the sector. It is the first time in decades that an effort of this nature has been put in place with the intent of optimising the delivery of public services. With this having been said and optimism held, it would help where efforts are being made to implement the recommendations therein.

The economy and people stand to benefit when all three of its economic engines are opened  full throttle, and it redounds to the well-being of all to ensure that this happens.

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.