I WRITE this letter to reflect on the comments of the outgoing managing director of Republic Bank (Guyana), Mr. Edwin Gooding, who lauded the growth in Guyana’s banking sector and the country’s economy in general.
This is important, and causes me to share on three specific interlocked issues: The economy; banking in Guyana; and the realization of sensible financial management by those charged with that responsibility.
It is a fact that during the first major financial crisis of the 21st Century, Guyana’s economy fared rather well, without major instances of employment termination and destabilization of financial systems. Significantly, public servants and pensioners were the recipients of increases in salaries and payouts.
The diversification of various income-generating sectors, namely agriculture, mining, timber, tourism and services, now facilitates the greater flow of foreign currency, through trade and investment, into the coffers of the national treasury. Movements toward finding new markets, across the world, will see the heightening of spending.
In his comments, Gooding indicated that Republic Bank is confident that further activities and expansion with more locations along the cost and into the hinterland, by that entity, is eminent in the future. This tells us three things: That this regional banking powerhouse has placed confidence in Guyana ’s economy; and that there is growth in the Guyana economy.
It also suggests that an environment of trust and stability exists, thereby facilitating progressive developments. This is reinforced by the fact that in 2009, Republic Bank, in Guyana, recorded an after-tax profit of $1.8 billion, $262 million over 2008. And this was during the ‘global financial crisis’!
One can then fairly conclude that the spending power and circulation of money is strong in Guyana. This has been assisted as well because of the presence of regional and international persons visiting or residing in Guyana, the overseas based Guyanese who travel back and forth, the welcome trend of re-migration and the efforts of resident nationals.
The third critical element involves the Guyanese citizens, who are being afforded enhanced services and more banking locations, a matter of convenience and practicality as persons’ disposable income continue to grow and they look for more options to invest, seek financial assistance and access modern modes of money transactions, through the use of debit and credit cards. This is in tandem with the recent passage of the Credit Bureau Bill, in 2009.
With the prudent management of the economy remaining in the hands of persons more than qualified to assess our needs and plot a stable course of the future, one can rest assured that the sentiments shared by Gooding about the banking sector in Guyana, will be echoed by many others, and in other sectors, as the Government continues to work to ensure that first class amenities are available to all who will call Guyana home.