– PM urges Guyanese
– fixed high level bridge across Demerara River a good prospect
PRIME Minister Samuel Hinds, while extending appreciation to the Bank of Baroda for heeding the Government’s call to provide Guyanese with appropriate services in convenient locations, also called on Guyanese to save and invest in needed infrastructure. He was speaking at the commissioning of the Bank of Baroda Branch at Mon Repos, East Coast Demerara. The Prime Minister stated that it is a good time for Guyanese “to review various assumptions and practices in society which lead to many situations of which we are critical, such as the wide spread in the banking system.”
He added that the high administration and other costs in insurance, above 20% percent, compared with the six or so percent prevalent in North America, should also be reviewed.
Referring to the apparent low rate of investments leading to high liquidity which the government has been judging needs to be mopped up to reduce downward pressure (depreciation) on the Guyanese dollar, Hinds pointed out that the amount involved in this respect could be much better invested directly.
He observed that one potential area for banks and insurance companies is the infrastructure needed in Guyana. Reflecting that local financial institutions and other private sector investors were apprehensive when invited to step in, in 2003, when the private sector partner in the Guyana Power and Light pulled out, he noted that they however responded positively a few years later to the Berbice Bridge project.
The Prime Minister said that from considerations before the government, a fixed high – level bridge across the Demerara River is a good prospect in which Guyanese, having saved and are saving, should consider investing in.
He further argued, “We Guyanese should be more knowledgeable and earnest in what we say. There are some who are complaining about the costs of crossing the Berbice Bridge – if they are earnest, they should be ready to invest at lower rates of return, which would keep tariffs low.”