Guyana’s economy continues to show robust growth and resilience in the midst of a global financial crisis and this is no accident, as Finance Minister Dr Ashni Singh correctly pointed out recently at a Georgetown Chamber of Commerce and Industry (GCCI) business seminar.
He noted that prudent requirements, such as legislation and regulations instituted by government and rigidly enforced, have ensured that local financial institutions had adequate liquidity at a time when some of the largest and most reputable around the world are struggling with challenges in the fallout from the global crisis.
Indeed, through astute and prudent management, Guyana’s economy has averaged almost a 5% growth rate with a minimal inflation rate. The minister revealed that private sector credit had amounted to $134.6 billion last year and has shown accumulative growth of 84 percent over the past five years.
Singh said growth of that nature is, usually, credited to government since it is government that provides the policy framework and the Central Bank that discharges the supervisory and regulatory responsibilities.
Bank of Guyana Governor, Mr. Lawrence Williams disclosed that total assets in banks at the end of 2005 amounted to $163 billion and, by the end of 20011, that amount grew to $328 billion. Growth was at an annual average of 12.5 percent and deposits grew during the period. From 2005, $140 billion grew at an annual average of 12 percent to reach $274 billion by the end of 2011.
Deposits by individuals at the end of 2011 accounted for 72 percent of total deposits, with the public sector contributing 15 percent, followed by businesses with 14 percent. Private sector credit rose by 157 percent, from $52 billion in 2005 to $134.6 billion in 2011.
Williams said the banking sector has taken steps to improve access to capital by expanding services as well as branch networks. Eleven branches were opened in diverse locations since 2005 and approval was granted for two more which are yet to be opened.
He said the banking sector has remained safe and sound but, for it to efficiently and effectively contribute to economic development, the supervisory authority is exercising as much oversight as necessary to provide that level of assurance.
So the facts and figures tell the story despite  attempts by the cynics among us to continuously paint a picture of negativity of our country through distortions and misinformation.
Perhaps the economic growth rate would have been even higher had it not been for several deliberate attempts to destabilise the country through violence and mayhem through the campaign of “slo fiah, mo fiah” and open and overt collaboration with criminals.
However, it is undeniable that our economy is on a sound footing and a far cry from the days when there was runaway inflation, shortages of almost every type of goods, fuel etc. At the same time the local private sector was virtually dormant as it could not cope with the economic hardships which saw our external debt ratcheting up to US$2.5 billion and having to borrow to repay debts.
But because of their naked hatred for the current government the cynics have selective amnesia;as such they seem to have forgotten the tattered state of the economy during that very dark period in our history. They also insist that we should not go back to the past. How else can progress be measured if a comparison of the current is not made with the past? The truth is the pill of the past is too bitter for the cynics to swallow, and the current progress under the government is even more bitter to swallow.