GENERAL Secretary of the People’s Progressive Party (PPP) Clement Rohee, yesterday, lauded the five per cent growth recorded by Guyana and commended the Ministry of Finance for its stewardship of the economy.
Speaking at a press conference at Freedom House, Rohee said, “The PPP commends the government, more particularly the Ministry of Finance, for its good stewardship of the economy and for ensuring that the fundamentals of the economy are maintained.“Among these are macroeconomic stability, stable exchange rates, low inflation rates, strong foreign exchange reserves and low interest rates, all of which are indicative of fiscal discipline and sound monetary policies on the part of the Administration.”
The General Secretary noted too that the “rising tide” of economic growth has “lifted all boats” among all sections of Guyanese society.
He said, “The rising tide of economic growth has, as it were, lifted all boats as reflected in growing prosperity among all strata of the Guyanese society. A growing number of Guyanese people are today the proud owners of their own homes, motor vehicles and other consumer items.
“Public servants have benefited from salary increases on an annual basis which are larger than the rate of inflation, resulting in a bigger and bigger basket of goods and services.”
Rohee pointed out Guyana recorded successes, which have been used to consistently improve the lives of all Guyanese people, at a time when other Caribbean countries are facing challenges.
“Our neighbouring Barbados Government will lay off 3,000 public servants,” he said. “But our economy is growing, old age pension has increased, subsidies for water and electricity are given to pensioners, free school uniforms for children and increase in public assistance, while at the same time the Opposition is using their one seat majority to cut funding for these programmes.”

HARSH ENVIRONMENT
The General Secretary, however, made it clear that while Guyana has recorded laudable success, it has done so despite a “harsh global environment and a less than supportive domestic” environment.
He said, “The economy recorded growth rates of close to five per cent at a time other economies in the region were reeling under the impact of an economic downturn which resulted from a global economic and financial crisis.
“What is even more laudable is the fact that the economy performed creditably despite a hostile Parliamentary Opposition, which had been doing and continues to do everything possible to frustrate and destabilise the government’s development agenda by virtue of its one seat majority.”
According to him, the indicators of economic health, despite the challenges are clear.
He said, “There has also been a marked increase in the productive capacity of the economy with the production of rice reaching record levels.
“The mining sector has also performed well overtaking sugar as the largest foreign exchange earner to the economy.”
The buoyancy of the banking and business sectors, both of which have shown impressive growth and expansion, were also cited as contributing factors to Guyana’s economic health.
“Foreign direct investments in the economy as well as local investment have increased significantly over the past years which are indicative of growing confidence in the economy,” Rohee said.
The General Secretary made it clear that the party is satisfied with the “enormous strides” made by President Donald Ramotar’s administration in terms of economic growth.
Finance Minister, Dr. Ashni Singh, in a prior report, noted that Guyana’s economy has performed exceedingly well in the last six years, despite the tough external circumstances.
Written By Vanessa Narine