THE Georgetown Chamber of Commerce and Industry (GCCI) along with the Berbice Chamber of Commerce and Development Association (BCCDA) have welcomed His Excellency, Donald Ramotar’s announcement of the 10% reduction in electricity rates.The GCCI in a release disclosed that they are heartened by the news that electricity rates are going to be reduced by 10% starting in March.
The Chamber believes fundamentally that a core mandate of any Government’s fiscal management and policy must be to intervene proactively to ensure that savings are passed on to businesses and the general public, whenever international commodity prices and related events provide an opportunity to do so.
Moreover, it is also in this vein that the Chamber encourages its members and other members of the private sector to wherever and within reason consider adjusting their prices for the benefit of their consumers during this period.
Meanwhile,the BCCDA in a separate release stated that it welcomes the announcement by his Excellency, President Ramotar on the 10% reduction in electricity rates.
Adding that, these savings coupled with those from the recent fuel reduction will certainly help to go a far way in improving people’s standards of living, and serve as an additional boost to the manufacturing and processing sectors.
“The positive ripple effects this reduction will generate should help to improve confidence in our economy and continue to attract new investors.
“However, we continue to call for speedy progress in realising the potential of our renewable energy sources, because cheap energy source is the life-line for the manufacturing and processing sectors, and our economy as a whole.”