…Greenidge warns Guyanese of PPP’s record of scandal, corruption and human rights abuse
…says coalition government moving in the right direction

NOTWITHSTANDING continued attempts by the People’s Progressive Party Civic (PPPC) to create instability, the facts and evidence of Guyana’s development and growth over the past four years continue to defy that party’s assertions, says Foreign Secretary of the Ministry of Foreign Affairs, Carl Greenidge.

Pointing to Guyana’s recent election to the prestigious Chairmanship of the Group of 77, and the continuous economic growth evidenced in numerous economic documents, Greenidge noted that “Guyana is on the right path,” while chairing the People’s National Congress Reform (PNCR) weekly press conference on Friday at Congress Place, Sophia.

Established in June 1964, Group of 77 is a coalition of United Nations members designed to promote its members’ collective economic interests and create an enhanced joint negotiating capacity in the United Nations. Starting with an initial 77 members, it now has 135 member states.

“The United Nations Development Programme (UNDP) in its 2019 Report on Human Development, states that human development in Guyana has improved with more and more Guyanese having greater access to education, potable water and healthcare. The PNCR wishes to applaud President David Granger and the APNU+AFC government for putting Guyanese first and giving them a better life,” Greenidge noted.

According to the IMF, Guyana’s economic growth strengthened in 2018 with broad-based expansion across all major sectors, while real GDP grew by 4.1 per cent, led by the construction and service sectors, up from 2.1 per cent in 2017. NASDAQ Stock Market, the second-largest stock exchange in the world, earlier this year, listed Guyana as the fastest growing economy in the world.

The positive results continued in 2019. The Ministry of Finance 2019 Mid-Year Report, which was presented in August of this year, reflected that the country recorded economic growth of four per cent for the first half of the year, with an overall 4.6 per cent growth estimated for the entire year.

“No amount of fake news or hand wringing by the PPP can change that. Opposition parties are entitled to their own opinions but not their own facts,” Greenidge stressed, as he highlighted the evidence.

Guyana’s Midyear Report showed that for the period January to June 2019, the manufacturing sector in Guyana grew by 3.6 per cent; the service sector grew by 4.6 per cent, the highest growth since 2011; transportation and storage grew by 5.5 per cent; financial and insurance transactions grew by 4.1 per cent; while rental of dwellings grew by 5.9 per cent and other services grew by 10 per cent.

Private sector credit increased by 5.7 per cent for the first half of 2019 compared with the same period last year. Credit to the mining sector and quarrying sector increased by six per cent; credit to the manufacturing sector increased by 0.5 per cent and credit to the services sector increased by 7.2 per cent.

“This type of progress does not happen in a vacuum, they are directly related to our policies and the political stability that currently exists. In pursuit of the good life, the APNU+AFC government is rebalancing the economy so that it becomes more competitive and resilient. Our economy is being prepared and primed for rapid growth,” Greenidge emphasised.

“The business community knows that this government has created and will continue to maintain an environment that is conducive to legal business. The state of affairs of the state is being properly and transparently managed by the APNU+AFC government. Under the leadership of President David Granger our country is in safe and stable hands.”

Even as Guyana records current growth, projected growth in the coming years is expected to be massive. According to the IMF, Guyana’s real Gross Domestic Product (GDP) is expected to grow by approximately 86 per cent in 2020. Further projections by the IMF estimates real GDP to grow by 4.8 per cent in 2021; 20.6 per cent in 2022; and 26.2 per cent in 2023.

Guyana’s $4B annual GDP is also expected to expand to about $15B by 2024, according to the IMF. A report from Bloomberg stated that Guyana’s GDP will grow 14 times as fast as China’s next year.

“The PNCR along with our coalition partners is looking toward the future. Guyana is entering a new phase of economic development. The advent of petroleum production in the coming weeks will result in sustained expansion of the economy. The revenues from this new sector will be substantial and as a nation we must be vigilant,” Greenidge cautioned.

With Guyana’s preparing to enter the oil and gas industry, and management of the industry is crucial, the upcoming March 2, 2020 general and regional elections has been dubbed the “mother of all elections”, as it will select the government that will pioneer the management.

“Elections have consequences,” Greenidge warned, adding that: “In 2015, the PPP was removed from office because after 23 years they had accumulated and unenviable record of scandal, dishonest practices, corruption and human rights abuses. While in office assets acquired by senior PPP government officials and corrupt business people bore no relationship to their incomes and earnings. One only has to look at the mansion that Irfaan Ali built after just one year as a government minister. We are not going back.”