THE private sector is often regarded as the driver for economic growth within a country, largely characterised as a free market economy.
Entrepreneurs seek to invest business ventures with the aim of providing goods or services for the benefit of its community wherein it is determined that such demand exists. As this business grows, the return on investment grows and, in turn, the contributions to the economy also grow. One of fastest growing sectors in Guyana is the emerging Oil and Gas. Since the discovery of oil in Guyana in 2015, many local companies are taking advantage of the opportunities available to become a part of this venture. Some companies are offering training, supply of materials and equipment and are also interested in having their own dredging sites.
Another fast-growing sector is construction. The current government has outlined many infrastructural developments to be done within the country with some projects already being committed to and initiated in 2020. Some of these projects include the building of the new Demerara Harbour Bridge, along with the Suriname-Guyana Bridge, the welcoming of new branded hotels in Guyana and improved accessibility within the country. Also, an amount of house lots are set to be given out to future homeowners, where many construction contractors are in line to benefit from these projects.

Based on the above sectoral examples, it can be observed that private businesses are needed in order for the country to develop. The government depends on the private sector to provide the necessary labour force, machine and equipment and expertise to take advantage of the many resourceful opportunities available.
The Private Sector provides the majority of jobs in a country and, in turn, the creation of wealth. According to a labour force survey carried out in July 2018 by the Guyana Bureau of Statistics, 68 per cent of Guyana’s working population is employed by the private sector and a 10 per cent are with the not-for-profit organisations. With the mentioned sectoral examples above, many jobs are expected to be created. As jobs are created, more money will be earned which will be pumped back into the economy as purchasing power increases. Standards of living are expected to increase. All the other sectors are also expected to grow thus creating more jobs across the country for both the non-skilled and skilled workforce as the various sectors have accommodations for training persons to fill the required positions.
The private enterprises contribute a majority of the government’s revenue through company taxes, resource rents and employees’ income tax; all of which contribute back to the country’s development. According to the GRA, a sum of $225.99 billion was collected in 2019 in tax revenue of which a major contributor was the Oil and Gas sector.

The private sector seeks to provide services that are in great need for a country to become developed and wealthy. Some of which include world class health care services along with high level education that can be accessed within the country rather than having to leave Guyana. Local entities seek to bring to the market products and services that are in great demand within the country and maximise on the opportunities. By doing this, the economy grows, and instead of having persons go abroad to study for years, or have the best medical treatment and pour loads of cash into another developed economy, that cash can be used to improve Guyana’s own economy. The President of the Cooperative Republic of Guyana, His Excellency, Dr. Mohamed Irfaan Ali, has recently mentioned that works are being done to have improved high levels of education provided at the University of Guyana in collaboration with the University of the West Indies, in the coming years.
Guyana’s major economic sectors are the agriculture and mining sectors which covers 70-75 per cent of the country’s export earnings.

In 2019, according to the Bank of Guyana’s Annual Report, rice export earnings amounted to US$222.7 million, sugar to US$27.8 million, bauxite to US$127.0 million, timber to US$33.7 million and gold to US$876.6 million. These are all private entities’ contributions. The government is dependent on the private sector in order to grow the economy. The government provides opportunities of which the private entities take maximum advantage of and help to provide jobs, job security, increase in domestic income, increase in purchasing and spending powers, increase in foreign exchange, lower unemployment rates, decrease in crime rates, increase in standards of living, and increase the country’s GDP which, overall, improve the economic flow within the country.