THE success of a country and its ability to transcend challenges induced by various externalities is contingent upon the strength and capacity of its people, who are tasked with responding effectively and efficiently, in their own unique way, to any impediment to development and advancement.
Serving as the bedrock of an economy, the people of a nation are its most valuable asset, as it is through their expertise, commitment, investment and love of country that development in any economic sector or segment of an economy is possible.
Here in Guyana, the significance of human capital has been observed across all spectrums of society, from the fields to the highest office of the land. Whether they produce food as farmers, deliver justice as attorneys, administer healthcare as doctors, or implement policies and devise fiscal plans to sustain the country as government officials, every person is important to the overall functioning and advancement of the economy.
A more recent and specific example of how important a country’s human resource is to its development is the collective effort of every stakeholder in the fight against the debilitating COVID-19 pandemic, which has severely affected countries the world over.
Responding directly to the health implications of this disease were doctors, nurses and other health workers, while policymakers and other key stakeholders implemented measures to protect people and maintain economic stability by cushioning the economic effects of the pandemic.
It was also through a united effort that democracy prevailed after a prolonged electoral process, which was marred with legal challenges and alleged political interference by the previous Coalition administration, in 2020.
There are many other instances in history where the resilience, strength, determination and combined effort of Guyanese significantly transformed the country in one way or another. And while we acknowledge the contributions and significance of every contributor to development, especially as the country celebrates Labour Day, we must also examine the steps taken or the plans in place to ensure that the country’s most valuable asset is nurtured, secured and appreciated.
As outlined by the World Bank, in order to preserve and enhance human capital, and ensure that progress is maintained, there needs to be investments in nutrition, health care, quality education, jobs and skills. This, the esteemed international financial institution said, is also key to ending extreme poverty and creating a more inclusive society.
Almost mirroring this advice is the approach of the People’s Progressive Party/Civic administration to governance. Guided by its “One Guyana” policy, the government has made significant investments in areas that have improved the overall welfare and economic position of every Guyanese.
On the side of welfare benefits, the government has so far restored the education grant and increased it to $25,000; increased the uniform voucher and old-age pension; disbursed billions of dollars in the form of various grants to cushion the economic conditions influenced by COVID-19 and other factors, and removed VAT on water, electricity and data, among other things.
The government’s approach, which President, Dr Irfaan Ali has said time and again is people-centred, is vastly different from that of the Coalition administration, which shuttered several sugar estates and laid off over 7,000 workers, restricted individual growth by imposing new tax measures and adopted an economic philosophy of consumption rather than long-term/capital investments.
Not only has the incumbent reversed the conditions that prevailed between 2015 and 2020, but it has also outlined a vision which places human capital development at the fore of its agenda.
Aside from its direct disbursement of financial aid and investment in other welfare benefits, the government is also empowering Guyanese to be able to function effectively in every sector within and outside of this economy.
The government has already initiated its plan to deliver 20,000 online scholarships to persons through the Guyana Online Academy of Learning (GOAL); there is a three-month course that, once completed, would afford persons entry into either a tertiary-level programme or a specialised technical programme; and the Port Mourant Training Centre is being transformed into a national institute for oil and gas and hospitality, among other things.
All of those programmes are supplemented by the Local Content Act that came into effect in December 2021. To add to this, the authorities are also providing thousands of temporary jobs, while simultaneously creating a conducive environment for investments and further expansion of the economy.
Taken altogether, the government’s policies and measures form a sturdy foundation upon which Guyana’s most valuable asset, its citizens, could grow and thrive.