PROJECTED economic growth and developments in the local economy are among the factors that contribute to a seemingly booming business sector in Guyana, with the promise of much development. With these and future developments, I think much focus must be directed towards guaranteeing that positive business developments benefit more people.

The International Building Expo got me thinking about how much business seems to be booming in Guyana. I worked at the building expo all five days, and the sheer number of companies (especially those new and never heard of!) was beyond me.

I am aware of the new housing schemes, new offices, and general infrastructure upgrades all across the country. Yet, it wasn’t until I saw all of these companies and businesspeople in one space- the National Stadium- did I grasp the much-touted ‘construction boom’ here in Guyana. I don’t imagine so many companies would be planning significant investments here if there wasn’t a sizable market for those efforts.

But that’s not all.

Days before, I attended the sod-turning ceremonies for new hotels and the launch of other businesses. Literally, in one week, Guyanese were exposed to the exponentially growing private sector interest in Guyana. And if those weren’t enough, ExxonMobil announced another two commercially-viable discoveries offshore Guyana.

All-in-all, you would easily believe that business is booming in Guyana.

While that may be so, when I think about a booming business sector, it is natural to think about what opportunities Guyanese can secure and whether or not booming business translates to development for a larger section of society or a smaller group of invested people.

These considerations are critical given the widely-acknowledged and well-ventilated rising cost of living, which obviously has a disproportionate effect on people who aren’t involved in the business sector and are more dependent on much-needed social safety nets.

The question that lingers in my mind is, what do you do to ensure that people benefit from all that is happening?

Perhaps the answers can be found in the cash grants given to some groups of people to provide them with some relief (and more disposable income, which in turn, helps stimulate the business sector). Perhaps, the answers can be found in greater education opportunities offered through extensive scholarship opportunities. Maybe, more systemic issues need greater focus too- such as the ease of accessing financing to start-up businesses, ensuring that opportunities are carved out for Guyanese amid a highly competitive space (local content!) or the removal of red tape that hinders development.

Altogether, I think these initiatives would help translate the gains of a booming business sector to more Guyanese.

Another consideration, for me, is that booming business should also indicate emerging opportunities for more Guyanese at home and abroad. That is, the demand for labour (whether skilled or unskilled) should increase as the demand for business services and products increases.

It is no secret, however, that Guyana’s migration rate has been among the highest in the world- with hoards of Guyanese migrating in search of better opportunities. Based on reports of a study done last year, it is estimated that some 30,000 people leave Guyana annually. Other figures suggest that some 55 per cent of Guyana’s population resides abroad.

While I don’t think it is necessarily as ‘black and white’ as telling people to stop migrating, or to return home, because there are abundant opportunities here, I do believe that there is merit in being in Guyana and seeking to capitalise on the unfolding opportunities. What will make the difference, I believe, is the efforts at streamlining opportunities for Guyanese. A ‘local content’ push seems to be an attractive way of doing so (though, there are complications with this), but more systemic changes, as I mentioned earlier, are key too.

I guess in the months and years ahead, we’ll continue to see more of the booming business here, but I also hope that we harness these gains for the benefit of many more as opposed to a limited few.

If you would like to connect with me to discuss this column or any of my previous work, feel free to email me at vish14ragobeer@gmail.com