–‘excellent’ Christmas period recorded by businesses; gov’t credited for creating conducive environment for commerce

DESPITE the many challenges caused by the rising prices worldwide and the COVID-19 pandemic, businesses across the country are seemingly satisfied with their holiday sales, and are eagerly anticipating a brighter 2023.

The Guyana Chronicle spoke to several senior private sector officials, and they all agreed that there was an increase in business during the Christmas season.
Chairman of the Private Sector Commission (PSC) Paul Cheong said that the private sector saw an excellent period during the Christmas season despite the many challenges that it faced.

He noted that people wanted to participate in activities because of being locked down during the COVID-19 period, and he related that he thinks that in 2023, there will be an increase in spending. The increase in disposable income will make this possible, he added.

The continuous development of infrastructure across the country should also impact the economy and the business sector positively, Cheong told this publication.

President of the Essequibo Chamber of Commerce and Industry, Suean Seewnaryan related that for the Christmas season, she thinks they did fairly well, even though they were faced with challenges.

Seewnaryan recommended that the government takes a look at the importation taxes, particularly for building materials such as copper and steel, since the prices for these items have been skyrocketing, and that has resulted in setbacks for many businesses.

Meanwhile, Head of the Region Three Private Sector Inc. (R3PSInc), Halim Khan said that he inquired from persons who would sell during the Christmas season and they described it as a better year for sales.

“When we look at the lifestyle of the people here, we haven’t even gotten the oil money, but it shows that the money is circulating back into the community, into Guyana,” Khan said.

He related that people said they were satisfied with business during the Christmas season, and that come next year, there will most likely be changes as a result of the mass development that is going to be taking place in the region as well as in Guyana.

Khan said that persons who have acquired house lots could look forward to changes, in terms of construction and infrastructure work and so on, in 2023.

LOTS OF CONSTRUCTION
“There will be a lot of construction, which would result in money being circulated more; business will grow, because people will buy steel, cement, windows, zinc and also things to furnish,” he explained.

Khan noted that a vast increase will be seen in the region, and he predicts that business will boom in 2023, because of the number of locals who will gain employment.

While relating that the government is doing a lot to help small businesses, he said that the Small Business Bureau (SBB) went to different regions, and he would also like them to go to Region Three, because the grants they offer will help the region.

Khan used the opportunity to say that persons living on the East Bank of Essequibo are required to go to another region to register their business.

He noted that they would like to see a one-stop shop in the region, so that people can get their business registrations, their driver’s licences, and other documents.

As for security, because of the police patrols in the area, there was less crime, and according to Khan, many of the shoplifters were caught.

With the great leadership of President Dr. Irfaan Ali, the economy rebounded after COVID-19, Khan stated.

“As Guyana’s economy continues to show positive growth as one of the fastest growing economies in the world, Guyana recorded real GDP growth in 2022 at 56 per cent overall, and non-oil GDP growth at 9.6 per cent, maintaining Guyana’s position of global leader in economic growth,” he said.

Khan added: “Government is pursuing long-term initiatives, and will focus on building programmes that will deliver short-term results as the country transitions to perennial economic growth and prosperity.”