–as gov’t invests in workforce development
UNEMPLOYMENT rates in Guyana have been on a downward trajectory since 2021, and the People’s Progressive Party Civic (PPP/C) government’s efforts to uplift the workforce are bearing fruit.
This is according to a recent report published by the Inter-American Development Bank (IDB), titled Regional Overview: Global and regional economies at a crossroads.
The report credits the booming oil and gas sector as one of the main drivers of economic development, as well as the decline in unemployment.

“The unemployment rate declined from 15.6 per cent in 2021 Q1 to 14.5 per cent in 2021 Q3, driven mostly by declines in the unemployment rate of men, which dropped to 12 per cent in 2021 Q3 compared to 18.4 per cent for women. The International Labor Organisation (ILO) estimates further declines in the unemployment rate in 2022, falling to 12.4 per cent, (11 per cent for men and 14.4 per cent for women),” the report highlighted.

The government has been on an aggressive drive to target the unemployment rate in Guyana, and this has seen rapid implementation of initiatives, such as the part-time jobs initiative, to assist persons in generating income.
According to the manifesto, the PPP/C government has committed itself to creating 50,000 jobs by 2025.
Additionally, the implementation of Board of Industrial Training (BIT) programmes and the provision of over 20,000 scholarships for Guyanese have proved highly effective in enhancing the skillsets of Guyanese to increase employability.

Meanwhile, Guyana’s Gross Domestic Product (GDP) is expected to grow by an additional 37.2 per cent in 2023, with the arrival of the third Floating, Production, Storage, and Offloading (FPSO) vessel.
As the government prioritises the diversification of resources, heavy investments in non-oil and sustainable sectors such as agriculture saw the non-oil economy growing by 11.5 per cent in 2022. The sector is expected to grow by an additional 7.9 per cent in 2023.

According to the report, “The main drivers of growth in the non-oil economy in 2022 were agriculture, services, and construction, which grew by 11.9 per cent, 9.0 per cent, and 26.3 per cent, respectively. For 2023, these sectors are projected to grow by 7.2 per cent, 5.6 per cent, and 17 per cent.”
Guyana’s third FPSO, Prosperity, arrived at the offshore Stabroek Block in April and joins the Liza Destiny and Liza Unity, which are currently producing over 380,000 barrels per day.

It is expected to operate on the Payara project, and designed to produce 220,000 barrels of oil per day, and has an overall storage volume of two million barrels. Daily oil production is expected to increase to almost 600,000 barrels a day in 2024 with production from the Prosperity vessel, boosting Guyana’s annual revenue.
As the country counties to grow, the government remains keen on further reducing the employment gap between men and women.
Based on official figures more than half of the people benefitting from public sector scholarships (some 57 per cent) are women, with 69 per cent of the people accessing public sector training being women.

In the healthcare system, 60 per cent of Guyana’s doctors are women and 98 per cent of nurses are also women. In the judicial system, 60 per cent of those who administer justice are women, while 22 per cent of Guyana’s law enforcement officers are women.
In addition to addressing unemployment, President, Dr. Irfaan Ali has been making significant investments in vocational schools, technical institutes, and high schools.

These initiatives aim to equip the workforce with the skills needed to meet the demands of a changing job market, and create a more resilient and sustainable workforce for the future.
He recently announced that the government will be training 500 women in heavy-duty machine operations. More women are set to receive skills in the health, agriculture and business sectors.

President Ali’s vision for holistic workforce development seeks to place workers’ interests and human resources at the forefront.
He recently said: “A holistic upliftment of workers is underway in Guyana,” emphasising the importance of providing workers with the necessary tools and support to adapt to evolving circumstances and thrive in the long term.

One of the government’s key initiatives is the Guyana Online Academy of Learning (GOAL) Scholarship Programme, which offers academic training, online scholarships, and Technical and Vocational Education and Training (TVET) opportunities.
Those programmes aim to ensure that there is no shortage of skilled workers within the country, catering to the increasing demand for expertise.

The Ministry of Labour’s Central Manpower and Recruitment Agency (CRMA) has also played a pivotal role in connecting job seekers with employment opportunities. In a recent update, CRMA reported that 252 individuals secured employment in both the public and private sectors through the agency’s efforts.
Since the launch of the employment-seeking platform in March 2022, approximately 1,786 persons have been registered, underscoring the demand for employment opportunities in Guyana.