applaud government for strategic planning
GUYANA’s outstanding mid-year performance is not going unnoticed, as many key stakeholders are commending the People’s Progressive Party (PPP) government for ‘taking the bull by the horn’ and steering the nation down the path of growth and progress.
Owing to the rapid expansion of the economy, both in the oil and non-oil sectors, Private Sector Commission (PSC) Chairman, Komal Singh, said that Guyana’s future is surely bright.
Even though Guyana is now an oil producing nation, Singh took time to laud the efforts of the government to ensure that the economy remains vibrant and sustainable.
“Guyana is on the right path to avoiding the oil and gas curse,” Singh related in an interview with the Guyana Chronicle, on Tuesday.
While highlighting the sprout of the agricultural sector under the PPP government, he said that the country is on the right trajectory to becoming the “bread basket” of the Caribbean and reducing the regional and local food-import bill.
The unprecedented growth that Guyana is undergoing did not come easy, as the country faced many hurdles, especially in 2020 such as the dreadful COVID-19.
According to the PSC Chairman, the nation is able to see new heights and transform because of the great leadership skills exhibited by President, Dr. Irfaan Ali.
“In spite of COVID-19, 2020 elections… our economy continues to do great…Notwithstanding that, none of that could be possible if we don’t have great leadership and I think right now Guyana has the right leadership of President Ali…,” Singh firmly said.
The PSC Chairman then went on to say: “He [President Ali] creates an environment for the private sector to thrive, for the private sector to be encouraged [and] to have the confidence that their investments are going to be secured and not trampled upon.”
As the Chairman of the PSC, Singh affirmed that the private sector will continue to work hand in hand with the government to provide strategic development plans that are aimed at evolving Guyana.
Also welcoming the local economy’s massive expansion, President of the Georgetown Chamber of Commerce and Industry (GCCI), Kester Hutson, said that he is happy that the government is not focusing solely on the oil and gas sector.
Meanwhile, Director of Business and Entrepreneur Development attached to the Ministry of Tourism, Industry and Commerce, John Edghill, commended the PPP/C government for its progressive approach of utilising the oil revenues to improve the traditional sectors.
Referring to these sectors as Guyana’s backbone, especially given their renewability and sustainability, Edghill said: “I believe that oil revenue that we use to develop and hone in on those sectors [traditional] that have brought Guyana to where it currently is…”
Apart from the tremendous investments being poured into certain industries, the director turned his focus to the work being done in order to enhance the quality of life for all Guyanese, despite the obstacles that the PPP/C government has encountered.
While underscoring the threats to democracy in 2020 and Guyana’s position today, he said: “It shows that we have resilient leadership in the country because it did have a very rough start.”
The development that Guyana is undergoing is a product of the transformative agenda that is being set in place by President Ali.
This is according to Chief Executive Officer (CEO) of the Guyana Office for Investment (Guyana Invest), Dr. Peter Ramsaroop.
“Guyana has always been a diversified economy, even prior to oil… we’ve been known for agriculture, forestry and mining… What Guyana is doing now is modernising these industries to ensure that these industries do even better than they did in the past,” he said.
Although Guyana’s traditional sectors were thriving prior to 2015, Dr. Ramsaroop said that the country was stifled under the former A Partnership for National Unity and the Alliance for Change (APNU+AFC) administration.
“The economy was stifled between 2015 and 2020. All sectors, not just agriculture. I mean, the Granger administration had no plan, no direction, they almost torpedoed… the sugar industry with the firing of all the sugar workers. So we [PPP] had to rebuild all of these sectors,” he said.
The International Monetary Fund (IMF), in its recent report on the Article IV Consultations, showed that Guyana’s economy is on the rise, and credited this to the government’s modernisation plans and implementation of prudent fiscal policies.
According to the IMF, Guyana has experienced record real Gross Domestic Product (GDP) growth, with a staggering 62.3 per cent increase in 2022 – the highest in the world.
The growth is expected to continue in 2023, with a projected 38 per cent increase in real GDP, as Guyana continues to build its image as a top destination for investment.
Pointing to sectoral achievements which drive this growth, the IMF report highlighted that oil production is ramping up with the coming on stream of a third oil field, and growth in the non-oil sector, which is supported by the implementation of a fast-paced public investment programme focused on providing transportation, housing, and flood management infrastructure, and raising human capital.
Spillovers from oil and construction are supporting growth in the services and supplies sectors, while agriculture, mining and quarrying are also performing well.
After a strong 2022, in the first half of 2023, real non-oil GDP grew by 12.3 per cent. The report stated that the outlook for medium-term growth is better than ever before, as the country’s oil production will continue to expand rapidly with three new approved fields set to come on stream between 2024 and 2027, and a sixth field is expected to come on stream in the first half of 2028.