IN the midst of global economic turbulence, which has left many nations reeling, Guyana stands as a testament to prudent governance and strategic foresight. Under the leadership of the People’s Progressive Party (PPP) and its General Secretary, Dr. Bharrat Jagdeo, the country has demonstrated a robust approach to managing its economy, ensuring that its citizens are shielded from the brunt of global issues.

Dr. Jagdeo, who also serves as Vice-President, is a frequent target of critics. However, he remains steadfast in his commitment to countering the narratives propagated by those who oppose the government’s developmental policies. During his weekly news conference at Freedom House, Dr. Jagdeo highlighted the government’s efforts to maintain a competitive exchange rate and support non-oil sectors, emphasising the importance of a diversified economy.

The government’s vision, Dr. Jagdeo noted, often gets lost amidst the noise of detractors who fail to recognise the broader context of economic management. The administration is focused on sustainable economic practices, climate-proofing initiatives, and long-term investments in healthcare, education, and infrastructure to attract non-oil investments. This strategic approach is crucial as Guyana experiences significant economic growth, navigating the complexities of supply and demand mismatches that many countries face.

One notable aspect of the government’s strategy is its infrastructure boom, which has driven up the demand for construction materials like sand and stone. To stabilise prices, the government has opened more government-owned sandpits, and issued licences for aggregate supply, resulting in price stability. Such measures have contributed to Guyana’s inflation rate being lower than the regional average, a significant achievement attributed to thoughtful government policies.

Moreover, the administration has implemented various measures to mitigate the high cost of living. These include subsidising electricity and water costs, absorbing fuel costs for the Guyana Power and Light Inc (GPL), and reducing water rates. The government’s decision to cut excise taxes on fuel by 50 per cent has provided substantial relief to citizens, preventing an increase in fuel prices that would have significantly impacted daily life.

The PPP government’s proactive stance is evident in its efforts to offset fertilizer costs for farmers, reduce public servant wages, and increase pensions. Programes like the part-time job initiative, which supports women and single parents, and substantial investments in water treatment and public infrastructure further demonstrate the administration’s commitment to improving citizens’ lives.

Despite facing criticism, Dr. Jagdeo emphasises that the government is actively addressing economic challenges while increasing disposable income for citizens. He contrasts this approach with that of the previous administration, which imposed numerous taxes and lacked a clear vision for economic management.

Looking ahead, the government has earmarked $7 billion in the 2024 national budget for further economic interventions. Since 2020, over $200 billion has been injected into the economy through strategic measures aimed at fostering growth and providing relief. Each annual budget has been meticulously crafted to address immediate needs and lay a strong foundation for sustainable development.

In conclusion, Guyana’s government, under the PPP and Dr. Bharrat Jagdeo’s leadership, has showcased a balanced approach to economic management, blending short-term relief measures with long-term strategic planning. This prudent governance ensures that Guyana not only navigates current economic challenges, but also paves the way for a resilient and prosperous future.