THE Georgetown Chamber of Commerce and Industry (GCCI) has commended President Dr. Irfaan Ali and the Government of Guyana for the recent announcement of significant economic and social interventions.
These newly unveiled social policies prioritise citizen welfare, which the GCCI believes will have a positive ripple effect on the economy.

By injecting substantial disposable income into households, these measures aim to reduce income inequality, enhance employment opportunities, and bolster manufacturing prospects across the nation.
Guyana’s economy is already experiencing remarkable growth, with a recorded rate of 49.7 per cent by mid-year 2024. The government’s commitment to aligning this economic expansion with human development, social inclusivity, and improved living standards has been met with praise from the business community.

Key initiatives announced by President Ali include a one-off cash grant of $200,000 for every household, expected to inject $60 billion into the economy; the elimination of tuition fees at the University of Guyana starting in 2025; plans to ensure public sector employees earn no less than $100,000 monthly by the end of 2025; the establishment of a vaccine manufacturing facility; and a reduction in electricity costs by the end of next year.

Additional healthcare interventions and the use of the Guyana Technical Training College for global oil and gas training are also part of the government’s strategy to position Guyana as an international education hub.
The GCCI has expressed strong support for the government’s focus on diversifying the economy, particularly in agriculture, and enhancing energy production and distribution, which are anticipated to benefit the business community significantly.

Looking ahead, the Chamber said it is eager to explore the extensive benefits these interventions are poised to deliver, and aims to maintain an ongoing dialogue with the government to foster a conducive business environment. The GCCI also hopes for continued measures in Budget 2025 that address rising living costs and support private sector development.