THE International Monetary Fund’s latest assessment of Guyana’s economy contains a statistic that deserves attention beyond the headline. An unemployment rate of 6.2 per cent is encouraging, but it tells only part of the story. The more important question is: What is driving those improvements, and can they be sustained?
The answer lies in the deliberate investments being made to prepare Guyanese for a rapidly changing economy.
For decades, Guyana’s greatest challenge was creating employment. Today, the country faces a different reality. As new investments continue to flow into construction, manufacturing, agriculture, tourism, logistics, healthcare, technology and the oil and gas industry, the demand for skilled workers has increased dramatically. The challenge is no longer simply creating jobs, but ensuring Guyanese have the skills to fill them.
That is why the government’s emphasis on education, technical training and entrepreneurship has become just as important as its investment in infrastructure.
Thousands of young people have already benefitted from programmes such as the Youth Entrepreneurship and Apprenticeship Programme (YEAP), the Youth Entrepreneurial and Skills Training (YEST) initiative through the Board of Industrial Training, and the Presidential Award for Youth, Entrepreneurship and Robotics (PAYR). These programmes are equipping young Guyanese with practical skills in construction, engineering, information technology, manufacturing and other sectors where demand continues to grow.
At the same time, the Guyana Online Academy of Learning (GOAL) scholarship programme has opened tertiary education to thousands of Guyanese, while continued investment in the University of Guyana, technical institutes and vocational education is helping to build a workforce capable of supporting a modern economy.
The government has also recognised that creating employees alone is not enough. Through the Small Business Bureau, entrepreneurship programmes, and the soon-to-be-established Guyana Development Bank, greater emphasis is being placed on helping Guyanese create businesses, generate employment, and build wealth within their own communities.
The numbers suggest these efforts are beginning to bear fruit. Youth unemployment has fallen sharply over recent years, more young people are attaining university qualifications, and fewer are classified as not being in education, employment or training. Those improvements are occurring at a time when Guyana’s population has surpassed one million, with more than 60 per cent of citizens under the age of 35.
This youthful population is one of the country’s greatest advantages, but only if it is equipped with the right skills. Oil revenues can finance development, but it is education, training and innovation that will determine whether that development is sustained long after the country’s natural resources are exhausted.
The IMF’s report should, therefore, be viewed not simply as recognition of economic growth, but as encouragement to continue investing in Guyana’s people. Roads, bridges and hospitals are essential, but the country’s most valuable investment will always be the education, skills and ambition of its citizens.