Latest update April 25th, 2024 12:59 AM
Jul 20, 2015 Editorial
Despite all the financial and economic problems facing the country especially with the sugar and rice industry, Guyana has an abundance of natural resources, arable land, mineral deposits, natural ports and a young and educated population to move the country forward.
With the recent discovery of oil, the economic growth potential in Guyana is very high. But poverty, unemployment and crime, especially among the youths are on the rise in Guyana and the country continues to face serious economic and social challenges.
During the reign of the last regime, corruption was rampant, education and health care were on the brink of disaster, infrastructure was on the verge of collapse and floods were constant. The Granger administration should put the country first and solve these problems, which is unlike the PPP regime, which for the last 15 years had put their interests and those of their friends and relatives first.
For the past 10 years, Guyana’s near stagnant economic growth, due largely to the collapse of GUYSUCO, coupled with excessive borrowing, reckless spending, and massive corruption has limited the former PPP administration’s ability to invest in infrastructure, education, health care, social services and security.
During this period, little effort was made to reduce crime and reform the economy to unleash the growth potential of the Guyanese people. Guyana has the potential to be the economic growth engine and bread basket of the Caribbean but for selfishness and greed, it has not been able to achieve that goal. Today, GUYSUCO is bankrupt, the rice industry is in crisis, gold and bauxite production has reduced, and lumber is being sold for peanuts.
The Granger and Nagamootoo-led APNU+AFC Coalition Government has inherited a country with an overdrawn treasury and an economy in ruin. But with the talents and skills of the nation’s best and brightest, their goal is to build a robust market economy in order to achieve sustainable economic and human growth.
Since taking office on May 16, the Coalition government has made security, law enforcement co-operation, unity and the reduction of corruption and crime, especially armed robbery and murder, their highest priority. Security is the foundation of a nation’s economic growth, and democracy is the hallmark of good governance that is being practised by the APNU+AFC coalition government.
Unlike the last administration, the newly elected Government has promised to embark on bilateral and multilateral efforts to increase trade and investment and strengthen the country’s institutions to accommodate foreign investment. The government recognizes that the lowering of barriers to trade, streamlining the bureaucracy, reduce crime, and curtailing corruption will encourage foreign investment, increase trade and boost the country’s economy out of stagnation.
This must be a priority because private sector-led growth has proven to be the only sustainable model for development over the last century. Guyana has several sectors that are ripe for international investment. Energy and gold are two of the most obvious examples. With an abundance of agricultural and mineral products and water ways, Guyana’s market is primed for some serious deals in energy (oil and hydro power) rice, sugar, gold and bauxite, among others.
The Coalition government must commit to achieve its goal of developing the economy, reducing poverty and crime in order to attract foreign investment and move the country forward. The APNU+AFC Coalition Government must show the world that Guyana is a safe, secure and profitable destination to do business.
The government has endorsed the concept of full and equal citizenship for all, irrespective of one’s gender, religion, sexuality, disability, class, colour or creed.
Everyone must be involved in the development process and must make the necessary sacrifice to put Guyana back on solid financial footing to make those essential public investments in infrastructure, education, health, and security a reality. The objective is to break the back of economic stagnation. It is time to put the country first.
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