It can be argued in some quarters that the government has been working hard to move the country forward and provide a better life for all. To an extent, it has been able to calm the fears of some people. We can surmise that hard work was needed to produce three budgets in less than two years, recover stolen government assets, and unite the people.
While hard work is important, it will only get the government so far. It alone will not lead to any type of economic and human development. The economic success of this country depends on all and sundry. The colours of the national flag symbolize that the country’s economic success depends on the combination of five important assets: agriculture, forests, rivers, minerals and the endurance of its people.
Before delving into the essential elements of economic success, we use the properties of water to illustrate the composition of success. Every human being and living creature on earth needs water to survive or as they say, to “quench their thirst” but only a few know its source or how water is produced.
Water is a chemical substance that is represented by the formula “H2O” of which “H2” is the hydrogen and “O” is the oxygen. These two organic substances are needed in order to make water. The letter “O” is a water molecule that contains one oxygen and “H2” consists of two hydrogen atoms that must be bonded to make water. Clearly, the formula shows that there would be no water without the combination of hydrogen and oxygen. The example reveals that it takes separate components to make water
Guyana is a great country, and like water, its economic success depends on several elements, including different talents, expertise, visionary and transformative leadership, agriculture and its minerals. In addition to hard work, the success of business hinges on the prudent conversion and utilization of what economists call the factors of production. These include labour, machinery and resources.
The government alone cannot produce all these elements to make economic growth possible, but it can certainly facilitate it by providing a nurturing environment and basic facilities such as infrastructure, education and security, to name a few. The private sector, which is the engine of economic growth, should drive the activities that may lead to development and move the country forward.
Hard work is not a bad thing, but people should work smarter instead of working harder. The success of Guyana’s economy relies heavily on the collaboration with private sector investors, modern infrastructure, opportunities, entrepreneurship, money and common objectives between the owners of capital and the workers, and between the government and civil society.
In essence, economic development in this sense is synonymous with good results and measurable successes. The results should not be based on just mere talk, but achievements that come with a particular quality and which are measurable and sustainable.
Undoubtedly, the economic success of this country requires more than platitudinous statements from those in authority. It requires the deliberate effort and competent leadership from the government and all the elements to stimulate enterprise, invention, innovation, growth, and most important, the people.
Foreign and local investors must be facilitated by all stakeholders and not be purely regulatory in nature. To this end, the government’s tax and fiscal priorities; debt management strategy; industrial, energy, research and development, innovation in training and education; developmental and legal policies must work in sync with the private sector for the advancement of the nation. This requires much more than hard work. It requires an empowered governance structure, unity, a safe environment, social cohesion, a disciplined labour force, a fearless and innovative private sector, and a socio-cultural reawakening that encourages creative entrepreneurship and bolsters trust and confidence in the system.
In short, Guyana’s success depends on all.
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