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Businesses need to see prudent management of the economy

Feb 12, 2014 Letters

Dear Editor,
We the business people of Guyana are faced with some difficult situations which we would like to bring to the attention of the powers that be.
As we are all aware, our national economy benefited tremendously from the mining sector, primarily gold which accounted for 50% of foreign exchange income. At the start of 2013 the price for gold was US$1,700 per ounce but by December 2013 the price for gold averaged US$1,200 per ounce
Sugar is not doing well. As a matter of fact gold has taken the place of sugar in our national economy in regard to hard currency earnings.
At the end of 2013 the US dollar was being traded at G$200 to US$1.00. However, the US dollar is now being traded at G$215 to US$1.00. This will affect the prices for commodities and it is the poor classes of people that will have to bear this burden as the additional operational costs will be passed on to the final consumer.
Additional to this increase in costs, the Guyana Revenue Authority has a valuation system that increases the value on Importation Invoices by 200-300 per cent, which will increase the taxes to be paid on said invoices.
Rice farmers have to be interviewed by the Rice Producers’ Associations, Guyana Rice Development Board, Ministry of Agriculture and the Guyana Revenue Authority in order to receive concessions. This is very frustrating.
Businesses are calling on the government to revisit their approach and call on the opposition to seek ways in which the government can be more responsible in their spending and accountability.
We believe that the opposition is doing a great job by calling for certain mechanisms be put in place, such as the establishment of the Public Procurement Commission and should the government not come to terms with the reality of our plight and find ways to assist the poor against exploitation, then we call on the opposition and Guyanese population to rise up in a nation-wide strike until the government listens to us and find ways of curbing this run away system.
The biggest problem is arising from GRA which is doubling and tripling the value of our invoices and we call on the PPP supporters and opposition to rise up against this government for what the GRA is doing to us.
Concerned Guyanese

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