A rising tide of prosperity

Jul 26, 2014 Letters

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DEAR EDITOR,
The recent CPL T20 matches have brought to the surface a number of realities about our economic and social life. The first is that Guyanese love their cricket and they take their cricket seriously. All of the three matches played attracted huge turnouts, but it was the match against the Jamaican Tallawahs that generated the most excitement, no doubt because it is regarded as one of the more competitive teams in the tournament.
Indeed, the Jamaican Tallawahs are the defending champions, after edging out our own Amazon Warriors in the final played last year.
Beating the Tallawahs on home turf would have been sweet revenge, but that was not to be. The Amazon Warriors lost the match in a nail-biting finish, even though many felt that the Warriors should have won that match given the relatively modest chasing target and the wickets in hand. But that is cricket, a game of glorious uncertainties. In the end it is the better team that wins, and like it or not, we just have to accept the results and learn to live with it.
In this regard, Dr. Bobby Ramroop and his New GPC deserve to be commended for obtaining the franchise for the games under the Limacol brand which, apart from providing entertainment, would also boost tourist arrivals to the country.
The scent of victory is always sweet. I thought and reflected on this fact as I watched the agonizing loss of Brazil in the World Cup semi-final and the defeat of Argentina in the final. The World Cup moment clearly belonged to the victorious German team who received a tumultuous welcome home. Many of us in this part of the world were batting for Brazil, but Brazil failed to live up to our expectations and suffered a humiliating defeat.
This is a bit of a departure from the main thrust of this article, which has to do with the rising tide of prosperity in Guyana and the manner in which such enhanced levels of spending are being manifested.
I have watched the CPL T20 in several venues, but I have not seen any that can match the turnout and crowd exuberance that I saw at the Providence Stadium. I am willing to concede that I could be biased, but I am still to be convinced that there is any other venue in the Caribbean that is as subscribed in terms of ticket sales and crowd support as our own Providence Stadium.
Indeed, because of the huge turnout at cricketing and other social activities at the Providence Stadium, an entire entertainment complex has sprouted in the immediate vicinity, which includes a modern hotel and several drinking spots which are doing good business, especially when the Stadium comes alive with mega activities.
The number of vehicles on our roads is another indication of prosperity. The per capita ownership of motor vehicles has increased exponentially, while our road networks have only been expanded in a linear manner which obviously is a huge challenge if not a nightmare to navigate the roads, especially during peak hours.
The construction of four-lane roads on the East and West Coast Demerara corridors will go a far way in terms of easing traffic congestion on these two major roadways, to and from the capital city of Georgetown. I do feel however that the time is quickly approaching when we have to consider new bypass roads, especially on our main intersections.
As the economy grows and the productive capacity of the country expands, an increasing number of Guyanese will be in a position to own their own vehicles and other fixed assets, including their own homes. This process is further facilitated by easier credit and loans from the banking system, which is now experiencing a problem of excess liquidity as a consequence of high savings. One manifestation of this phenomenon is the low interest rate on savings on the one hand and a comparatively high rate of interest on borrowing.
One indicator of economic progress is the number of banks that a country has, even though it may not be a sufficient measure of such progress. Some countries such as the Cayman Islands have scores of banks, but a sizeable number of these are off-shore banks that specialize in banking services.
Guyana’s banking system displays almost all the characteristics of a modern financial banking system with easy credit and money transfers, which is fueling the rapid rise in property ownership. The PPP/C administration must be commended for putting in place the necessary policy measures to ensure financial stability and sustained economic growth which has over the years had an accelerator effect on the economic and social lives of the Guyanese people as a whole.
Hydar Ally

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