Slowdown of the economy… Guyana’s six revenue earners showed signs of “anemia” since 2014 - President Granger

Slowdown of the economy… Guyana’s six revenue earners showed signs of “anemia” since 2014 – President Granger

Oct 03, 2015 News

While complaints about the slothfulness of the economy under the new government still continue to surface, President David Granger said that this state of affairs hinges on the fact that Guyana’s six traditional revenue earners were showing signs of “anemia” since 2014.

During a press conference at the Ministry of the Presidency, Granger said, “The slowdown in the economy is not a result of the May11, 2015 elections. If you look at what was taking place in 2014, you would see that bauxite prices were flattening out, gold prices were dropping and sugar production was falling…”

The Head of State recalled that Guyana was never really able to uproot itself from the six traditional “sisters”; rice, sugar, gold, diamond, bauxite, and timber. He said that each of those revenue earners “started to show signs of anemia in 2014.” The President said that some of course were subject to world market shocks.

“As you know, many are fleeing the gold industry because prices being offered are very low,” added Granger.

He said that his administration also inherited troubled agencies such as the Guyana Sugar Corporation and the Guyana Power and Light Inc.

Finance Minister, Winston Jordan, a few months ago, had also revealed that the slothfulness in commercial turnovers actually started in 2014.

Jordan had said that this can be traced back to the time when former President Donald Ramotar prorogued the Parliament on November 10 and later dissolved it to pave the way for the 2015 General and Regional Elections.

He had said that he even had cause to remind the opposition of this, since the opposition members tried to pin the blame on the current administration.

The Finance Minister had said, “During our exchange on the budget, they asked me about the slowdown in the economy and Clement Rohee said that it is because of the rash behaviour of our Government in witch-hunting and what’s not.

“I had to let him know that the slowdown of the economy actually started in 2014 and not two months into the new government.”

He continued, “I explained to him that the reasons businesses experienced the slow turnover is because of three reasons, the first being the uncertainty created by the prorogation of the Parliament.

“Secondly, this continued to be fuelled by the dissolution and the long time taken to call a date for the elections. Lastly, the period which was supposed to see the nation moving forward, after the announcement of the results, saw instead the antics of the PPP when they lost elections.”

He added, “The combination of these events only served to heighten the fears of the local and foreign investors. And besides, an election is something which usually affects businesses across the board. But as I said, this can be traced back to 2014.” (Kiana Wilburg)

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Slowdown of the economy… Guyana’s six revenue earners showed signs of “anemia” since 2014 – President Granger

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Slowdown of the economy… Guyana’s six revenue earners showed signs of “anemia” since 2014 – President Granger

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