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Ministers must perform to make Guyana respected again- Yesu Persaud
Chairman of the Demerara Bank Ltd; Dr. Yesu Persaud, yesterday made no bones about the need for Ministers to perform to their best, in order for Guyana to raise its status and become respected once more.
Dr. Yesu Persaud
He made these remarks at the commissioning of the Seventh Demerara Bank Ltd branch, yesterday. This branch is located on Camp Street, between Lamaha and New Market Streets. Persaud noted that he travels a great deal and when he does, little attention is paid to Guyana. This situation must change with a new Government in place.
“I would like to see that change, by (Guyana) gaining the respect of the world at large, especially the financial world, because without the financial world nothing happens.”
“All the government ministers must be doing their best and nothing but their best, in terms of performance,” Persaud said. “Performance is what we need in a country like Guyana.”
“People have not been performing to their best. And if we can get this to be the order of the day, there is no need for this country to be poor. We’re a country rich in resources. But resources don’t develop themselves. They need people and technology.”
Once these advances are pursued, Persaud noted, Guyana would become respected again.
Persaud also advocated for more efforts to be made to attract people with special expertise back to Guyana. Over the years Guyana has been flagged for its high rate of ‘brain drain’, that is individuals acquiring a university education and then leaving the country in droves.
“Ask them to come in as immigrants. Every country in the world does that. If we do the right things this place can be booming again within five years.”
Persaud also drew references to Chile, noting that the Spanish speaking country was once in turmoil under (Augustus) Pinochet. However, he noted that the country transformed itself using its agricultural resources and was now exporting worldwide.
“We can do it, we must do it. We are supposed to have a country well endowed. Otherwise future generations will look down at us. Third World countries are moving up into being first world countries. We can learn from them.”
President David Granger, who also addressed during his address at the ceremony noted that Guyana is indeed an agriculture-based economy. He said that in Guyana the agricultural and manufacturing sectors need investment to become more diversified and competitive. He also stated that the establishment of a development bank in order to boost the development of the agricultural sector is being considered.
There was one such institution, The Guyana Agriculture and Industrial Development Bank (GAIBANK), which was established in 1973 as a means of providing credit facilities for those involved in Agriculture on a development basis.
It was a state-owned development bank catering for the Agricultural and Industrial sectors, with grants and loans from the international community providing it’s funding. It was also intended to fill the financing needs of farmers which were not being met by the commercial banks.
GAIBANK, Guyana’s only development bank at the time, was rendered defunct by the then Dr. Cheddi Jagan administration in 1995 when, in a bid to redress financial difficulties and recover its loan portfolio which was lagging behind, GAIBANK was merged with the Guyana National Co-Operative Bank (GNCB).
While those in the agricultural sector have called on the Government to do just this, Government had seemingly taken a step back from its establishment.
“Commercial banks must also shed their over-cautiousness towards investment in agriculture, infrastructure and manufacturing enterprises and projects,” he said. “Our plan includes creating a green economy by the generation of electricity from renewable sources. It includes reducing poverty through investment in increasing farm production and agro-processing. “
“It includes expanding our infrastructure with the establishment of aerodromes, bridges, highways and stellings. Investment in infrastructure will allow the commercial banks to diversify their portfolio and to reduce portfolio volatility,” Granger said.
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