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IS A GREEN ECONOMY ACHIEVEABLE?

Dec 03, 2015 Editorial, Features / Columnists

Recently the President and the Minister of Finance stated that the returns from the six pillars of Guyana’s economy—sugar, rice, bauxite, gold, diamond and timber— are very disappointing despite huge government subsidies and tax incentives. And remittances which represent the seventh pillar and accounts for 20 percent of the country’s GDP have declined.
Guyana’s economy is not growing as quickly as it should; unemployment among youths is at its highest level; and crime seems to have skyrocketed.
It is an oxymoron and an absurdity for Guyana to ‘be considered the second poorest country in the Western Hemisphere after Haiti, when it has a treasure trove of national endowments and riches. Guyana is blessed with an abundance of natural resources, including fertile agriculture lands; vast areas of tropical hardwood forests; an ecosystem that is second to none; a multitude of plants, birds and animal species; copious fish and shrimp deposits; numerous rivers and waterways; and a wide variety of minerals, such as gold, diamond, bauxite and manganese.
It would be wrong for anyone to put all the blame on the Government for the struggling economy because upon taking office six months ago, the new government was dealt a very bad hand. However, it must urgently make changes of epic proportions to advance the country’s capacity to produce and create jobs. It must take some responsibility for the declining economy. Increased production will end joblessness, reduce crime and combat against the nothingness amongst the most exposed and at-risk Guyanese.
In order to achieve green economy, the political elite must strive to eradicate corruption, political nepotism and misconduct in society. Also, the educational system has to be more accommodating to engage students in the realm of how to improve their work ethics and become more productive in society.
And small-and medium-sized businesses should have easier access to capital—all of which are needed to improve production to compete globally and take Guyana to the stratosphere of economic and political independence.
President Granger’s call for Guyana to become a green economy has resonated with the people. But it must be based on the correct rebalancing of the economy, and with strategic interventions both by the Government and the Private sector. Based on this premise, the country’s economic and human development potential appears to be good in that its capability to produce renewable energy sources, including hydro and wind power is immense.
But as a nation, Guyana has some major hurdles to cross before it can achieve a green economy, sustained growth and poverty reduction. Its national debt which is over 65 percent of its GDP is a major challenge to the public sector’s ability to provide the necessary infrastructure and other facilities needed to increase production, create jobs and reduce poverty.
Also, the country is constrained by a dependent and uncompetitive economy that is highly exposed to the vulnerabilities to international and environmental shocks, changes in terms of trade and foreign investment capital, fluctuations in prices and demand for goods and services.
Guyana cannot continue to go down this path and expect to achieve a green economy when its economy still depends heavily on the production and export of primary commodities and when it imports exceed its exports. The government has to reform the bureaucracy that takes forever to register a company or issue permits. The government has to re-invent the malfunctioning GO-Invest to be the initiator of policies and projects to harness the investment potential of the private sector if it is to grow the economy, lower its national debt and reduce poverty. Guyana has the potential to achieve a green economy, but only if production is realized and maximized.

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