MAKING GUYANA COMPETITIVE

Nov 25, 2016 Editorial, Features / Columnists

Governing a country with a low GDP growth rate, high unemployment and rampant corruption is challenging for most governments. This is the situation in which the present government finds itself. And although there was evidence that Guyana’s economy was struggling, and prices and demand for its main commodities were falling, no one had prepared the population for such reality.
During the election campaign, neither the APNU+AFC opposition nor the ruling PPP had placed the country on notice that there were serious challenges ahead. Both parties made promises that were almost impossible to fulfill. In particular, the coalition had promised change, good governance, the development of a robust economy, creation of jobs, an end to corruption, and the reduction of crime. But after eighteen months in office, there is little to brag about.
The people never expected that the government would have moved at such a pedestrian pace to address the problems facing the country. The national debt continues to rise, borrowing has increased, bauxite and agriculture production have tumbled, health care and education continue to deteriorate, unemployment is still high and food prices have risen. And there are signs that the country’s limited resources are drying up.
Replenishing the Treasury would not be easy, since most indicators have shown that production of the country’s goods will not get back to the golden days in the near future. The government has to inspire the people, especially youths, to become entrepreneurs and invest in new areas.
We reiterate that transformative and visionary leadership is needed to create a momentum among the citizens that would drive them towards new dimensions of enterprising activity. New skills, new technology, and new thinking are required to stimulate the economy, create jobs and move Guyana into the 21st century. The country cannot develop with lacklustre management.
All must realize that race, religion, geography, age or education should no longer be allowed to divide the nation. Everyone should come together to help navigate these troubled waters. The authorities must strive to develop the economy, increase production in all sectors, establish public-private sector partnerships and meaningfully tackle corruption. This is urgently required to help reduce the cost of living and boost the confidence of the people. The country is yearning for real political leadership which has been absent for years. No one wants a return of poor, selfish, vindictive and corrupt control.
It should be obvious to the government that the country needs to attain a higher plain of leadership in order have sustained economic growth in the medium term and to significantly reduce the high unemployment and rising poverty. The government must facilitate investment in the productive sectors of the economy, and accelerate the process of diversifying and transforming it away from its dependence on primary products such as sugar, rice and bauxite. It must expand production of higher value-added goods and services and undertake to link the centres of economic development on the coastland to those in the hinterland.
The government must also seek to develop a policy framework and establish its priorities to attract and retain local and foreign direct investment into the manufacturing, agricultural, mining and other sectors. Harnessing the country’s natural resources could foster economic growth, create jobs and reduce poverty, all of which can be attained by increasing production which, in turn, will increase the country’s exports, reduce its imports and thus make it more competitive. Not to mention the processing of raw materials and the development of manufacturing industries. But it would require the urgent diversification of the economy, the engagement of the business sector and an influx of local and foreign investment. Such approach would lead to a robust economy, which will create significant job opportunities and foreign exchange earnings. However, this will only happen if serious and urgent changes are made in the relevant ministries and state agencies.

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