Latest update January 23rd, 2025 6:24 AM
Govt. begins to address economic slowdown – Harmon
Over the past few months, reports have emanated which suggest that the Private Sector is taking a beating as many businesses have opted to take drastic measures to reduce their workforce.
Raphael Trotman
Their argument is that there is not enough money being generated to keep their employees.
All fingers are being pointed in the direction of the economy, which according to some, is not doing so well.
Head of the Private Sector Commission (PSC), Eddie Boyer, had even stated that there is a slowdown. He however expressed hope that the economy will ‘right itself’.
Some businesses have even resorted to reducing the working hours allotted to staff members. Many employees who hold top positions have had their salaries cut.
Also, several perks that were once offered to staff have been pulled, reports have stated.
Just recently, this newspaper carried an article which relayed the frustration of businesses in Berbice.
During a meeting with the Finance Minister, Winston Jordan, the Central Corentyne Chamber of Commerce and executives of all the chambers in Berbice, noted that there is a slowdown in loans and advances from the commercial banks.
This was dubbed as a worrying sign that investments are at a standstill.
Minister of State, Joseph Harmon, during the post-Cabinet Press Briefings yesterday at the Ministry of the Presidency in Georgetown, was asked how the government plans to deal with these issues.
“The economy is always on the forefront of our considerations, not only in the Cabinet but all of our government undertakings. The impact in which the economy has on the people of this country is something which we are very careful about or dealing with. These reports being made are being taken very seriously.” Harmon responded to Kaieteur News.
Harmon noted also that the President, David Granger, has on at least three recent occasions, summoned some of the key ministers including the Minister of Finance, the Minister of Agriculture, the Minister of Business and Minister of Natural Resources to ‘look at options and how is it we are going to address certain things.’
This move by the President has seemingly begun to bear fruit since Minister of Natural Resources -as recent as Wednesday – indicated some of the measures that are being taken in the Ministry that will effect business and ultimately, the flow of money into the economy.
Harmon also made reference to a previous press conference where he had revealed Government’s plans to inject a huge sum of money into the housing sector with the primary aim of generating employment and economic activity.
Further, the Minister explained that one has to take into consideration, the ‘economic realities’ of Guyana’s Continental and Regional neighbours.
“These things, of course, have to be taken in conjunction with the economic realities of the countries that surround us: the economic reality of Suriname; the economic reality of Brazil; the economic reality of Venezuela; the economic reality of Trinidad and Tobago; and that these economic realities, they’re not strange – people are reading, they’re on the internet and you understand what is happening internationally.
We are doing our best to ensure that we do not have to go down the road where some of these countries have gone and we want to say that the government – your government, is very conscious of this. We’re taking every step to ensure that economic activities (are) revitalised and that there is a flow of money into the system.”
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