Latest update January 4th, 2025 5:30 AM
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- ‘Show us the feasibility and EIA studies done by US EXIM Bank for Gas-to-Energy project’- Dr. Adams
- AFC questions Govt’s fear of renegotiating oil contract
- Israeli attacks kill dozens in Gaza as ceasefire talks resume in Qatar
- T&T PM Rowley to bow out of elected politics before general elections
- Govt. hunting for more housing lands, after using up those available in several regions – Min. Croal
BOTH PARTIES ARE RESPONSIBLE
Guest Editorial
In office for almost three years, the government has passed four national budgets and yet Guyanese still do not have a better grasp of its fiscal policy for the ensuing year. It is true that the government inherited a poor economy from the last administration and it must be commended for having stayed the course of fiscal prudence and for the strong possibilities that now exist for a robust economic growth to occur.
The government has gained experience on the job and has become a formidable force to be reckoned with regarding good governance. However, it is not clear that it has a fair understanding of what is really happening in the country regarding the needs of the people. The impression one gets is that no one is firmly in charge or understands the nuances of governance or how the various pieces of the governance puzzle fit to make the whole.
After more than 50 years of independence, Guyana still faces some major economic challenges and no side of the political divide is without blame for the underdevelopment of the country. They have been equal contributors to political missteps, gross inefficiency and political violence, all of which have stymied economic growth over the years.
Successive governments of both political parties have placed political expediency and party interests over sound economic management. Though the PPP will not confess to this, there is evidence to show that it is guiltier of this than the present government. However, the people are not consumed by which party to blame. Instead, the hope is for both political parties to put aside their differences and work together to develop the economy and steer the country in the right direction.
A healthy, growing economy starts with the engagement of all stakeholders, not a vaunted few who may believe that if the government attracts big projects, the benefits will trickle down to the people. That has certainly not been the case since independence. Those in authority should understand that all the fiscal and macroeconomic indices must be properly aligned for the economy to function effectively.
They must also be aware of the needs of the people, especially the poor and the lower working class who can fall through the cracks if the economy remains stagnant. The historic fact is one cannot fudge the truth with regard to the economy. Economic reality is what it is. Figures do not lie. So the government would be well advised to be careful when predicting growth rates based on present economic performance.
Those in previous administrations would want us to conveniently forget their complicity in massive corruption and the plundering of the treasury which have virtually decimated the entrepreneurial class and resulted in the horrible suffering of people. This is a reminder of what can happen to the emerging young entrepreneurial class when governments become predatory. The people must not forget the reckless spending of the past as well as the broken promises and empty dreams that were spawned.
With revenue from oil expected in 2020, there must be a systematic and careful approach on how
to develop the economy. The oil revenue cannot be used as a cookie jar from which money can be taken and used to throw at every problem. There must be a more prudent and robust use of the revenue in the context of the country’s most important needs, it should not be used as a piggy bank to be raided at will.
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