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Guyana should not have currency shortage with 700% increase in exports – Norton
Leader of the Opposition, Aubrey Norton
Kaieteur News – Opposition Leader, Aubrey Norton has expressed concern over the complaints of foreign currency shortage in Guyana.
The lack of United States (US) dollars at cambios has been persistent, although government officials continue to deny the existence of the issue.
During his contribution to the 2024 Budget Debates on Friday, Norton stated, “A major lifeblood of our economy is international trade. As a country that relies heavily on foreign trade, we must be concerned as to what the changes in our economy mean for the acquisition and distribution of foreign currency.”
He explained that the new concentration of the economy reveals that two industries, oil and gold, generated 94% of foreign earnings in 2023.
He said the existing data suggests that oil can exceed the 90% share of foreign earnings that it was responsible for in 2023 in the near future. To this end, Norton said, “While we bask as a country in the financial glow of the oil industry, one must wonder what role the current policy on the management and use of foreign generated earnings might be playing in determining access to foreign currency for the business community and the wider society. This is another issue not addressed in this Budget.”
The Leader of the Opposition said it is important and incumbent on the government to manage this situation properly so that the local private sector can access foreign exchange to grow their businesses.
According to him, “Shortage of foreign currency should not abound in a country where export revenues have grown by over 700% in less than four years and its trade balance has shifted from a deficit in 2019 to a surplus of over US$6.5B in 2023.”
He noted that by “blindly supporting” the investment priorities of the government, private sector entities might be serving as the architect of their own inability to access foreign currency to conduct their business.
Norton reasoned, “The government’s insistence that cement, sand, and stone must dominate the consumption pattern of the country ought to cause consternation among Guyanese. Our foreign exchange management must facilitate the development of the local private sector in the non-infrastructure sector.”
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