ALL ARE HOPING TO WITNESS THE FLOWERING OF THE ENTREPRENEURIAL  ETHOS AND THE BIRTH OF NUMEROUS SMALL BUSINESSES IN GUYANA

Aug 04, 2024 Consumer Concerns, Features / Columnists, News

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CONSUMER CONCERNS

PAT  DIAL

Kaieteur News – Until the 18th century, wealth in all societies was centered on the ownership of land and the income derived from agriculture.  The manufacture of cloth and other hardware used by society was done by tradesmen.  Then about the middle of the 18th century came the Industrial Revolution whereby Science and machines came to be applied to both Agriculture and the production of goods of everyday use.  With the Agricultural and Industrial Revolutions, production became quicker with uniform quality and cheaper.  The persons who organized these new techniques of production and were able to mobilize and supply the requisite capital for these ventures came to be known as entrepreneurs and the techniques they employed came to be known as entrepreneurial techniques.  The advent of the Industrial and Agricultural Revolutions was solely confined to the efforts of private enterprise and the State played no part but in the 20th and 21st centuries, the State adopted  entrepreneurial techniques in various aspects of governance.

If one peruses the daily newspapers, one would encounter reports of various Ministries of Government making efforts to stimulate and encourage the adoption of entrepreneurial techniques.  The raison d’etre of doing this is to stimulate self employment, increase incomes and so raise standards of living and secondly, strengthen the non-Oil Economy so that Guyana would avoid falling into the syndrome of the Dutch Disease.  The Dutch Disease occurs when a new Oil producing country focuses almost wholly on the lucrative Oil Industry neglecting the other industries on which its economy formerly rested.  These industries fall into decline and become unprofitable and when Oil reserves contract or prices fluctuate or fall and revenue from Oil diminishes, poverty and distress overtake that country since its former economic mainstays have been lost.  Venezuela with its collapsed economy and widespread poverty is an example of a country suffering from the Dutch Disease.

The State in Guyana, as a new Oil producing country is determined to avoid the syndrome of the Dutch Disease and is committed to maintaining its present industries, which are mostly agricultural, and extending into new ones.  The aim is to have the non-OIl sectors of the Economy contributing more than the Oil sector in both income and employment :

The Sugar Industry which was regarded as being on the verge of expiring four years ago has begun to revive itself with the injection capital, technology and modern management techniques and the country has safely avoided being a sugar importer and plans to satisfy the sugar needs of CARICOM in the next  three or four years.

The Rice Industry has been increasing in production every year as the result of inputs like fertilizers, new species of rice, improved drainage and even techniques of planting and expects to continue expanding its exports.

Livestock farming is radically changing: improved species of poultry have been imported from the United States and poultry farmers are now having larger and healthier birds with egg production improving. Several thousands of Black belly sheep have been imported from Barbados and Holstein breeding cattle have been imported in the form of actual animals and semen banks.  Improved species of pigs have been imported to improve the quality of the local stock.

Soya and Corn production have already begun in the Intermediate savannahs and soon Guyana will meet its needs for animal fodder.   Experimental acreage of tropical wheat and millet have been successfully cultivated with great prospects for local and Caribbean usage.

Fish Farming has been successfully introduced and deep sea fishing has been expanding with radar and a few policing boats have been introduced to prevent illegal fishing in Guyanese waters.

Training in various aspects of modern Agriculture is being undertaken on a continuous basis with the help of various external Agencies and by local effort and this would include the thousands of Goal Scholarships awarded every year. Training in Tourism is also being conducted in a methodical way to meet the needs of the growing Tourism Industry.

Financial grants, concessionary loans and guarantees have been widely distributed among the farming communities. For example, in 2023, 2500 grants to a total value of $680.millions to small and medium sized ventures were made and an agreement was made with the Small Business Finance Trust for $100. millions for concessionary lending to small and medium businesses. A regime of loan guarantees is also offered.

Extending these and other facilities to Youth and Women is one of the focuses of the measures in developing the non-Oil sectors.

A new entrepreneurial and self- employed class is being birthed among the ordinary citizens, especially in the Agricultural and related industries and even in the non-Agricultural industries.  When cheaper power becomes available with the ‘Gas to energy’ project, it is expected that competitive production of the more traditional industrial products which Guyana now buys from Trinidad and other foreign markets, will take off. Guyana is entering a phase of self-generating development and it is assessed that in four to five years it will be on the threshold of a First World country.

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• cheaper, CONSUMER CONCERNS, Entrepreneurial, PAT DIAL, persons

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