GCCI praises Budget 2025 for $5k increase in old-age pension, investment in agriculture, infrastructure

Jan 24, 2025 News

Kaieteur News- The Georgetown Chamber of Commerce and Industry (GCCI) on Thursday applauded the Government of Guyana (GoG) on the presentation of the 2025 Budget, set at $1.382 trillion, an increase of 20.6% compared with Budget 2024.

The National Budget was presented on January 17, by Finance Minister, Dr. Ashni Singh under the theme ‘A Secure, Prosperous, and Sustainable Guyana’

The Chamber said that as Guyana’s development continues on an upward trajectory, it is pleased with the projected growth in Gross Domestic Product (GDP) of 10.6% for 2025, coupled with the anticipated 13.8% growth in the non-oil economy this year. These projections are expected to allow Guyana to remain the world’s third fastest growing economy it said.

“Guyana’s development and outstanding economic performance requires prudent economic management and measures, and the Chamber has taken note of several interventions that cater to increasing sectoral performances sustainably, while investing in socio-economic development,” the GCCI noted.

GCCI praises Budget 2025 for $5k increase in old-age pension, investment in agriculture, infrastructure

GCCI President, Kester Hutson (GCCI praises Budget 2025)

Among the initiatives in this year’s Budget, the Chamber said it wished to firstly applaud the Government for increasing the income tax threshold to $130,000, while decreasing the Pay As You Earn (PAYE) rate to 25%, thereby increasing employees’ disposable income.

According to GCCI, “These measures, in conjunction with several other cash injections through one-off cash grants, annual cash grants, and old age pensions and public assistance increases, as well as measures to alleviate the cost-of-living amount to a keen focus on improving citizens’ welfare.”

It also commended the increased investment in the agriculture, extractives, manufacturing, construction, and services sectors. Additionally, the Chamber noted the strong focus on infrastructural development and the energy sector.

GCCI said, “It is crucial that focus be placed on aligning the country’s infrastructure with the increased investment interests—especially as it relates to energy and transportation infrastructure. Among the numerous projects announced, the Chamber wishes to highlight the focus on small business development with the injection of $3 billion for the establishment of industrial estates in Regions Two, Three, Four and 10.”

Additionally, the Chamber noted that the proposed removal of import VAT machinery used in the agriculture sector, the removal of VAT on automated poultry pens and veterinary supplies, and back-up generators, as well as measures to reduce freight costs are welcomed interventions.

Meanwhile, GCCI pointed out that over the years, it continued to highlight challenges with the labour shortage, as such, the move to invest heavily in the education sector—including the funding of the University of Guyana and other technical institutes across the country. As such, it said that removing tuition must be commended as a step in the right direction that will further enhance the country’s workforce and ability to meet the needs of all sectors—particularly the oil and gas industry.

GCCI was keen to note its support for the Government of Guyana in these initiatives, adding that it welcomes Budget 2025 as a vehicle for continued growth and development.

(GCCI praises Budget 2025 for $5k increase in old-age pension, investment in agriculture, infrastructure)

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