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Guyanese Economic Mobility thru Small and Medium-Sized Businesses
Dear Editor,
On the campaign trail, President Irfaan Ali underscored the imperative of broad-based economic development that reaches all levels and strata of Guyanese communities. He made the development of small businesses a priority of his administration.
Last Thursday, during his weekly press conference, Vice President Bharrat Jagdeo announced that the Government will swiftly establish a USD 200 million fund to support small and medium-sized businesses (SMBs). The fund will provide access to capital for both growing existing ventures and launching new enterprises. Across Guyana, this could mean expanding small farms, developing sustainable livelihoods, fostering arts and crafts in hinterland communities, and supporting growth in local construction. The potential applications are numerous, and this approach aligns with ensuring development reaches entrepreneurial Guyanese beyond the oil and gas sector.
SMBs, typically defined by their modest number of employees and moderate annual revenues, are the backbone of many economies. They foster innovation, generate employment, and strengthen economic resilience. Understanding their significance is essential for policymakers, entrepreneurs, and communities pursuing balanced and inclusive growth.
One of SMBs’ most vital contributions is job creation, especially in communities distant from Georgetown. Unlike large oil sector corporations, SMBs are often more labor-intensive and less automated, which translates to higher employment needs and broader social impact. This is the development pathway Guyana needs. Of note is the policy emphasis on reaching women and Indigenous groups, which can elevate household incomes across these communities.
SMBs also tend to have strong local roots. They source materials locally, hire nearby workers, and tailor offerings to neighbourhood needs. This localised focus helps retain wealth within communities, support local supply chains, and stimulate regional development. In rural or underserved areas, SMBs can be the primary drivers of economic activity and social cohesion.
Consistent with President Ali’s call for economic diversification, a vibrant SMB sector broadens Guyana’s industrial mix, reducing vulnerability to shocks that affect specific sectors or large corporations. In times of crisis, SMBs often adapt quickly, cushioning downturns and aiding recovery. Their presence across industries and regions provides a stabilising effect on the economy.
Guyana stands at the threshold of an important economic era. By galvanising the spirit and entrepreneurial energy of Guyanese, SMBs offer a path toward inclusive economic growth and liberation. Let us move swiftly to implement the SMB program and turn this vision into reality.
Respectfully,
Dr. Tilokie Arnold Depoo, Economist
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