CPL: A massive boost to Guyana’s economy

Now in its sixth year, the Caribbean Premier League (CPL) is truly established as one of the leading T20 leagues in the world, and compares favourably with the likes of the Indian Premier League (IPL) and Big Bash League (BBL). In addition to the high level of entertainment provided for families, many stakeholders in the Caribbean, including governments and private sector bodies, are well aware of the huge economic potential the CPL has on host countries and the region as a whole.
Hosting of the CPL games in Guyana is the kind of intervention that is needed to give a much needed boost to the country’s ailing economy. Guyana, through the CPL, has benefited significantly from hosting the event since the inception of the tournament in 2013. It was reported in the media a few days ago that the CPL’s economic impact on Guyana in 2017 was around US$ 14,183,035. This figure has been arrived at by using organiser spend, visitor spend and media value, and was calculated for Hero CPL by world-renowned researchers SMG Insight.

In addition to the huge economic impact, 492 jobs were created as a result of Guyana hosting the games. 4097 hotel rooms were filled during the event. There was also significant value for Guyana in terms of the country being given coverage through the television broadcast of the event. The total brand exposure for Guyana has been calculated at US$3,294,323, with more than 37 hours’ coverage of the country across the tournament. Based on official statistics released, the CPL spent just under US$1million in Guyana during the 2017 event, with over 40% of that figure going to local staff and suppliers. In essence, the CPL games here are a good example of the tremendous benefits that could be derived from a sporting event of such magnitude.
It is well known that Guyana’s economy has been on a downward spiral for some time now, and businesses and individuals are feeling the squeeze. Over the past year or so, several businesses have been complaining of poor sales, companies have had to lay off workers, and some companies are even closing down due to unprofitability. There seems to be no sign that the situation will turn around for the better. The relevant stakeholders have pleaded with the Government to take the necessary steps to revive the economy and create opportunities for citizens, but it is still left to be seen what effective measures will be adopted to bring some sort of relief.
That said, now that the CPL tournament has proven to have many trickle-down effects, the whole concept of sports tourism is beginning to gain popularity in the region. The introduction of sports tourism as a major industry is an excellent idea, and it would certainly be in the nation’s interest if the major players involved work seriously towards designing and implementing the necessary programmes and policies that would see Guyana taking advantage of the many opportunities available in that sector.
Analysts have pointed to the fact that sports tourism is a huge and growing industry, with important economic implications for the sport, the event, and the impact of travel and tourism-related benefits on host destinations.
For this year’s tournament, it is likely that Guyana will be given the opportunity to host the opening games. This is indeed good news for fans. CPL has indeed been a success story, not only as it relates to the development of cricket in Guyana and the region, but because of the potential for growth and the ability to create the kind of opportunities that would seek to improve the lives of citizens. Guyana must therefore capitalise on the economic successes of CPL, and work towards further developing sports tourism in general.
Each year, the National Stadium at Providence, which is the home ground of the Guyana Amazon Warriors, attract sold out crowds. However, with tournaments such as this one, it is not only the sold-out stadiums that warrant the prestige, but the chance to showcase one’s country on the global market, since television viewership would usually span each continent.