Guyana has enjoyed steady economic growth despite challenges – Finance Minister

Finance Minister Dr Ashni Singh pointed out that Guyana, under the People’s Progressive Party Civic/ (PPP/C) Administration, continues to experience economic growth and development despite the challenges encountered in the parliamentary process and the inevitable consequences that these challenges have posed for the political and economic environment.

Singh noted that sustaining nine years of consecutive economic growth is not easy and extending it remains high on the PPP/C’s agenda.

“We (the PPP/C) take very seriously our responsibility for ensuring that the economic environment in Guyana continues to be attractive,” he explained.

He also pointed out that the nine years of consecutive growth were achieved despite non-support in the Parliament from the Opposition which can only be deemed as a concerted effort to stymie development.

The Minister further stated that Guyana could have achieved much more, had many pivotal projects such as the Amaila Falls Hydroelectric and the Cheddi Jagan International Airport Expansion not been obstructed by the Parliamentary Opposition.

“The Opposition has not been shy of flaunting its tactics for all and sundry to see, and these tactics have been aimed at scaring investors away, intimidating investors, (and even) threatening (them),” he deplored.

Singh then stressed that in a democratic environment, these ‘opposition actions’ are not deemed as acceptable behaviour, “since all leaders are supposed to act in the country’s best interest, regardless of which side they represent.”

Referring to the Anti-Money Laundering Bill, the Minister expounded that this was “the  starkest example” that the opposition parties have made it quite clear, that they have no interest in the consequences of an adverse review by the Caribbean Financial Action Task Force (CFATF) and the other external bodies that are responsible for reviewing Guyana’s  financial actions.

Nevertheless, Singh reinforced that “this Government will continue to implement measures to ensure economic growth.”

Additionally, the Minister noted that the global economic environment has also been faced with its own problems which negatively impacted many of Guyana’s trading partners.

Notwithstanding those challenges, Singh said Guyana’s economic performance is definitely worth commending.

“It is most commendable not just to government, but indeed to the investors, the entrepreneurs, and the workers, all of whom have contributed to this growth.”

He also noted that the economy was able to perform as well as it did because of investor policies and prudent fiscal management by the Government.

The Minister highlighted that the local economy continues to be conducive to attracting both local and foreign investors.

He said the Government’s policy is to provide the same incentives to local and foreign investors who are interested in investing in Guyana.

“If you look across the spectrum, you’ll see a very strong track record of investors from every jurisdiction, responding to the environment that we have created. We have today companies (local and foreign) in the natural resources sector, in gold, in manganese, in bauxite and in new and emerging industries.”

Examples of such companies include Guyana Goldfields, a Canadian company and Troy Resources of Australia; Exxon Mobil and CGX, internationally recognised oil companies; Qualfon, a Mexican call service provider; and Massy Group of companies.