Ramotar promises more commercial banks in new Govt

By Gomatie Gangadin

President Donald Ramotar on Wednesday promised the business and private sectors in Guyana several major developmental plans should his Government be returned to power on May 11 when General and Regional Elections are held in the country.

Among these, he said, will be the issuance of commercial bank licences to reputable banks to operate.

Speaking at the Presidential Candidates’ Business Luncheon, which was organised by the Guyana Manufacturing and Services Association (GMSA), the Presidential Candidate for the People’s Progressive Party/Civic (PPP/C) and current president told the business community that they can expect bigger and better plans for the sector once he was returned to power.

Ramotar pointed out that Guyana has not seen a new commercial banking institution since the 1990s, something which he detailed, was intentional since Guyana’s economy was relatively small back then and could not have accommodated more.

According to the President, this is an important step since it is his belief that while the banking sector has done very well, there is conservatism on the part of some banks in making loans available to those who may desperately need it.  To this end, he related to the business community that his Government would not just embark on such a plan, but would seek to investigate and entice reputable banking institutions from across the globe to open operations in the country so that Guyanese, particularly the small and medium-scale operators could benefit from the reduced interest rates the resultant competition will bring.

The PPP/C’s Presidential Candidate said that while his Government would want to establish a specialised developmental bank in the country, this would not be done now. Rather, he explained that for the time being, more fiscal measures would be implemented which he believed can serve the same purpose.

To this, he cited examples of the interventions which the Government had made using the fiscal policies which included the agreement that was brokered with several banks in offering home loans at a reduced interest rate and the Women of Worth (WoW) programme which provided loans of up to Gy$250,000 to single mothers without collateral to invest in a business idea.

He said that thus far, these measures have proven to be effective and successful and as such, he had no doubt that they can be used to produce the same results for the other sectors.

Cheaper electricity

Meanwhile, amid concerns raised by GMSA President  Clinton Williams of the need for cheap and reliable electricity especially for manufacturers, Ramotar promised that this would   be addressed, pointing out that should he be re-elected, the Amaila Hydropower project would be started before the year ended. He explained in detail how the project would work, and the benefits the country stood to gain. “Guyana will save over Gy$3 billion over 20 years and then that project will come to us for free … we will have absolutely no debt. We will be buying hydropower from the company for about half the cost we are generating it for,” he said.

The President also assured the businessmen and women present that he will be keeping all taxes under review so as to ensure that their businesses are always protected, noting that he will ensure that the macroeconomic policies and measures are implemented and monitored for the continued growth and development of the country.