The ability of some of the country’s key business and investment-related institutions to effectively deliver services to required levels has been questioned in a series of strengths, weaknesses, opportunities and threats (SWOT) analyses published in the Ministry of Business’ Strategic Plan for the year 2016 -2020 released to this newspaper yesterday.
The analyses reveal serious limitations in the delivery capabilities of both the Guyana Office for Investment (GO-Invest) and the Small Business Bureau (SBB), the two state entities expected to play lead roles in investment promotion and small business financing, respectively.
The results of a SWOT analysis undertaken at GO-Invest list among the agency’s weaknesses a shortage of technical staff, an inadequate pool of analytical capabilities, insufficient financial resources to execute its mandate, the absence of a format for evaluating its performance, insufficient coordination from government agencies, and an absence of interagency data collection. Arising out of these weaknesses the analysis expresses concern that GO-Invest may lack clear policy guidelines for some investment project activities and that its limited authority to approve projects could result in reduced confidence in its ability to deliver on its mandate.
On the other hand, the strengths of GO-Invest, according to the Strategic Plan, repose in, among other things, its strategic knowledge of the country, its institutional knowledge of the sectors and incentives offered and a rounded board membership which makes for sound guidance and leadership.
Meanwhile, among the key weaknesses of the SBB are the staff’s “lack of the requisite exposure” as well as the fact that while its target market “is spread across the ten administrative of the country” its operations are centralized in Georgetown. “The absence of a presence in far-flung areas limits service delivery and efficiency,” the Strategic Plan says.
Numbered amongst the major threats to the effective functioning of the SBB is inadequate subvention from the Ministry of Finance to effectively carry out its yearly projected mandate, a constraint which the Strategic Plan cites as “a source of major concern” since the SBB is often compelled to water down its approach “at the expense of appearing unproductive and invisible in the eyes of the private sector.”
Other key state agencies and units whose work have a significant bearing of an efficient and effective investment and business culture including the National Exhibition Centre and the Competition and Consumer Affairs Division have also come under the radar in the Ministry of Business’s five-year Strategic Plan.
The National Exhibition Centre, home to most of the country’s major trade and commerce exhibitions including GuyExpo, is deficient in several respects most of which are related to failure to meaningfully invest in the maintenance of the facility and its constant upgrading to ensuring that its maintains a standard befitting its significance.
The five-year Strategic Plan, according to the document, was designed as a roadmap to fulfil the ministry’s mandate “to promote investments and exports, enhance the work force and encourage sustainable development by defining strategic objectives and key actions.”
