President of the Georgetown Chamber of Commerce and Industry (GCCI) has said that a transparently satisfactory outcome to the March 2 general elections is important to the local business community in the context of any declared outcome that might be perceived by “powerful trading partners” to be based on what he termed “flawed results.”
The Chamber’s perspective was articulated by Nicholas Deygoo-Boyer in an interview due for publication in the forthcoming issue of The Guyana Review. It arises, he says, out of its recent survey of its membership “to examine the effects of the current political impasse on business.” And according to Deygoo-Boyer, of a sizable and materially representative section of the Chamber’s membership participating in the survey, 94.4% responding, the survey revealed that 94.4% “believes that the current political impasse have affected their business……….When asked who they deemed responsible for the current impasse, 54.9% said GECOM, 24.5% said the larger political parties and 1% of respondents said the media,”
Uppermost in the minds of the Chamber and its members, Deygoo-Boyer says, is a concern that “the swearing in of a presidential candidate based on flawed election results would not only be undemocratic, but also illegitimate and will not be recognized by the international community. In this globalized world, no democratic country is an island and our economic and social prosperity is inextricably linked to our nation’s relationship with our trading partners. We remain concerned that powerful trading partners whom we rely on, not just to purchase our exports, but also to provide us with essential imports, have also indicated that there will be repercussions if an illegitimate government is sworn in,” the GCCI President says.”
Contextually, Deygoo-Boyer says that if Guyana were to face sanctions, what he described as the country’s “fledgling economy would be crippled and the gains that we would have made over the years would be squandered. Sanctions would threaten the prospects that a new and emerging oil and gas sector presents and this would set us back for many years to come.” He itemized the country’s “major export commodities” naming oil, gold, sugar, rice, timber and liquor as being among those that will suffer “if we are unable to access the level of trade that we currently enjoy.”
And according to Deygoo-Boyer “rebuilding these relationships, if lost, may not be easy as they may be quickly taken up by trading partners in other parts of the globe.” He said, further, that what was also likely was that, going forward, Guyana would be subjected to a “due diligence” process and adherence to international best practices all over again to regain entry and penetration into these lost markets.”
The GCCI, Deygoo-Boyer says, has noted a shift in spending “towards household and other essential items”, a development which suggests that other segments of the country’s service sector will experience a downturn in their businesses.” The Chamber President also pointed to the likelihood of a “spike in the demand for US dollars” arising out of the political situation “as businesses project a devaluation in the GYD, thereby spiraling inflation.”
And according to Deygoo-Boyer the net effect of all this could be “dwindling business” for the catering and entertainment sectors, a circumstance which he says could result in, among other things, “defaulting loans………..These outcomes will place pressure on the financial sector which is the backbone of our economy, thereby presenting a bleak outlook”.
If Guyana were to face sanctions, our fledgling economy would be crippled and the gains that we would have made over the years would be squandered.
“Sanctions would threaten the prospects that a new and emerging oil and gas sector presents and this would set us back for many years to come. Our major export commodities of oil (new), gold, sugar, rice, timber, liquor, among others, will all suffer if we are unable to access the level of trade that we currently enjoy”, he said.
