The Georgetown Chamber of Commerce and Industry (GCCI) in a release on Friday commended President Irfaan Ali and his government on the economic and social interventions announced in a speech on Thursday, October 10.
The GCCI views these social policies as reflective of keen focus on citizen welfare, which in turn can yield positive economic impacts through the injection of a significant amount of disposable income into households, reduction in income inequality, and increased employment opportunities and manufacturing prospects in the country. It pointed out that by the middle of this year, Guyana had recorded an economic growth rate of 49.7 per cent, and lauded the government’s focus on aligning this economic development with human development, social inclusivity, and improved standard of living.
According to the release, the more notable measures announced by the president included a one-off cash grant of $200,000 to every household in Guyana, which will inject $60 billion of disposable income into the Guyanese households countrywide; the elimination of tuition costs at the University of Guyana from 2025; amendments to increase the public sector minimum wage to $100,000 monthly; the introduction of vaccine manufacturing in Guyana; reduction in the cost of electricity by the end of next year; healthcare interventions, and the utilisation of the Guyana Technical Training College for global oil and gas training – launching Guyana as an international education hub, among other interventions.
The GCCI also stated that it has taken keen interest and notes the investment in diversification of the economy, particularly through agriculture, and measures in relation to energy production and distribution which are expected to positively impact the business community.
“The Chamber eagerly anticipates the immense benefits that are expected through these interventions and is keen on continuing its dialogue with the government on improving the business environment for the benefit of the country’s continued development. The GCCI also looks forward to continued measures that mitigate cost of living increases and support private sector development in Budget 2025,” the release added.
