Georgetown: Guyana’s economy today is more robust than any other time in its history, under the PPP Government, according to Finance Minister Dr Ashni Singh.
On the occasion of the People Progressive Party’s 21 years in government which was observed on October, 5, 2013, the Finance Minister noted that growth took place in all sectors despite the dilapidated state inherited from its predecessor and the global economic slowdowns of 1997 and 2008.
The Minister continued “The PPP has engaged in true and dramatic rebuilding from bold economic, constitutional and legislative reforms to infrastructural and social development. The constitutional and legislative reformations undertaken by the PPP administration are remarkable accomplishments that are indicative of the party’s efforts to be transparent, accountable, inclusive and responsible.”
“Economic reform was achieved through the Fiscal Management and Accountability Act, as well as the Procurement Act of 2003 and the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009. Other key legislative amendments have greatly improved the lives of small business owners through the Small Business Act, the Amerindian people through the Amerindian Act of 2006, Guyana’s children through the Protection of Children Act of 2009 and all Guyanese, regardless of education, economic standing or gender through the Sexual Offences Act of 2010.” He emphasized.
“On a macro level, Guyana celebrates its seventh consecutive year of uninterrupted real growth. The country’s Gross Domestic Product (GDP) for the second quarter of the year has already grown 3.9 %, which transcends to more spending power for the average Guyanese.”
“Guyana’s major pillars of economic activity which includes rice, bauxite, sugar and gold, have all shown remarkable growth over the years and have added to further boost the economy.”
“Rice production in 2012 showed the highest production level of all time when compared to that in 1991. Likewise, while bauxite production in 1991 was approximately 1.3 million tonnes, by 2012 it stood close to 2.2 million tonnes. The sugar industry was also prosperous with 218,054 tonnes in 2012 compared to 162,484 tonnes produced in 1999.”
“Gold declarations vastly increased from 1991 where only 59,252 ounces compared to 438,645 ounces in 2012 were declared; it was the highest level of declaration by small and medium scale operators.
While these sectors grew, so too has the minimum wage for blue collar workers. When the PPP took office the average minimum wage was US$23, today it is approximately eight times that level at US$184. Inflation, which is the rate at which the general level of prices for goods and services raises, and, subsequently, purchasing power falls, has also shown economic stability across all sectors.
Inflation was contained to single digits, over the last 15 years, with the exception of 2007 when fuel and food prices increased significantly, but prior to the PPP taking office, Guyana’s inflation was at a whopping 90 % in 1991.
Even with the above noted changes, the reach of the PPP government further extends into massive infrastructural achievements that have opened the gateway to investment and broader commercial activities.
In 2007, Guyana’s first National Stadium located at Providence was built to a tune of US$25 M to host World Cup Cricket. Its construction has had a domino effect by attracting other international games and artistes that would not have considered coming to Guyana had it not been for the international standard offered by the stadium.
In 2008, the Berbice River Bridge opened at a cost of US$40 M making commute for persons travelling to and from Berbice efficient at an affordable cost. One year later, the Takutu Bridge between Guyana and Brazil opened to allow, for the first time, organised trade and commerce between the two sovereign states.
Looking back over the past 21 years of the PPP Government, the physical infrastructure of the nation’s schools, healthcare and community services has given this nation much to celebrate, where each and every Guyanese can live, work and believe that anything is attainable.”
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