The Georgetown Chamber of Commerce and Industry (GCCI) has lauded the recent economic and social policies announced by President Dr. Irfaan Ali, highlighting its potential positive impact on both citizen welfare and the broader economy.
Speaking on Thursday in Parliament, President Ali unveiled a series of interventions aimed at promoting economic growth, reducing income inequality, and improving employment prospects.
The GCCI, in response, praised the government’s focus on aligning economic development with human development and social inclusivity, noting that these policies will likely inject substantial disposable income into households and drive greater economic activity across the country.
By mid-2024, Guyana had already recorded an impressive economic growth rate of 49.7 percent.
The Chamber commended the government’s continued efforts to ensure that this growth is coupled with improvements in the quality of life for all Guyanese, including initiatives aimed at reducing the cost of living and expanding employment opportunities.
Among the key measures announced were a one-off cash grant of $200,000 for each household, which is expected to inject $60 billion into the economy, and the elimination of tuition fees at the University of Guyana starting in 2025.
Additionally, the President outlined plans to raise the public sector minimum wage to $100,000 per month, introduce vaccine manufacturing in the country, and reduce electricity costs by the end of next year.
Healthcare and education were also high on the agenda, with the government pledging to strengthen healthcare interventions and invest in the Guyana Technical Training College, transforming the institution into a global oil and gas training hub and positioning Guyana as an international education destination.
The GCCI also expressed particular interest in the government’s plans for economic diversification, especially in the agriculture sector, as well as measures to enhance energy production and distribution. These steps are expected to have a significant impact on the business community, fostering greater stability and growth.
The Chamber welcomed the government’s commitment to private sector development and expressed optimism about the benefits of these policies. Looking ahead, the GCCI is eager to continue its dialogue with the government to further improve the business environment and support Guyana’s sustained development.
The Chamber also anticipates further initiatives in Budget 2025 aimed at addressing the cost of living and bolstering private sector growth.
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