Tag Archives: economic development

GUYANA: Grasps at Prospect for Progress in the New Year – by Ralph Ramkarran

01/06/2023 – 12:18 am

 Posted by Ralph Ramkarran –

Ralph Ramkarran

Predictions of significant economic growth in Guyana due to the developing petroleum industry are being realized. Guyana’s Gross Domestic Product (GDP) in 2021 was US$8.04 B., representing a 20 percent growth rate. GDP reached the US$4 B mark in 2012 and increased to US$5 B in 2019. From US$8.04B in 2021 the GDP is projected to grow in 2022 by 56 percent which will take its projected GDP to US$12+ B. Its per capita income grew from US$9,000+ to US$10,000+.

Increased spending projections for 2022 reflected the increased GDP for 2021. For example, spending by the Ministry of Works is due to increase from G$40 B in 2021 to G$96 B in 2022. It is due to increase from G$39 B to G$57 B for the Ministry of Health, G$25 B to G$33 B for the Ministry of Education and G$19 B to G$29 B for the Ministry of Agriculture. Total budget projects for 2022 are expected to be G$553 B.                Continue reading →

By guyaneseonline | Posted in Business, foreign investment, Government, Guyana | Also tagged , , , , , | Comments (0)

GUYANA: The Bright Century Beckons: But What’s In It For Me, And When? – By Ralph Ramkarran

02/23/2022 – 12:30 am

– By Ralph Ramkarran – February 19, 2022 Conversation Tree Blog

The spectacular possibilities that await Guyana were revealed at the recently concluded Oil & Gas conference. Government spokespersons, led by President Irfaan Ali, Prime Minister Mark Phillips and Vice President Bharrat Jagdeo, and other officials, revealed plans, set out priorities and declared objectives. The head of Exxon talked about the possibilities of the oil industry and its growing potential. Not only will production increase but discoveries will multiply. The official estimate of reserves is 10 billion barrels, the unofficial 13. Guyanese can begin to think realistically of a potential of 20 billion and hope for 30 billion.

This was a conference to encourage investment and investors were represented. But the Heads of Government who attended – from Barbados, Suriname and Ghana – spoke about the interests of the Guyanese people. Even though Guyanese leaders did so as well, it was clear that uppermost in the minds of conference participants was investment opportunities, and not wages and working conditions for the jobs that would be created.           Continue reading →

By guyaneseonline | Posted in Business, Commentary, Government, Guyana | Also tagged , , , , , , , , , , | Comments (1)

Guyana: Why Has the Economy Been In Shackles Since Colonial Times – By Ralph Ramkarran

11/02/2021 – 12:06 am

 CONVERSATION TREE BLOG – Posted by Ralph Ramkarran  – 

Guyana’s is and has always been a primary producer. During its years of Independence, although there was some economic growth, Guyana was unable to significantly diversify its economy by, firstly, adding value to what it produced and, secondly, advancing the process of industrialisation.

Apart from political instability and consequential factors, the absence of an adequate and cheap supply of electricity was the major obstacle inhibiting such development. For a decade and a half beginning in 1957, Guyana saw the construction of a bauxite smelter as a way of triggering and, thereafter, advancing industrial development. Both parties struggled mightily to access foreign aid for projects to increase the supply of electricity. From Tiger Hill to Mazaruni, both failed.      Continue reading →

By guyaneseonline | Posted in alternate energy, Business, Commentary, Geography, Guyana, History, International News, Technology | Also tagged , , , , , , , , , , , , , , , | Comments (4)

“Cummingsburg Accord”: APNU-AFC Coalition agreement and program

02/23/2015 – 12:35 am

Georgetown, Guyana

Friday 20th February 2015

APNU-AFC COALITION PRESENTS A TEN-POINT PROGRAMME FOR DEMOCRACY, DEVELOPMENT AND NATIONAL UNITY

 A Partnership for National Unity (APNU) and the Alliance For Change (AFC) have presented a ten-point programme for democracy, development and national unity. This follows their decision to contest the forthcoming General and Regional elections as a single coalition. That decision was embodied in the Cummingsburg Accord signed by Leader of APNU, Brigadier David Granger and Leader of the AFC, Mr. Khemraj Ramjattan on the 14th February 2015. Continue reading →

By guyaneseonline | Posted in Guyana, Personalities, Politics | Also tagged , , , , , , , , | Comments (1)

Stop attacking citizens who identify corruption – Business chief tells Govt.

12/05/2014 – 10:18 pm

Stop attacking citizens who identify corruption – Business chief tells Govt.

December 5, 2014 | By KNews | By Kiana Wilburg

PSC Chairman, Ramesh Persaud

PSC Chairman, Ramesh Persaud

While Guyana showed marginal improvement in its corruption perception score in an international report, Chairman of the Private Sector Commission (PSC), Ramesh Persaud says that he is concerned that the perceived level of corruption is too high.

On this premise, he called on the government to “stop the attacks, character assassination and vilification of citizens who have identified corruption as a serious problem that needs urgent and radical state intervention to stem its disastrous consequences for economic development”.
The 2014 Annual Corruption Perception Index (CPI) was released on Wednesday and out of the 175 countries surveyed by the body, Guyana ranked 124th, with a score of 30 (0 being highly corrupt;100 being very clean.) Continue reading →

By guyaneseonline | Posted in Business, crime and Investigations, Government, Guyana, Politics | Also tagged , , , , , , , | Comments (1)

2013: A year of lost opportunities for Caribbean countries

12/28/2013 – 11:37 pm

2013: A year of lost opportunities for Caribbean countries

By Sir Ronald Sanders
Sir Ronald Sanders

Thursday December 26, 2013 – 2013 was not a good year for any of the 14 independent member States of the Caribbean Community (CARICOM) – not even for three of the four commodity-exporting nations Belize, Guyana and Suriname, despite their economic growth. The fourth commodity-exporting country, Trinidad and Tobago, had no growth to speak-of.

All the countries were beset by high unemployment; there was high debt in 10 of them; decline in inclusive economic growth in 11 of them; unsustainable fiscal deficits and widening trade deficits in goods and services in all of them; and foreign exchange losses in many of them. Additionally, bank lending and private spending tightened in 11 of them causing a contraction in the private sector to which all countries had been looking to lead economic recovery in the wake of cash-strapped governments being compelled to retreat as both investor and employer. Continue reading →

By guyaneseonline | Posted in Business, Caribbean news, Commentary, Economics/Finance, Government, Guyana, Politics | Also tagged , , , , , , , | Comments (1)
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