It is heartening to note that Private Sector Projects would be supported in national development: In reading ‘Ali stumps for private sector during talks with visiting CDB president’ (SN – July 11, 2021): ‘Ali, the statement noted, has been adamant that the government would support private sector initiatives, especially when it comes to developmental projects’. That project-wise role of the private sector is far from being independent of Government. Their absence from the table is a good idea that must not end there. Developmental planning that guides project selection and investment incentives would send clear signals to the Private Sector on what is expected, while steering them away from an aura of invisibility. The private sector capital formation efforts appear to depend on Government initiatives in infrastructure projects. This dependence is not characteristic of a private sector that springs up from the ground on its own. Government led private sector projects are a mixed up bag of goodies that Guyana is familiar with. Projects would do better with full private investment and clarity in project risk-taking assessments that are not attached to taxpayers’ burdens.
This brings me to the next curioso in Guyana’s Developmental history: ‘Guyana is the wealthiest poor country’, perhaps among the Caribbean Islands with over half a million people. The old economic structures centered on Caribbean tourism still persist, even as sugar lands are waiting for hotels and casinos, as destinations for foreign tourist arrivals and the sale of rum and Panama hats. Indigenous private sector must empower people with opportunities to develop themselves from ground up, yes those unused acres lining highways in the Caribbean, stretching inland and beckoning for rezoning and ownership. Stadium and casino building should not be the only alternatives. Let us not forget, the Amish of Pennsylvania have built a sustainable economy from the ground up. Here is Switzerland: Growing grass and grapes, raising cows and making cheese and chocolate with one major manufacturing industry – Swiss Watches! Borne out of trust and political stability, with a centerpiece of public interest over private interest. A per capita income of US$80,000 with a small tourist sector of 2.6 percent of national output, GDP and a culture of saving for investment. Indeed, they work hard, spend little, and save big! The mantra should be,
‘Guyanese empowerment comes first!’ Our institutions should teach young entrepreneurs how to create new products, rather than consuming products, especially in the new 5G world.
Sincerely,
Ganga Persad Ramdas
