Businesses still struggling, very little improvement- PSC Chairman

Sep 19, 2017 News, https://www.kaieteurnewsonline...vement-psc-chairman/

Chairman of the Private Sector Commission (PSC), Eddie Boyer, has indicated that local businesses are continuing to experience a severe downturn. However, he said that based on reports received from members of the Commission, things are not as bad as they were a few months ago.

Boyer said that some commercial businesses have picked up, but whether this upswing will be maintained is yet to be seen. He said that the slight upswing can be attributed to the reopening of school and the fact that the Christmas season is just around the corner.

“The buying and trading have started already; you will definitely see an increase in business,” said Boyer.

However, the businessman said that this little improvement may not be nearly significant enough to effect a real change in the pressure being felt by business owners across Guyana.

Boyer said that it is left to be seen, by the end of the year, how close will be the growth rate as compared to the rate projected by the Ministry of Finance.

“This slight upswing may not reflect any major change in the overall performance of the business sector at the end of the year. It does not look like we will achieve the growth rate that the Minister had indicated but we are all optimistic that we can maintain the slight upswing that we have seen,” said Boyer.

The businessman continued, “It is not the best year so we’re hoping. We are still hoping that things will pick up further before the year is over.”

One of the directors of Kaieteur Books, a sister company of Kaieteur News, has noted that business is unlikely to see any major upswing as long as Government agencies and departments fail to support local enterprise.

In this regard, the director pointed to the fact that Guyana National Printers continues to import school books from Trinidad when books of better quality are being produced locally. The director even noted that the books can be sourced at Kaieteur Books at a cheaper price.

“How can we expect businesses to do better if this is what is happening, across the board?” the director queried.

Guyana has moved from a stage where there was an import substitution policy and degenerated into importing down to bottled water, plantain chips and tamarind balls. While this reality continues to prevail, foreign exchange is placed in jeopardy.

Just recently, Guyana’s foreign exchange rocketed to as high as $230 to US$1. This was blamed on the scarcity of the US dollar as a result of limited exportation and high importation. So, much US goes out but little returns.

Just a few months ago, local manufacturer, Mahadeo Panchu had asked the question, “Why import something of a lesser quality and, for more money, when you can source the product in your own country?”

He said that Guyanese need to become more patriotic and more conscious of the country’s economic need and they need guidance, “They need leadership and that kind of leadership can only be provided by the government.”

Panchu said that Guyana as a nation is still enslaved in a mindset where “we always feel that what is imported is superior to what is made locally. I have made it clear that I have a superior quality product and have challenged anyone to bring an overseas product that is superior to mine. We need to change that mindset as Guyanese.”

Panchu said that it is worse than even the government which is fully aware of the problems in the economy as well as the manufacturing sector, is hardly supporting local.

The businessman said that government, being the chief spender in the economy, must support whole heartedly any initiative that guarantees quality, value for money, saving and foreign exchange.

Businesses still struggling, very little improvement- PSC Chairman
Sep 19, 2017 News, https://www.kaieteurnewsonline...vement-psc-chairman/
One of the directors of Kaieteur Books, a sister company of Kaieteur News, has noted that business is unlikely to see any major upswing as long as Government agencies and departments fail to support local enterprise.
In this regard, the director pointed to the fact that Guyana National Printers continues to import school books from Trinidad when books of better quality are being produced locally. The director even noted that the books can be sourced at Kaieteur Books at a cheaper price.
“How can we expect businesses to do better if this is what is happening, across the board?” the director queried.

Perhaps the firm focus of PNC/AFC to doing business.

Topics