Business in Guyana has rebounded, future looks good

CHAIRMAN of the Ogle Airport Inc. Board, Mr. Michael Correia (Jr.) has said that, in spite of the global financial crisis, business in Guyana is expected to do well for the rest of this year.

Speaking Wednesday at the international certification of the Ogle Aerodrome, he said the global problem only affected this country slightly in the fourth quarter of 2008 and the first quarter of 2009.

But business, generally, rebounded in the second quarter and is looking good for the remainder of the year, Correia told the gathering, which included President Bharrat Jagdeo, Prime Minister Samuel Hinds, other Government Ministers and members of the Diplomatic Corps.

Recalling that he returned from Canada in 1981, he said, since that time, he has lived here and seen the country progress from when only rice flour was available to now that one can buy just about anything.

Correia declared that, today, he sees a Guyana that has better economic prospects, over the next five to ten years, than ever before.

He said Guyana is no longer considered a highly indebted country by the international community and foreign debt servicing is now down to less than five per cent of Government revenue which is generated mainly from the taxes paid.

“Most Private Sector companies cannot boast of such a low debt service ratio. Guyana’s foreign currency reserves have increased dramatically,” Correia contended.

He said inflation is stable and in single digits, adding: “These macro-economic fundamentals, as the President constantly reminds us, are impressive and will ensure that our free floating currency remains strong.”

Correia said Guyana can anticipate a continued stable exchange rate in the foreseeable future and access to foreign exchange which was once an enormous problem but is now a non-issue.

“Access to finance is now more readily available and at lower interest rates. Our banking sector is one of the strongest and most profitable in our economy,” he observed.

Correia also noted that the telecommunication sector continues to grow with increased competition and “provides the platform for our people to electronically integrate with the global society.”

He mentioned, too, the country’s natural resources and its environment, stating: “This is not just optimism. These are the facts and they are real.”

Correia said the future prospects for hydropower, oil, gas and low carbon credit developments, as promoted by President Jagdeo, actually, do look promising, once they are taken over a longer horizon.

He said the farming culture and fertile lands provide Guyana, once again, with the opportunity to become the breadbasket of the Caribbean in an environment of growing global demand for food.